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Mastercard’s new program provides users with access to crypto trading knowledge and services.
In a step that affirms that conventional financial institutions and facilitators are adapting to the new-age reality of cryptocurrencies, Mastercard has formed a partnership with crypto trading platform Paxos. The latter builds blockchain solutions to tokenize, custody, trade, and settle assets for enterprise partners. This partnership will assist financial institutions in offering cryptocurrency trading. In this blog, Alpho.com reviews the implications of the deal.
Mastercard has launched a program called ‘Crypto Source,’ which will help banks comply with crypto regulations and adhere to anti-money laundering regulations, transaction verification, and KYC services. It had earlier launched a service that helps issuers determine the risk profile of cryptocurrency exchanges.
This service would boost Alpho and crypto users‘ confidence in adopting and trading cryptocurrencies, as services offered by banks generate more confidence.
Paxos will offer crypto-asset trading and custody services on banks’ behalf as part of the arrangement. Mastercard will provide the technology to make these services available to the customers on the banks’ interfaces.
A research report titled ‘The 2022 Mastercard New Payments Index’ stated that 29% of respondents hold cryptocurrencies as investments. Furthermore, 65% indicated that they prefer their current financial institutions to provide crypto-related services.
With this partnership, Mastercard’s financial services partners will be able to provide a full bouquet of crypto services to their customers, including buy, sell, and hold services for various crypto assets, along with security, customer identification, and advisory services. The move by the payments giant will help it bring more customers into the ecosystem securely and offer superior technology solutions.
As per reports, Mastercard technology will be made available in the fourth quarter of 2022 in partnership with Paxos. The latter rivals PayPal, another global payment giant that launched its bitcoin services in 2020. Paxos provides crypto services similar to the ones being provided by PayPal.
Mastercard has taken this move despite the fact the crypto markets crashed severely in 2022. In Nov 2021, the aggregate cryptocurrency market hit a total capitalization of $3 trillion. However, it lost two-thirds of the same in just about six months. The company is looking beyond the immediate term, acknowledging the vast potential of blockchain technology.
This latest partnership comes after Mastercard’s recent investments in the crypto space, including the digital identification platform Ekata and CipherTrace, a crypto intelligence firm. As per the company, it is a connected approach to services that will lead to customer inclusion safely and securely.
Various financial services providers are stepping up their game in offering crypto services. This latest move by Mastercard is an indication of the changing future that we are going to witness because of the use of blockchain technology and cryptocurrencies.
Alpho.com reviews and comments on the latest developments in the global trading world.
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