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Mastercard: cryptocurrencies will become available to banks in order to provide services to customers

Mastercard and cryptocurrencies. A review by a Bitcoin mixer: mixer.money
Mastercard: cryptocurrencies will become available to banks in order to provide services to customers

Mastercard intends to announce a program titled Crypto Source that is aimed to make it easier for banks and other financial institutions to offer cryptocurrency trading.

As Mastercard mentioned in its statement, the program will connect banks with the Paxos crypto platform. The company will also ensure regulatory compliance and security, solving the two problems that prevent many banks from getting involved in crypto exchange services.

Paxos crypto trading platform.

In particular, Paxos will take care of cryptocurrency custody and trading services, and Mastercard intends to integrate such services into the interfaces of banks.

“What we are announcing today is a connected approach to services that will help bring users safely and securely into the crypto ecosystem. Our recent investments in this space, such as the acquisition of CipherTrace and Ekata, are providing us with a unique set of capabilities to help provide our customers and consumers with the most technically advanced solutions available in the market,” commented Ajay Bhalla, Mastercard’s cyber and intelligence president.

Banks await cryptocurrency regulation

Many banks are building crypto teams to serve institutional investors. Until now, traditional financial players have mostly avoided providing their cryptocurrency trading services to retail investors due to the lack of regulation in this area.

One of the benefits of the recent crypto winter may be increased regulatory scrutiny. This will likely build a stronger regulatory framework that can help allay the fears of retail investors.

“We’re excited to build on our long-term partnership with Paxos – co-innovating to bring safe and secure technology to financial institutions. Our crypto product innovations will provide choice at scale and continue to bring one-of-a-kind opportunities to financial institutions as they seek to offer new, advanced services to their customers,” added Jorn Lambert, the chief digital officer of Mastercard.

Both Mastercard and Visa, its longtime competitor in payments, have made recent advances in the sphere of cryptocurrencies, from the former’s partnership with Coinbase on NFT to the latter’s collaboration with FTX on crypto debit cards.

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