The Clap
Mastercard (NYSE: MA) is looking to facilitate the process for banks to offer crypto services to clients.
The Deets
The company announced a plan to enable banks to offer crypto trading to clients, by acting as a mediator between banks and Paxos, a crypto trading platform.
Mastercard and Paxos will be responsible for compliance and security, which are two of the biggest reasons why banks are cautious of crypto.
Crypto
Cryptocurrencies have proven to be one of the more volatile securities on offer to investors, losing billions in hacks and almost halving in value since the start of the year.
Why this Matters
Many investors hold a genuine interest in cryptocurrency. However, these investors would feel a lot more reassured if crypto services were offered by their banks/financial institutions, rather than other independent platforms.
