Mastercard Joins Hands With Paxos to Enhance Crypto Trading Services: Report

Payments giant Mastercard (MA) has partnered with crypto trading platform Paxos to offer a program that will help financial institutions offer cryptocurrency trading, CNBC reported on Monday.

Mastercard will handle the regulatory compliance and security for banks, according to the report. The payments firm had earlier started a service that allows issuers to assess the risk profile of crypto exchanges.

“There’s a lot of consumers out there that are really interested in this, and intrigued by crypto, but would feel a lot more confident if those services were offered by their financial institutions,” Mastercard’s chief digital officer, Jorn Lambert, told CNBC. “It’s a little scary to some people still.”

Mastercard will help banks follow crypto compliance rules, verify transactions, provide anti-money-laundering and identity monitoring services, according to the report.

Mastercard and Paxos did not immediately respond to CoinDesk's request for comment.