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Financial technology and payment firm Mastercard has introduced a program dubbed Crypto Source to help financial institutions offer secure crypto trading services to their clients.
This newly introduced offering will help Mastercard extend additional security to players in the crypto industry as well as support card issuers as they try to comply with complex regulations.
The company announces that “In partnership with regulated and licensed crypto custody providers, Mastercard’s financial institution partners will gain access to a comprehensive suite of buy, hold and sell services for select crypto assets, augmented with proven identity, cyber, security and advisory services.”
In the long run, Mastercard’s crypto trading offerings to banks and fintech firms will include technology and partnership support to enable buying, holding, and selling digital assets. Mastercard will also offer security management to specifically include identity solutions, crypto analytics, anti-money laundering, and ‘Know Your Business’ amongst many others.
Interested customers get to enjoy a range of products, including crypto cards, open banking, and cross-border services.
Leveraging firm’s advanced technology, banks can offer customers extra services like digital receipts and loyalty solutions. Card issuers, fintech firms, and banks stand to benefit from end-to-end support from Mastercard’s crypto program management.
The crypto program management encompasses program design, product development, and technology implementation, as well as go-to-market optimization and marketing consultancy services. Once this program is fully implemented, Mastercard will pose an industry threat to crypto exchanges in the United States like Kraken, Binance, Coinbase, and a host of others.
Paxos Trust Company Partners With Mastercard
Based on a 2022 Mastercard New Payment Index, it was discovered that 29% of those who participated globally already have crypto investments. While another 65% said they preferred to hold cryptocurrencies with their current financial institutions.
Leading regulated blockchain infrastructure platform Paxos Trust Company will support this program as a way of Mastercard expanding its partnership. Paxos’ role is to provide crypto-asset trading and custody services on behalf of the banks while Mastercard integrates its technology and capabilities into the bank’s interphase for an easy user experience.
This program is just one of company’s latest releases this season. Crypto Secure was launched earlier this month by Mastercard to help detect crypto fraud. Before that was CipherTrace to decipher fraudulent crypto transactions. Mastercard has partnered with Binance to launch prepaid cards for payment in Argentina.
The post Mastercard Introduces Crypto Source to Foster Crypto Trading for Banks appeared first on Blockchain, Crypto and Stock News.
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