Mastercard and Paxos Global announce the launch of Crypto Source
The new feature will allow banks to offer cryptocurrency trading to clients
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Mastercard partners with Paxos to enable cryptocurrency trading for banks.
Paxos Global is a New York-based regulated blockchain infrastructure company that builds transformative and transparent financial solutions. Notably, the company’s product is already used by PayPal and several banks.
The new program, dubbed “Crypto Source,” will enable users to buy, sell, and trade crypto. Mastercard will integrate the option of cryptocurrency trading into banks’ interfaces and function as a bridge between them and Paxos. The latter, on the other hand, will provide custody services and crypto asset trading in support of banks. Additionally, Mastercard and Paxos Global will work on security and regulatory compliance.
“There’s a lot of consumers out there that are really interested in this, and intrigued by crypto, but would feel a lot more confident if those services were offered by their financial institutions,”said Mastercard’s Chief Digital Officer Jorn Lambert.
The new feature is expected to be launched by the end of this year.
It’s worth noting that Mastercard has rolled out several crypto and Web3 initiatives this year. First, the company has filed fifteen NFT and Metaverse-related trademarks for its name, slogan, and logo. Following this, Mastercard introduced an NFT payment service in partnership with notable Web3 companies Moonpay, Immutable X, The Sandbox, Nifty Gateway, Candy Digital, Spring, and Mintable. Then, the payment giant partnered with Binance to facilitate cryptocurrency payments in over ninety million stores globally and collaborated with crypto platform hi to launch the first-ever customizable NFT debit cards.
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