Mastercard will offer banks cryptocurrency trading solutions

Mastercard today introduced Crypto SourceTM, a new program that will enable financial institutions to offer secure crypto-asset trading capabilities and services to their customers.

According to the 2022 Mastercard New Payments Index, 29% of people surveyed globally hold cryptocurrencies as an investment. In addition, 65% of them say they prefer services associated with crypto-currencies to be offered directly to them by their current financial institution, in which they trust*.

Partnering with regulated and licensed crypto-asset custody service providers, Mastercard’s partner financial institutions will have access to a full suite of services to buy, hold and sell select crypto-assets, complemented by identity services, proven cybersecurity and consultancy. This Crypto Source offer is complemented by the Mastercard Crypto SecureTM solution, which strengthens the security of the crypto-asset ecosystem and helps card issuers comply with complex regulations.

Now, Mastercard’s suite of crypto-asset offerings targeting banks and fintechs offers the following services:
• Technological support and a partnership to enable the purchase, holding and sale of certain cryptoassets
• Security management, including Mastercard’s identity management solutions, crypto-asset analytics, transaction monitoring, anti-money laundering, know-your-customer (KYC) and cycle stages life, cybersecurity and biometric features.
• Cryptocurrency payment and redemption options offered through a range of products, including crypto cards, open banking and cross-border services. Financial institutions will also be able to offer additional features, using Mastercard’s technology, such as digital receipts and loyalty solutions.
• Crypto affiliate program management, including program design, product development, and technology implementation, as well as marketing optimization and marketing consulting services. The goal is to provide end-to-end support for banks, fintechs, and card issuers to deliver large-scale crypto affiliate programs.

“At Mastercard, trust is our business. What we are announcing today is a connected approach to services that will help securely integrate a future billion users into the cryptocurrency ecosystem. Our recent investments in this area, including the acquisition of CipherTrace and Ekata, give us a unique set of skills that allow us to provide our customers and consumers with the most technically advanced solutions on the market. . said Ajay Bhalla, President, Cyber ​​& Intelligence at Mastercard.

To solidify this program, Mastercard is currently expanding its partnership by working with Paxos Trust Company, a reputable and regulated blockchain infrastructure platform. The objective of this partnership is to enable Paxos to provide trading and custody services for crypto-assets on behalf of banks. For its part, Mastercard will use its technology to integrate these capabilities into bank interfaces, resulting in a seamless experience for the consumer.

“Our commitment is simple: to explore cryptocurrencies and the underlying digital asset technology to support consumers in their payment choices. Today marks an exciting milestone in our crypto strategy, which builds on the strengths of our international businesses: from open banking, and identity verification, to fraud analytics and monitoring, and through dispute resolution solutions. We are excited to continue our long-term partnership with Paxos, innovating together to bring safe and secure technology to financial institutions. Our innovations in crypto-asset products will deliver choice at scale and continue to bring unique opportunities to financial institutions looking to offer cutting-edge new services to their customers,” said Jorn Lambert, Chief Digital Officer at Mastercard.

“Mastercard has a powerful network of financial institutions around the world. This exciting offering developed by Paxos and Mastercard will give financial institutions an extremely fast and reliable way to provide safe and trusted access to consumers worldwide. We are excited to team up with Mastercard to accelerate mainstream adoption of digital assets. said Walter Hessert, Head of Strategy at Paxos.

Over the past few years, Mastercard has worked with its customers and partners to create new services and solutions that help make cryptocurrencies more accessible, safer and more secure. These initiatives were complemented by the arrival of new technologies through the acquisition of Finicity, Ekata, RiskRecon and CipherTrace. This unique combination of services provides eligible financial institutions with the ability to directly manage consumer crypto-asset investments. Mastercard also continues to support banks, governments and other players through its cryptocurrency and digital currency advisory service.
Mastercard Crypto Source is currently in the preparatory phase for pilot programs. Additional information on its extended availability will be announced at a later date.

Source :
*Survey conducted by The Harris Poll and Mastercard Global Foresights, Insights and Analytics, March 21 through April 21, 2022. Online interviews were conducted with 35,040 adults worldwide (17,071 women and 17,969 men) and include nationally representative samples of markets in 5 geographic regions.

About Mastercard:
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive digital economy that benefits everyone, everywhere by enabling safe, simple, smart and accessible transactions. We rely on secure data and networks, our partnerships and our passion, our innovations and our solutions to empower individuals, financial institutions, governments and businesses to realize their full potential. Our decency quotient (DQ) shapes our culture and everything we do, both within our company and externally. Present in more than 210 countries and territories, we are building a sustainable world to open up to everyone a horizon rich in invaluable priceless possibilities.


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