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Mastercard will bring crypto trading capabilities to banks

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Press release

17 October 2022 | Purchasing, NY

New Crypto SourceTM program expands Mastercard’s safe, secure and reliable services

Mastercard introduces Crypto Source todayWBA new program that enables financial institutions to offer secure crypto trading capabilities and services to their clients.

The 2022 Mastercard New Payments Index indicated that 29% of respondents globally own cryptocurrency as an investment, and 65% prefer crypto-related services to be provided by existing trusted financial institutions.*

In partnership with regulated and licensed crypto custodians, Mastercard’s financial institution partners will gain access to a comprehensive suite of buy, hold and sell services for select crypto assets, enriched with proven identity, cyber, security and advisory services. This Crypto Resource offer is complemented by Mastercard Crypto Secure.WB bring additional security to the crypto ecosystem and support card issuers in their compliance with complex regulations.

Now, Mastercard’s crypto-related offerings for banks and fintechs include:

  • Technology and partnership support for buying, holding and selling selected crypto assets
  • Security Management Mastercard’s identity solutions, including crypto analytics, transaction monitoring, anti-money laundering, ‘Know Your Business’ and lifecycle phases, cybersecurity and biometrics
  • Offered crypto spending and withdrawal capabilities through a range of products, including crypto cards, open banking, and cross-border services. Financial institutions will also be able to offer additional functionality using Mastercard technology, such as digital receipts and loyalty solutions.
  • Crypto program management Provides end-to-end support for banks, fintechs and issuers to deliver crypto programs at scale, including program design, product development and technology implementation, as well as go-to-market optimization and marketing advisory services

“At Mastercard, trust is our business. What we are announcing today is a services-connected approach to help bring users safely and securely into the crypto ecosystem. Our recent investments in this space, such as the acquisition of CipherTrace and Ekata, provide a unique set of capabilities that will help us provide our customers and consumers with the most technically advanced solutions available on the market.” aforementioned Ajay Bhalla, Head of Cyber ​​and Intelligence at Mastercard.

To support this program, Mastercard is expanding its partnership and working with Paxos Trust Company, a leading regulated blockchain infrastructure platform. The partnership aims for Paxos to provide crypto-asset trading and custody services on behalf of banks, while Mastercard will leverage its technology to integrate these capabilities into banks’ interfaces, providing a seamless experience for the consumer.

“Our commitment is simple – exploring crypto and the underlying digital asset technology to support consumer choice in payments. Today is an exciting step in our crypto journey, leveraging the strengths of our global businesses, from open banking and authentication to analytics and fraud monitoring and payment solutions. We are excited to develop our long-term partnership with Paxos – co-innovation to bring safe and secure technology to financial institutions. Our crypto product innovations will offer broad choice and continue to provide unparalleled opportunities for financial institutions seeking to deliver new, enhanced services to their customers.” Jorn Lambert, Mastercard’s Chief Digital Officer, said:

“Mastercard has a strong worldwide network of financial institutions. Developed by Paxos and Mastercard, this exciting offering will provide FIs with the fastest and most reliable way to offer secure, reliable crypto access to their consumers worldwide. “We are excited to partner with Mastercard to further accelerate mainstream adoption of digital assets.” said Walter Hessert, Head of Strategy at Paxos.

For the past few years, Mastercard has been working with its customers and partners to bring new services and capabilities that help make crypto more accessible, secure and secure. These efforts are complemented by the addition of new technologies through Finicity, Ekata, RiskRecon and CipherTrace. This unique combination of services offers eligible financial institutions the opportunity to directly manage their crypto-asset investments for consumers. Mastercard also continues to support banks, governments and others through its Crypto and Digital Currencies Advisory Services.

Mastercard Crypto Source is currently preparing for pilot programs. Additional details regarding wider availability will be available at a later date.

Learn more about Mastercard crypto and blockchain


*Research conducted by The Harris Poll and Mastercard Global Foresights, Insights and Analytics from March 21 to April 21, 2022. Online interviews were conducted among 35,040 global adults (17,071 women, 17,969 men) and include nationally representative samples from markets in 5 regions.