Mastercard Joins With Paxos to Help Banks Offer Crypto Trading
The payments giant will verify transactions and help banks follow compliance rules
Oct 17, 2022 at 11:23 a.m. UTCMastercard (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.
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