Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of finance and cryptography.
Mastercard To Help Banks Offer Crypto Trading – Executive Says Crypto Is On The Way To Truly Go Mainstream – Finance Bitcoin News
Payments giant Mastercard has introduced a new program called Crypto Source to enable financial institutions to offer crypto trading and other related services to their customers. Mastercard has partnered with Paxos Trust Company to support this program. A Mastercard executive says crypto is on the “tips to really go mainstream.”
Mastercard to help banks offer crypto services
Mastercard introduced a new program called Crypto Source Monday that will bring “crypto trading opportunities to banks.”
Working with regulated and licensed crypto custody providers, Crypto Source will “enable financial institutions to bring secure crypto trading opportunities and services to their clients,” the announcement details, elaborating:
Mastercard’s financial institution partners will have access to a comprehensive suite of buy, hold and sell services for selected cryptoassets, enhanced with proven identity, cyber, security and advisory services.
“This Crypto Source offering is complemented by Mastercard Crypto Secure to provide additional security to the crypto ecosystem,” the payments company emphasized, noting that Crypto Source is currently being prepared for pilot programs.
Mastercard further explained that to support this program, it is “expanding its partnership and collaboration with Paxos Trust Company, a leading regulated blockchain infrastructure platform,” adding:
The partnership aims for Paxos to provide trading and custody services for crypto assets on behalf of the banks, while Mastercard will leverage its technology to integrate these capabilities into the banks’ interfaces.
Jorn Lambert, Chief Digital Officer at Mastercard, described: “Our crypto product innovations will provide choice at scale and continue to provide unique opportunities for financial institutions as they seek to offer new, advanced services to their customers.” He meant:
Our commitment is simple – to explore crypto and the underlying digital asset technology to support consumer choice in payments.
Commenting on the Crypto Source launch, Lambert told CNBC: “There are a lot of consumers out there who are really interested in this, and fascinated by crypto, but would feel a lot more confident if these services were offered by their financial institutions… It’s a little scary for some people still.” He added that crypto is about to really go mainstream.
Mastercard recently outlined five key areas it is focusing on to make cryptocurrencies “an everyday way to pay.”
What do you think about Mastercard launching Crypto Source to enable banks to offer crypto trading and other related services to their customers? Let us know in the comments section below.
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