Mastercard, one of the largest online payment service providers is aiming to gain more ground and recognition in the crypto world.
For this purpose, it is important for Mastercard that cryptocurrencies gain more and more mainstream adoption.
Mastercard to Introduce Crypto Source
To achieve its goal, Mastercard has launched a new program. The name of the particular program is Crypto Source, which would provide tremendous help to banking institutions.
The main purpose of the new program is to provide banks with cryptocurrency trading capabilities.
The new program ‘Crypto Source’ has been developed and launched in collaboration with cryptocurrency custody providers. All of the crypto custody providers are licensed and regulated to provide their services.
The ultimate goal of Mastercard is to bring cryptocurrency trading and custody capabilities to the mainstream and traditional financial sector.
The licensed/regulated nature of the collaborations would allow banking institutions to offer crypto services to customers that are safe and secure.
The customers would have access to cryptocurrency trading services as well, allowing them to interact with cryptocurrencies.
Millions of customers have strong relationships with their financial service providers (banks) that are based on trust and loyalty. Therefore, it is safe for customers to trust their banks when interacting with crypto trading.
Mastercard to Offer Full Coverage on Cryptocurrencies
Mastercard officials have revealed that they have collaborated with the most prominent and highly reputed crypto custody service providers.
With their support, Mastercard would be able to provide banks with access to buying, selling, and holding cryptocurrencies. The banks would then provide these capabilities to their customers.
According to Mastercard, all of these capabilities would be integrated with advisory, security, cyber, and identity services.
Crypto Secure to Complement the New Offering
According to the officials at Mastercard, Crypto Secure would complement the offerings coming from Crypto Source. This way, more security, and protection would be provided to the crypto ecosystem.
Mastercard has confirmed that for now, the development of Crypto Source is to offer pilot programs to the banks and their clients.
Mastercard is Collaborating with Paxos
Mastercard further revealed that they want to provide more support and security to the program. For this purpose, they are forming many strategic partnerships.
One of the most important partnerships that would help expand their business is with Paxos Trust Company. It is a blockchain infrastructure platform, considering one of the leading and regulated service providers.
Paxos will play the key role of providing banks with cryptocurrency custody and asset trading services. While Paxos does that, Mastercard would leverage the technology that it has in place.
With these capabilities combined, the banks would be provided with highly secure and one of the best interfaces for crypto trading and custody.
