Mastercard has launched a new initiative called Crypto Source that will allow financial institutions to offer cryptocurrency trading and other related services to its consumers. To support this service, Mastercard has teamed with Paxos Trust Company. According to a Mastercard official, cryptocurrency is on the «cusp of truly getting mainstream.
Mastercard will assist banks in offering cryptocurrency trading
On Monday, Mastercard launched Crypto Source, a new initiative that would provide «crypto trading capabilities to banks.»
Crypto Source, in collaboration with authorized and licensed crypto custody providers, would «allow financial institutions to deliver secure crypto trading capabilities and services to their consumers,» according to the statement, adding:
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.
«This Crypto Source solution is supplemented by Mastercard Crypto Secure to provide extra protection to the crypto ecosystem,» the payments giant stated, saying that Crypto Source is now being readied for pilot projects.
Mastercard also stated that it is «growing its cooperation and engagement with Paxos Trust Company, a highly regulated blockchain infrastructure platform,» in order to support this initiative.
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.