Payments giant Mastercard has introduced a new program called Crypto Source to enable financial institutions to offer crypto trading and other related services to their customers. Mastercard has partnered with Paxos Trust Company to support this program. A Mastercard executive says that crypto is on the “cusp of really going mainstream.”
MasterCard to Help Banks Provide Crypto Services
Mastercard on Monday introduced a new program called CryptoSource 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, elaborating:
Mastercard’s financial institution partners will have access to a comprehensive suite of buy, hold and sell services for select crypto assets, augmented with proven identity, cyber, security and advisory services.
“This Crypto Source offering is complemented by Mastercard Crypto Secure to bring additional security to the crypto ecosystem,” the payments company emphasized, 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 working 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 the banks, while Mastercard will leverage its technology to integrate those capabilities into banks’ interfaces.
Jorn Lambert, Chief Digital Officer, Mastercard, described: “Our crypto product innovations will provide massive options and will continue to bring one-of-a-kind opportunities for financial institutions as they seek to provide new, advanced services to their customers.” They said:
Our commitment is simple – to explore crypto and the underlying digital assets technology to support consumer choice in payments.
Commenting on the CryptoSource launch, Lambert told CNBC: “There are a lot of consumers out there who are really interested in, and interested in, crypto, but if those services are offered by their financial institutions, they will Will feel a lot more confident… this one is still a little scary for some people.” He added that crypto is “really on the verge of going mainstream.”
Mastercard recently outlined five key areas it is focusing on in order to turn cryptocurrencies into “an everyday way to pay.”
