Mastercard launches support for crypto trading

Mastercard will now support banks that want to offer cryptocurrency trading for their customers through a new program it calls Crypto Source.

Financial institution partners in the program will have access to:

• Technology and partnership support to enable buying, holding and selling of select crypto assets.
• Security management, including Mastercard's identity solutions, crypto analytics, transaction monitoring, anti-money laundering, "know your business" and lifecycle stages, cybersecurity, and biometrics.
• Crypto spend and cash-out capabilities offered through a range of products, including crypto cards, open banking and cross-border services. Financial institutions would also be able to offer additional functionality using Mastercard's technology such as digital receipts and loyalty solutions.
• Crypto program management including program design, product development and technology implementation, as well as go-to-market optimization and marketing consultancy services, providing end-to-end support for banks, fintechs and issuers to offer crypto programs at scale

"Our commitment is simple — to explore crypto and the underlying digital assets technology to support consumer choice in payments. Today is an exciting step in our crypto journey that draws on the strengths of our global businesses, from open banking and identity verification to analytics and fraud monitoring to settlement solutions. We're excited to build on our long-term partnership with Paxos — co-innovating to bring safe and secure technology to financial institutions. Our crypto product innovations will provide choice at scale and continue to bring one-of-a-kind opportunities to financial institutions as they seek to offer new, advanced services to their customers," said Jorn Lambert, chief digital officer at Mastercard.

The offering is complemented by Mastercard Crypto Secure to bring additional security to the crypto ecosystem and support card issuers in their compliance with complex regulations. To support this program, Mastercard is expanding its partnership and work with Paxos Trust Company, which will provide crypto-asset trading and custody services on behalf of the banks.