Mastercard is about to launch a new platform called Crypto Source that brings cryptocurrency trading to clients of financial institutions. It also helps banks follow crypto compliance rules, verify transactions, provide anti-money-laundering and identity monitoring services.
Although Crypto Source is underway sometime in the near future. It is still undergoing pilot tests and programming, details of a more wide launch will be release at a later date and time.
Regulatory compliance and security are the top walls that are in place when it comes to these institutions trying to break into the Cryptocurrency sector. Through Paxos – a Cryptocurrency trading platform – Mastercard will bridge the two monetary institutions together. How this will work is Paxos ahndles custody and trading sectors, and Mastercard integrate these services into banks’ interfaces.
The expected launch date is expected to take palce in Q4 2022.
This is not the first time we have seen Mastercard make initiatives in the Crypto sector. Back in January 2022, Mastercard collaborated with Coinbase to allow Coinbase NFT users to make purchases using Mastercard’s digital cards.
The 2022 Mastercard New Payments Index reported that 29% of respondents globally hold cryptocurrency as an investment. With another 65% indicating a preference for crypto-related services to be provided by their current trusted financial institution.* – Mastercard Report.
Learn more about this new partnership at Mastercard.com.
