A new program aimed at facilitating Crypto banking transactions is to be introduced by Mastercard.
The program, as reported by CNBC, will act as a “bridge” between Paxos – the crypto transaction platform already used by PayPal – and banks to enable them to offer similar services to their customers.
Mastercard will handle regulatory compliance and security, two of the key factors because of which banks avoid getting involved with crypto.
But many consumers, for their part, remain skeptical of cryptocurrencies such as Bitcoin due to their high volatility, as they have lost more than half of their value so far this year.
In addition, hacker attacks are now innumerable, and the rate of bankruptcies of many of the industry’s “players” is increasing.
However, demand remains high. In fact, according to figures cited by Mastercard, 60% of users would like to engage in crypto through mainstream banking institutions.