Mastercard Enables Banks To Trade Cryptocurrencies

Mastercard has partnered with blockchain infrastructure provider Paxos on a programme aiming to assist banks and fintechs in offering crypto trading services to their consumers.

Mastercard reported that 29% of respondents worldwide held bitcoin as an investment, with another 65% stating a willingness for their present financial institution to provide crypto-related services.

The new Mastercard Crypto Source initiative intends to make it easier for banks and fintechs to assist their clients with the purchase, storage, and sale of specific crypto assets, complemented by identification, cyber, security, and advice services.

Paxos will offer trading and custody services for cryptocurrencies on behalf of the banks, while Mastercard’s technology will integrate these capabilities into the institutions’ user interfaces.

Mastercard’s VP of security and intelligence, Ajay Bhalla, says, “What we are announcing today is a connected approach to services that will help bring users into the crypto ecosystem.”

“Our recent investments in this space, such as the acquisition of CipherTrace and Ekata, are providing us with a unique set of capabilities to help provide our customers and consumers with the most technically advanced solutions available in the market.”