Mastercard Inc., an American multinational financial services firm, is headquartered in New York. launched The Crypto Source is its latest product. It’s currently exploring new avenues to make it possible for banks in its network, which can offer crypto-related products in compliance.
Based on its New Payments Index which revealed that as high as 65% respondents were crypto-savvy, it is likely they will prefer regular access to crypto offerings through their existing financial institution.
Mastercard launched the Crypto Source product to address this situation.
Financial institutions that subscribe to this product can offer their customers Buy, Sell, or Hold services, as announced. This product is available in conjunction with the top cryptocurrency platforms in Web3.0, including Paxos.
“At Mastercard, trust is our business. Today, we announce a connected approach to services that will allow users to safely and securely enter 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,” said Ajay Bhalla, President, Cyber & Intelligence at Mastercard.
The Crypto Source feature will permit banks to offer security protection, crypto spend and cashout options, and crypto program management to those who subscribe to the new Mastercard.
The nature of crypto products made available by mainstream financial institutions has been a matter of concern, particularly for retail investors. Most banks have concentrated on institutional investors-targeted custody services. BNY Mellon is the latest.Mastercard Crypto Source might be the right boost that they need.