Mastercard has expanded its presence in the cryptocurrency space with the introduction of Crypto Source, a program designed for financial institutions looking to bring secure crypto trading capabilities and services to their customers.
According to Buy-headquartered Mastercard, the new program will provide its partner financial institutions with a suite of buy, hold, and sell services designed for select crypto assets. Mastercard’s partner financial institutions will also have access to crypto spending and withdrawal capabilities through a range of products, including crypto cards, open banking and cross-border services, and they may also offer additional functionality to the using Mastercard’s technology, including digital receipts and loyalty solutions.
To ensure the security of the new program, Mastercard’s Crypto Source offering is complemented by the company’s proprietary Crypto Secure technology that will help card issuers comply with complex regulations while protecting transactions from outside interference.
Mastercard also provides crypto program management for banks, issuers, and fintechs that includes program design, product development, and technology implementation, as well as go-to-market and optimization services. marketing consulting.
“At Mastercard, trust is our business,” said Ajay Bhalla, president of cyber and intelligence at Mastercard, who called the new program a “connected approach to services that will help bring users securely into the world. ‘crypto ecosystem’. Our recent investments in this area, such as the acquisition of CipherTrace and Ekata, provide us with a unique set of capabilities to help provide our customers and consumers with the most technically advanced solutions available on the market.
To support this program, Mastercard has expanded its partnership with Paxos Trust Co., a blockchain infrastructure platform. With the new program, Paxos will provide crypto-asset trading and custody services on behalf of banks, while Mastercard will leverage its technology to integrate these capabilities into banks’ interfaces.
“Our commitment is simple – to explore crypto and the underlying technology of digital assets to support consumer choice in payments,” said Jorn Lambert, Chief Digital Officer at Mastercard, who added that the new program is “a step exciting journey in our crypto journey that builds on the strengths of our global businesses, from open banking and identity verification to fraud analytics and monitoring and settlement solutions.
Mastercard Crypto Source is being prepared for pilot programs, with a more detailed announcement coming at a later date.
Crypto Source is Mastercard’s latest development focused on digital assets. In April, the company partnered with Nexo and DiPocket on the Nexo Card, a one-of-a-kind crypto Mastercard that launched in several European markets. In January, the company partnered with Coinbase to allow consumers to use their Mastercards to make purchases on Coinbase’s NFT marketplace. And last December, Mastercard welcomed five startups – Ava Labs, Envel, Kash, LVL and NiftyKey to its Mastercard Start Path Crypto Engagement Program which aims to solve challenges for people and businesses using blockchain technology.
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