Mastercard’s “Crypto Source”: The New Way to Access the Crypto Market
Since then, until today, banking and finance have been and are still an integral part of our lives. But as the popularity of cryptocurrency increases progressively, more and more banking institutions are becoming receptive to the idea of creating a linked approach to services that will allow users to enter the crypto ecosystem safely and securely.
It was a little over a month ago when the oldest lender in the United States, Bank of New York Mellon, announced that its Digital Asset Custody platform would begin holding Bitcoin and Ethereum on behalf of its customers with software developed alongside crypto custody provider Fireblocks. And on October 17, Mastercard, the payment giant will follow suit by supporting the purchase, sale, and holding of select crypto assets as well as offering comprehensive security management.
What You Need to Know About Mastercard’s New Crypto Trading Initiative
It was only yesterday when Mastercard unveiled Crypto Source, a new initiative that will enable financial institutions to begin offering secure crypto trading services to their customers.
According to a Mastercard announcement, Crypto Source, which is being provided in collaboration with Paxos, will give financial institution partners of the company access to a “comprehensive suite of buy, hold, and sell services for select crypto assets, augmented with a proven identity, cyber, security, and advisory services.”
In order to address the hesitation of conventional banks to enter the cryptocurrency trading area, Mastercard has decided to start a new effort. The payment giant will be able to validate transactions using Crypto Source, conduct anti-money-laundering and Know Your Customer checks, and help maintain compliance with regulations pertaining to the cryptocurrency industry.
Additionally, Mastercard Crypto Secure is integrated into Crypto Source, which is “a first-of-its-kind technology solution” that will enable card issuers in their compliance with intricate rules while also assisting in enhancing the security of the cryptocurrency ecosystem.
Bottom Line
I am interested in how Mastercard and Paxos’ agreement will turn out because both companies promised that their cooperation will enable financial institutions the quickest and most trustworthy way to provide their customers with safe, dependable access to cryptocurrency worldwide. Moreover, I’m hoping that more and more financial institutions would be willing and committed to gradually integrating digital assets into their services.
