MasterCard and Paxos introduces Service to assist Banks with Crypto Trading

Mastercard and Paxos

Payment Giant MasterCard and Paxos has announced that it will enable banks offer Cryptocurrency Trading services to their customers. This it aims to achieve with its partnership with Paxos Trust Co

Paxos is a regulated blockchain infrastructure platform, building a new, open financial system. It holds and safeguards physical and digital assets as a regulated Trust Company. Paxos also build technology that allows assets to live and move on any blockchain and enables the movement of assets through an ecosystem of products and services.

MasterCard said, it is launching a program it called Crypto Source, that will make it possible for mainstream banks to offer cryptocurrency trading services to its customers with MasterCard service as middleman between Paxos and the Banks to make this possible as it would be handling the regulatory compliance and security which are the major reasons banks have been very lukewarm with interference and adoption.

MasterCard and Paxos are Doing Things

MasterCard and Paxos

This development will by every means put cryptocurrency in a brighter spotlight than in has ever been in. A survey showed that 60% of people said they would try cryptocurrencies if their banks offered a way for them to easily have access to it.

MasterCard says the product “Crypto Source” will kick off by offering it in the U.S., Israel, and Brazil by the fall of the year as a pilot program according to its President of Cyber and Intelligence, Ajay Bhalla. He also added, people that being able to buy crypto “from their own bank where they had a bank account is a paradigm from what is available and something consumers want.”

This will not be the first of its kind of venture for MasterCard as in August it partnered with the biggest cryptocurrency exchange Binance to offer everyday purchase option doe shoppers and customers in Argentina with the launch of a prepaid crypto card. NeboFinance reported that FTX has such partnership with Visa recently in this article.