Claim $500Mastercard Enables Banks Offer Secure Crypto Trading To Customers
Global payments giant Mastercard on Monday said it will launch the Crypto Source program to help financial institutions provide crypto trading services. Mastercard will handle regulatory compliance and security for banks that drive massive crypto adoption.
Mastercard Partners Paxos to Allow Banks Offer Crypto Trading
As per a press release on October 17, the Crypto Source program will make Mastercard act as a bridge between crypto trading platform Paxos and banks to drive massive crypto adoption. The program allows financial institutions to offer crypto trading services to their customers.
The payments giant will handle all the regulatory compliance and security for banks that earlier made financial institutions avoid crypto assets. While some customers have been skeptical of crypto, others seek secure ways to enter the market.
Mastercard’s chief digital officer Jorn Lambert said:
“There’s a lot of consumers out there that are really interested in this, and intrigued by crypto, but would feel a lot more confident if those services were offered by their financial institutions.”
According to the 2022 Mastercard New Payments Index, 29% of respondents held cryptocurrency and 65% prefers their financial institutions to offer crypto-related services. Furthermore, complementary Mastercard Crypto Secure will provide additional security and support card issuers to meet regulatory compliance.
Earlier, PayPal partnered with Paxos to enable U.S. customers to buy, sell, or hold cryptocurrencies.
Financial Institutions Drive Massive Crypto Adoption
Payment giants Mastercard and Visa have partnered with many crypto companies to offer crypto-related services. Moreover, despite having dedicated crypto teams, financial institutions such as Goldman Sachs, Morgan Stanley, and JPMorgan avoided crypto offerings. The reasons include consumer protection risks, compliance issues, and lack of regulatory clarity.
However, financial institutions have driven crypto adoption through institutional investors and crypto consulting services. Mastercard earlier filed applications for NFT and metaverse-related trademarks. Also, offers crypto rewards and NFT buying capabilities on credit cards.
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