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Mastercard Joins With Paxos to Help Banks Offer Crypto Trading
The payments giant will verify transactions and help banks follow compliance rules
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.
STORY CONTINUES BELOW
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.
Parikshit Mishra
Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.
