On 17 October 2022 Mastercard reported that it introduces Crypto Source, which is a new program to enable financial institutions to bring secure crypto trading capabilities and services to their customers. Among the tools to be available to customers are buy, hold and sell services. This Crypto Source offering is complemented by Mastercard Crypto Secure to bring additional security to the crypto ecosystem and support card issuers in their compliance with complex regulations.
From now on, the offering for banks and fintechs includes:
• Technology and partnership support to enable buy, hold and sell of select crypto assets
• Security management including Mastercard’s identity solutions, crypto analytics, transaction monitoring, anti-money laundering, ‘Know Your Business’ and lifecycle stages, cybersecurity, and biometrics
• Crypto spend and cash out capabilities offered through a range of products, including crypto cards, open banking, and cross border services. Financial institutions would also be able to offer additional functionality using Mastercard’s technology such as digital receipts and loyalty solutions
• Crypto program management including program design, product development, and technology implementation, as well as go-to-market optimization and marketing consultancy services, providing end-to-end support for banks, fintechs, and issuers to offer crypto programs at scale
Mastercard will partner with Paxos Trust Company, a leading regulated blockchain infrastructure platform, to support this program. Paxos will take the role of providing crypto-asset trading and custody services on behalf of the banks. Mastercard will leverage its technology to integrate those capabilities into banks’ interfaces, resulting in a seamless experience for the consumer.
Mastercard has been working on various projects aiming to make crypto more accessible, safe and secure. Without any doubt, it is a major step towards the recognition of crypto as a tool for investment, and payment for consumers doubled with cyber and security stability.