Trading in cryptocurrencies Soon Be Available at Banks Thanks to Mastercard
New York City: Paxos, a cryptocurrency trading platform, and Mastercard (MA), a credit card company, have collaborated to establish a program that would enable financial institutions to provide cryptocurrency trading to their consumers. Paxos, a cryptocurrency trading platform, will be able to interact with banks via a new initiative from the payment giant dubbed Crypto Source.
Paxos is going to be in charge of custody and trading, while MasterCard is going to be in charge of regulatory compliance and security. Users have the ability to purchase, hold, and trade cryptocurrencies by using Mastercard’s proprietary Crypto Secure technology, which is made available to them via the “Crypto Source” program. The industry titan in charge of payments will provide assistance to banks on crypto compliance requirements, check transactions, combat money laundering, and keep an eye on identities. It is anticipated that the program will begin around the fourth quarter of 2022.
“Trust is the foundation of all we do at Mastercard. What we are going to announce today is a linked approach to services that will assist in the process of bringing consumers into the crypto ecosystem in a safe and secure manner. Because of our recent investments in this sector, we now possess a one-of-a-kind set of competencies, which enables us to assist in supplying our clients and customers with the most technologically sophisticated solutions currently on the market.
Paxos provides services that are similar to those provided by PayPal, which just recently began offering cryptocurrency-related products and services. The blockchain infrastructure that this platform provides to other businesses in order to facilitate the sale of cryptocurrency-related goods and services is one of its most well-known features.
This new effort by Mastercard comes a week after Visa, Mastercard’s competitor, announced a “long-term worldwide relationship” with the FTX exchange and increased the availability of its crypto debit cards throughout Asia, South America, and Europe.
However, this is not the first time that it has been introduced into the field of cryptography. The payment industry giant launched a new tool at the beginning of this month that enables issuers to evaluate the risk profile of cryptocurrency exchanges in an effort to make the purchasing of cryptocurrencies safer.
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