A new initiative Crypto Source, introduced by Mastercard in collaboration with Paxos, enables financial institutions, often known as banks, to offer secure crypto trading capabilities and services to their customers.
In collaboration with Paxos, Mastercard’s financial institution partners will have access to a full range of buy, hold, and sell services for a selection of crypto assets, as well as identity verification, cyber security, and consulting services that have been independently verified.
In order to strengthen the crypto ecosystem’s security and assist card issuers in adhering to cumbersome rules, this Crypto Source product is complemented by Mastercard’s anti-fraud tool Crypto Secure.
The goal of the collaboration is for Paxos to offer custody and trading services for crypto assets on behalf of the banks, while Mastercard will use its technology to incorporate those capabilities into bank interfaces, giving customers a smooth experience.
“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,” said Jorn Lambert, Mastercard’s chief digital officer.
Pilot programs for Mastercard Crypto Source are currently being prepared. A later date will bring further information on broader availability.
The head of Mastercard’s cyber and intelligence unit, Ajay Bhalla, emphasised the company’s expanding knowledge of and dedication to the cryptocurrency business. He noted Mastercard’s recent investments in the cryptocurrency space, including the purchase of the crypto intelligence firm CipherTrace in September.
“What we are announcing today is a connected approach to services that will help bring users safely and securely into the crypto ecosystem,” noted Bhalla.
