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Mastercard backs banks with exclusive crypto service

The payments provider aims to pave the way to cryptocurrencies for banks and fintechs and is offering this exclusive service.

By Finst News
• 2 min read
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Mastercard backs banks with exclusive crypto service

The payments provider aims to streamline the path to cryptocurrencies for banks and fintechs and is offering this exclusive service.

Since yesterday, the credit card company has been offering the crypto trading feature "Crypto SourceTM" to selected banks. This comes from a Mastercard press release. The "crypto-related offering" for financial institutions and fintechs includes "technology and partnership support, security management, and payout capabilities".

Mastercard teams up with Paxos

For support of this program, Mastercard is partnering with blockchain infrastructure platform Paxos Trust Company. "Our mission is simple – explore crypto and the underlying digital activation technology to support consumer choice in payments," said Jorn Lambert, Chief Digital Officer at the payments provider.

Mastercard isn’t new to crypto

It has a strong network of financial institutions worldwide. It aims to give them "reliable crypto access." Meanwhile, Mastercard isn’t new to crypto: in 2021 it integrated Bitcoin and other cryptocurrencies into its own ecosystem. Most recently, it helped the American company Binance enable payments in 90 million transactions.

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