Crypto Source From Mastercard Gives User Facilities To Buy, Sell And Save Crypto Assets

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

Called Source Crypto (Crypto Source),' the program is designed to allow users to buy, store and sell cryptocurrencies, equipped with Mastercard's Crypto Secure solution for additional security and compliance.

This tool was launched in collaboration with existing Mastercard partners, the 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 crypto service at the end of 2020.

In a new partnership, Paxos will provide crypto asset trading and storage services on behalf of banks, while Mastercard will implement its technology to integrate crypto trading into bank interfaces.

Ajay Bhalla, president of the Mastercard cyber and intelligence unit, has demonstrated the expertise and commitment of the cryptocurrency of a growing company to the market. He mentioned recent Mastercard crypto-related investments, including the acquisition of CipherTrace crypto intelligence services in September and digital identity platform Ekata in April last year.

Mastercard also refers to the 2022 Mastercard New Payment Index, also reporting that 29% of respondents globally hold cryptocurrencies as investments. A total of 65% of other respondents reportedly indicated preference for crypto services provided by their current trusted financial institutions.

"What we announced today is a connected approach to services that will help bring users safely and safely into the crypto ecosystem," Bhalla said, as quoted by Cointelegraph.

The head of the Paxos strategy, Walter Hessert, also highlighted the global network scale of Mastercard financial institutions. According to the executive, this new tool will give banks and creditors the most trusted way to offer secure and reliable crypto assets.

Mastercard's latest crypto initiative comes amid a total crypto market cap that has fallen by about 60% since early 2022. According to Jorn Lambert, the chief digital officer of Mastercard, will be small view to think that a bit of crypto winter marks the end of him."

"When regulations come in, there will be higher level of security available to crypto platforms, and we will see many current problems resolved in the quarter in the years to come," Lambert said.

Mastercard has been actively working on various crypto and blockchain-related initiatives in recent years. In January 2022, Mastercard announced a collaboration with Coinbase exchanges to allow Coinbase NFT users to make purchases using Mastercard cards.

In October 2021, Mastercard partnered with digital asset company Bakkt to allow its US-based customers to buy, sell and store digital assets through custodial wallets.

Global payments giant Mastercard is continuing its efforts to promote cryptocurrency adoption by developing a new tool that will allow banks to trade