Crypto Trading Services offered by Mastercard
One of the leading names among credit card companies, Mastercard, has announced plans to enter the crypto space. On Monday, the company revealed that it would be working to offer cryptocurrency trading services to its customers. The program is named Crypto Source and is aimed to facilitate digital asset trading between banks and investors.
Mastercard will be deploying a suite for the banks that will allow them to introduce secure trading services. It will likely incorporate transaction monitoring, analytics, AML compliance, biometric verification, and formidable cybersecurity.
Paxos join forces with crypto Mastercard
Paxos Trust Company is an eminent name for providing infrastructure for cryptocurrency trades. Also, it is the first firm licensed by the Department of Financial Services of New York. The firm has joined forces with the crypto Mastercard to assist its trade program.
Paxos will be playing the role of a broker and custodian for the banks. On the other hand, the credit card company will use its infrastructure to connect the banks' interfaces with these services. The companies say they will develop a seamless experience for buying and selling digital currencies.
Why is the credit card giant entering the crypto space?
The company observed in its new payments index that around 29% of the participants were cryptocurrency holders. Also, it was discovered that 65% of them would prefer virtual asset services from a trusted financial firm.
This is one of the reasons the company has introduced its trade program with Paxos.
President of Cyber and Intelligence at Mastercard, Ajay Bhalla, said while sharing his thoughts on the program, "We are announcing today a connected approach to services that will help bring users safely and securely into the cryptocurrency ecosystem."
For the security of this program, the company has unique technology to build trust. However, it is not the first such initiative.
Previously, it introduced products like Ekata and CipherTrace, which are quite prominent for their security.
Partnering with Crypto App, the company also launched its first NFT debit card last month. This lets users personalise their NFT avatars with cards and spend fiat and digital assets.
Author: Wasay Ali
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