Payments giant MasterCard has clearly set its sights on cryptos. A few days after creating Crypto Secure, MasterCard sets up a new service: Crypto Source. Find out what this offer is and who it is for.
Mastercard wants to help banks via Crypto Source.
On Monday, October 17, 2022, Mastercard introduced a new Crypto Source program. This service aims to bring "crypto trading capabilities to banks."
This novelty was born from two observations. Already, crypto users sometimes need more time to trust new crypto players. This emerging field (and still little regulated) indeed offers a good breeding ground for scams of all kinds. Some users prefer to obtain crypto services through a financial institution they already trust.
"There are a lot of consumers who are really interested and intrigued by crypto, but who would feel much more confident if these services were offered by their financial institutions… It's still a bit scary for some people. Jorn Lambert, digital director at Mastercard
On the other hand, banks are hesitant to get into crypto due to compliance and security issues.
MasterCard proposes linking crypto users and banks with its new Crypto Source service. Crypto Source will enable financial institutions to offer their clients secure crypto trading services.
"Mastercard partner financial institutions will have access to a full suite of services to buy, hold and sell select crypto-assets, complemented by proven identity, cybersecurity and advisory services. »
This Crypto Source service complements the Crypto Secure offer launched by MasterCard earlier this month. MasterCard aims to bring "additional security to the crypto ecosystem." Crypto Source is currently being prepared for pilot programs.
A program in partnership with Paxos Trust Company
Mastercard also announced that to support this program, the company has partnered with Paxos Trust Company, a leading regulated blockchain infrastructure platform. The roles of each entity are clearly defined:
"The partnership aims for Paxos to provide crypto-asset trading and custody services on behalf of banks, while Mastercard will leverage its technology to integrate these capabilities into banks' interfaces. »
Mastercard's digital director, Jorn Lambert, said: "Our innovations in crypto products (…) will continue to bring unique opportunities to financial institutions looking to offer new advanced services to their customers. Our commitment is simple – explore crypto and underlying digital asset technology to support consumer choice in payments. »
MasterCard sees cryptos becoming "a mainstream product."
In an interview conducted by CNBC, Jorn Lambert claimed that crypto is on the verge of "going mainstream."
This conviction translates concretely into MasterCard's choices and objectives. Recently, the company outlined five key areas it focuses on to make cryptocurrency "everyday payment."
Ajay Bhalla, President of Cyber & Intelligence at Mastercard, said, "Our recent investments in this area, such as the acquisition of CipherTrace and Ekata, give us a unique set of capabilities to help provide our customers and consumers the most technologically advanced solutions available on the market . »
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