Mastercard Launches 'Crypto Source' For Financial Institutions
Niko Pajkovic — October 21, 2022 — Business
References: mastercard & thedrum
MasterCard has announced the launch of 'Crypto Source,' a new program that aims to assist financial institutions in offering their clients crypto services.
The new Mastercard program was made in collaboration with Paxos, a crypto-focused trading platform that is currently backed by PayPal. For the partnership, Paxos will offer asset management and trading services, while MasterCard will primarily concentrate on security tools and regulatory compliance.
“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. We’re excited to build on our long-term partnership with Paxos," said Jorn Lambert, the chief digital officer at MasterCard.
Image Credit: MasterCard
The new Mastercard program was made in collaboration with Paxos, a crypto-focused trading platform that is currently backed by PayPal. For the partnership, Paxos will offer asset management and trading services, while MasterCard will primarily concentrate on security tools and regulatory compliance.
“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. We’re excited to build on our long-term partnership with Paxos," said Jorn Lambert, the chief digital officer at MasterCard.
Image Credit: MasterCard
Trend Themes
1. Crypto-backed Card Programs - Financial institutions partnering with crypto platforms to launch credit card-backed crypto programs is a growing trend to watch out for.
2. Collaboration with Crypto Firms - Collaboration between traditional financial institutions and crypto firms to offer innovative services is a disruptive trend in the world of finance and technology.
3. Regulatory Compliance Tools - The new trend for offering regulatory compliance tools for crypto services is an opportunity for fintech and regtech companies to offer innovative solutions to financial institutions.
Industry Implications
1. Banking - The banking industry is a key player in the credit card-backed crypto programs trend, collaborating with crypto firms to offer new services to customers.
2. Cryptocurrency - The cryptocurrency industry is at the forefront of the trend for collaborating with financial institutions to integrate traditional financial services with crypto services.
3. Regulatory Technology (regtech) - The trend for offering regulatory compliance tools for crypto services presents an opportunity for regtech companies to provide innovative solutions to financial institutions.
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