Mastercard partners with Paxos to enable payment institutions provide crypto trading to their customers
Mastercard has introduced a new Crypto Source program to enable secure crypto trading capabilities and services to financial institutions. The offering is complemented with Mastercard Crypto Secure to support card issuers in their compliance with complex crypto regulations.
Crypto Source was created in close partnership with Paxos Trust Company, a leading regulated blockchain infrastructure platform. Whereas Paxos will provide crypto-asset trading and custody services on behalf of the banks, Mastercard will leverage its technology to integrate crypto capabilities into banks’ interfaces.
Besides, the payment provider will be responsible for the security of crypto transactions. Banks may avail Mastercard’s identity solutions, crypto analytics, transaction monitoring, anti-money laundering, ‘Know Your Business’ and lifecycle stages, cybersecurity, and biometrics technologies to bring additional security to the crypto ecosystem.
The joint solution will provide access to a comprehensive suite of buy, hold and sell services for select crypto assets, augmented with proven identity, cyber, security and advisory services.
Its relevance is confirmed by a recent Mastercard’s survey. The latter revealed that 29% of respondents globally hold cryptocurrency as an investment. Meanwhile, another 65% indicated they would prefer crypto-related services to be provided by their current trusted financial institution.