Mastercard Joins With Paxos to Help Banks Offer Crypto Trading

The payments giant will verify transactions and help banks follow compliance rules

AccessTimeIconOct 17, 2022 at 11:23 a.m. UTC
Updated May 9, 2023 at 3:59 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Mastercard (MA) has formed a partnership with crypto trading platform Paxos to offer a program that will help financial institutions offer cryptocurrency trading, the payments company said Monday.

Mastercard started the Crypto Source program, where it will help banks follow crypto compliance rules, verify transactions, provide anti-money-laundering and identity monitoring services.

CNBC reported on the offering earlier on Monday.

“There’s a lot of consumers out there that are really interested in this and intrigued by crypto, but would feel a lot more confident if those services were offered by their financial institutions,” Jorn Lambert, Mastercard’s chief digital officer, told CNBC. “It’s a little scary to some people still.”

The payments company had earlier started a service that allows issuers to assess the risk profile of crypto exchanges.

UPDATE (Oct. 17, 12:41 UTC): Updates headline and lead paragraph with confirmation from Mastercard.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Parikshit Mishra

Parikshit Mishra is CoinDesk's Deputy Managing Editor responsible for breaking news coverage. He does not have any crypto holdings.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.