Mastercard has partnered with Paxos Trust Company to support the program. A Mastercard executive says crypto is about to “enter the mainstream.”
Mastercard helps banks offer crypto currency services
Mastercard on Monday introduced a new program called Crypto Source that will bring “Crypto trading capabilities to banks“.
In partnership with regulated and licensed crypto custody providers, Crypto Source “Will enable financial institutions to bring secure crypto trading capabilities and services to their customers“, the announcement details, noting:
Mastercard’s financial institution partners will have access to a full suite of services for buying, holding and selling select crypto assets, complemented by proven identity, cyber security and advisory services.
“This Crypto Source offering is complemented by Mastercard Crypto Secure to bring additional security to the cryptographic ecosystem“, the payment company stressed, noting that Crypto Source is currently being prepared for pilot programs.
Mastercard further explained that to support this program, it is “expanding its partnership and work with Paxos Trust Company, a leading regulated blockchain infrastructure platform,” adding:
The partnership aims for Paxos to provide crypto asset trading and custody services on behalf of banks, while Mastercard will leverage its technology to integrate these capabilities into banks’ interfaces.
Jorn Lambert, chief digital officer at Mastercard, described, “Our cryptographic product innovations will provide choice at scale and continue to bring unique opportunities to financial institutions looking to offer new advanced services to their customers.“He opined:
Our commitment is simple – explore crypto and underlying digital asset technology to support consumer choice in payments.
Commenting on the launch of Crypto Source, Lambert told CNBC, “There are a lot of consumers who are really interested and intrigued by crypto, but would feel much more confident if these services were offered by their financial institutions… It’s still a little scary for some people.” He added that crypto is on the verge of becoming a mainstream product.“