Mastercard, Paxos Launch Crypto Trading Solutions for Financial Institutionsby Fintechnews Switzerland October 18, 2022
Mastercard has launched Crypto Source, a new programme to provide the payment giant’s financial institution partners access to a suite of buy, hold and sell services for select crypto assets.
Additionally, Mastercard is also expanding its partnership with blockchain infrastructure platform Paxos. Paxos will provide crypto asset trading and custody services, while Mastercard will integrate those services into banks’ interfaces.
The new programme will be complemented by Mastercard Crypto Secure, its new CipherTrace-enabled offering to help banks and other card issuers assess the risk profile of crypto services providers.
Mastercard’s suite of crypto-related offerings also includes crypto spend and cash out capabilities, as well as end-to-end support for banks, fintechs and issuers to offer crypto programmes at scale.
Mastercard Crypto Source is currently being prepared for pilot programmes. Additional details on broader availability will be made available at a later date.
“What we are announcing today is a connected approach to services that will help bring users safely and securely 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,”
said Ajay Bhalla, President, Cyber & Intelligence at Mastercard.
“Mastercard has a powerful network of financial institutions around the world. This exciting offering developed by Paxos and Mastercard will give them the fastest and most trusted way to offer safe, reliable crypto access for their consumers globally,”
said Walter Hessert, Head of Strategy at Paxos.