Mastercard will simplify banks' operations with cryptocurrencies

International payment giant Mastercard is launching a new program to work with banks. It will accelerate and facilitate operations with cryptocurrencies.
Mastercard will act as an intermediary between Paxos (a well-known crypto-provider) and banks. The company will reportedly oversee security and regulatory compliance.

"There are a lot of customers who are interested in crypto. But to be more confident, they want such services to be offered by financial institutions," explains Mastercard's director of digital technology, Jorn Lambert.

He added that Mastercard's role is very simple. They will be intermediaries and will leave banks their main job: to control and check clients' transactions, prevent money laundering, etc. Mastercard plans to launch the new product in the first quarter of 2023 within one region. And if it will be successful, the service will appear all over the world. The company did not say which banks will participate in this project.

Interestingly, bitcoin was invented to break the monopoly of banks and intermediaries (including Mastercard). Blockchain technology makes it possible to transfer money without intermediaries and with minimal fees. Lambert also said:

"Cryptocurrency is on the cusp of the mainstream. But for now, it needs to merge with existing players. Without intermediaries from trusted companies, digital currencies will not achieve mass adoption"