Mastercard Delivers Crypto Trading Capabilities to Banks
(17 October 2022 – USA) Mastercard has teamed up with crypto trading platform Paxos to launch a new program called Crypto Source that will allow financial institutions to offer cryptocurrency trading to their customers.
Mastercard will act as a “bridge” between Paxos and banks. The program will handle regulatory compliance and security which has been cited as the two core reasons why banks avoided the asset class. The move could expand the adoption of crypto among the general population.
Paxos offers similar services to PayPal, which launched crypto services in late 2020. The platform is known for providing blockchain infrastructure that allows other companies to offer crypto-related products and services.
“At Mastercard, trust is our business. What we are announcing today is a connected approach to services that will help bring users safely and securely into the crypto ecosystem. Our recent investments in this space, such as the acquisition of CipherTrace and Ekata, are providing us with a unique set of capabilities to help provide our customers and consumers with the most technically advanced solutions available in the market” said Mastercard President of Cyber and Intelligence, Ajay Bhalla.