Mass adoption path has never been clearer: Mastercard launched a brand new service that will allow customers to buy and sell cryptocurrencies via their bank accounts. The tool called Crypto Source will also offer banks and Mastercard’s numerous partner financial institutions an easy gateway to introduce crypto related services to their users.
The service is said to be piloted in the US, Israel and Brazil. Paxos, a leading regulated blockchain platform, will provide infrastructure for Crypto Source.
The partnership aims for Paxos to provide crypto-asset trading and custody services on behalf of the banks, while Mastercard will leverage its technology to integrate those capabilities into banks’ interfaces.
“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,” said Jorn Lambert, Chief Digital Officer at Mastercard.
Mastercard will also take care of regulatory compliance and security layers for banks wanting to join the crypto family.