Mastercard Inc. has launched a Crypto Source, a new program to enable financial institutions to bring secure crypto trading capabilities and services to their customers.
Mastercard (NYSE: MA) said it has partnered with regulated and licensed crypto custody providers to offer financial institutions access to a comprehensive suite of buy, hold and sell services for select crypto assets, augmented with proven identity, cyber, security and advisory services. The program is complemented by Mastercard Crypto Secure to bring additional security to the crypto ecosystem and support card issuers in their compliance with complex regulations.
With the new program, Mastercard said its crypto-related services for banks and fintechs include:
“What we are announcing today is a connected approach to services that will help bring users safely and securely into the crypto ecosystem,” Ajay Bhalla, president of cyber and intelligence at Mastercard, said in a statement. “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.”
Purchase, New York-based Mastercard said to support the program, it is expanding its partnership with Paxos Trust Co., a regulated blockchain infrastructure platform. The partnership aims for Paxos to provide crypto-asset trading and custody services on behalf of the banks, while Mastercard will use its technology to integrate those capabilities into banks’ interfaces, resulting in a seamless experience for the consumer.