Mastercard has announced that it will unveil a new feature enabling financial institutions to provide their customers with crypto trading capabilities. The new feature known as Crypto Source was announced today in a statement released by the company. The feature will help customers with banking institutions hold and trade different digital assets. The program will tap the Crypto Secure feature designed by Mastercard to ensure security and compliance with legal requirements.
Mastercard teamed up with Paxos
The program is expected to come to life via a team-up with Paxos Trust Company, a company partner. The statement also mentioned that the launch of the new feature is expected to happen in the later stages of this year. This is not the first time a platform is leveraging Paxos to provide this kind of service to its users. In 2020, PayPal tapped the platform to provide its users with crypto trading services.
This was during the coronavirus pandemic when there was a rush in investment across the crypto market. The partnership will see Paxos take care of the crypto trading aspect while the card company will take care of the technical know-how in providing the interface for trading across the banks.
Executives upbeat about the crypto market
The President of the company’s Cyber unit has lauded the company’s efforts in the crypto sector while stating their commitment to providing users with a seamless experience across the market. The executive in question, Ajay Bhalla, talked about the various inroads that the company has made in the last few months in the crypto sector. One such is the acquisition of CipherTrace and Ekata. In its announcement, the company quoted its 2022 review stating that about 29% of the global population has an investment in the crypto sector.
Aside from that, others totaling about 65%, indicated that they were interested in investing in the sector in the future. Bhalla mentioned that the new feature would ease users into the crypto sector in a secure and friendly environment. Another company executive talked about the network of banks the company is planning to service. This latest update is coming off the back of the recent decline in the total capitalization of the crypto market. Since the start of the year, there has been about a 60% decline in the total capitalization of the entire market. However, another executive has positioned that this current period does not automatically signify the end of the crypto market.
