Mastercard taps Paxos to launch crypto trading for banks

Mastercard will deploy its technology to integrate crypto trading into bank interfaces, while Paxos will provide its trading and custody services. New

Mastercard officially announced a new program on October 17 for financial institutions to offer their customers crypto trading capabilities and services.

Called "Crypto Source", the program is designed to allow users to buy, hold and sell cryptocurrencies, complemented by Mastercard's proprietary Crypto Secure solution for additional security and compliance.

The tool is launched in cooperation with existing Mastercard partner, Paxos Trust Company, and is expected to launch in Q4 2022. Paxos is known to provide similar services to global payments giant PayPal, which launched its first end of 2020 crypto services.< /p>

Under this new partnership, Paxos will provide crypto trading and custody services on behalf of banks, while Mastercard will deploy its technology to integrate crypto trading into bank interfaces.

Ajay Bhalla, president of Mastercard's cyber and intelligence unit, highlighted the company's growing expertise in crypto and its commitment to the market. He mentioned Mastercard's recent crypto-related investments, including acquisitions of crypto intelligence service CipherTrace in September and digital identity platform Ekata in April last year.

In announcing the news, Mastercard referred to the Mastercard N 2022...