Mastercard offers crypto trading services in partnership with Paxo
Mastercard is partnering with crypto trading platform Paxos to offer a program that will support financial institutions to offer crypto trading, the payments company announced on Monday.
Named Crypto Source, the program will help financial institutions with technologies for crypto trading, comply with regulations, verify transactions, and provide anti-money-laundering and identity monitoring services.
The new program caters to the demands of a growing number of crypto users. The 2022 Mastercard New Payments Index found that 29% of respondents reported they hold cryptocurrency as an investment and another 65% indicated a preference for crypto-related services to be provided by their currency trusted financial institution.
Mastercard said it is committed to exploring cryptocurrency and blockchain technologies to create a safe environment for financial institutions to operate.
‘Today is an exciting step in our crypto journey that draws on the strengths of our global businesses, from open banking and identity verification to analytics and fraud monitoring to settlement solutions,’ said Jorn Lambert, Chief Digital Officer at Mastercard.
‘We’re excited to build on our long-term partnership with Paxos – co-innovating to bring safe and secure technology to financial institutions. Our crypto product innovations will provide choice at scale and continue to bring one-of-a-kind opportunities to financial institutions as they seek to offer new, advanced services to their customers,’ she added.