Electronic payment giant Mastercard has partnered with specialist company Paxos to enable banks to offer crypto-trading services to their customers.
Mastercard continues its journey into cryptos. This time, its goal is to meet an ever-present popular demand, despite a bear market, for a secure crypto offering from properly regulated institutions.
Indeed, Mastercard devoiced a product in early October that allows banks to identify suspicious transactions related to digital assets. The payment card specialist has partnered with Paxos with the plan to serve as a “bridge” between banks and the U.S. stablecoin issuer and crypto custodian.
‘There are a lot of consumers who are really intrigued by crypto, but they would feel much more confident if these services were offered by their financial institutions,’ Jorn Lambert, chief digital officer at Mastercard, told CNBC.
Called Crypto Source, the program will rely on a partnership with crypto-trading platform Paxos, which already offers its services to another giant that is PayPal. Crypto Source will also handle security management, transaction monitoring, and anti-money laundering.
Ajay Bhalla, president Cyber & Intelligence at Mastercard, said:
“At Mastercard, trust is our business. What we are announcing today is a connected approach to services that will help bring users safely into the crypto ecosystem. Our recent investments in this space, such as the acquisition of CipherTrace and Ekata, provide us with a unique set of capabilities to help provide our customers and consumers with the most technically advanced solutions available on the market.”