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MasterCard extends partnership with Paxos to boost crypto trading

Posted:Oct 17, 2022 15:53 Category: Blockchain , Crypto , Posted by Teuta

MasterCard has extended its partnership with Paxos and introduced Crypto Source, a program to enable financial institutions to bring secure crypto trading capabilities and services to their customers.

Crypto Source to help banks offer crypto trading

According to the official announcement, MasterCard will use its technology to integrate Paxos’ services, such as crypto-asset trading and custody, into banks’ interfaces, in order to create the best possible experience for the end-user. Paxos Trust Company is one of the biggest regulated blockchain platforms.

MasterCard Crypto Secure will, therefore, act as a connection between Paxos and banks, bringing extra security to the crypto ecosystem and supporting card issuers in their compliance with complex regulations.

The latest company’s research showed that 29 percent of global clients hold cryptocurrency as an investment, with 65 percent preferring crypto-related services to be provided by their current financial institution.

Safety and security for the users are guaranteed

The company revealed that the newly-created suite would offer technology and partnership support to trade cryptocurrencies, complete security, a range of products such as crypto cards, open banking, and cross-border services.

Ajay Bhalla, President, Cyber & Intelligence at MasterCard, described the new product as a “connected approach to services that will help bring users safely and securely into the crypto ecosystem.”

“Our recent investments in this space, such as the acquisition of CipherTrace and Ekata, are providing us with a unique set of capabilities to help provide our customers and consumers with the most technically advanced solutions available in the market,” he said.

The company stressed that its primary obligation is to keep banks “on the right side of regulation” by following strict crypto-compliance rules.

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