Global payments giant Mastercard is set to launch its Crypto Source program to help financial institutions provide cryptocurrency trading services.
As such, banks wishing to offer such services to customers will be assisted by Mastercard in handling regulatory compliance and security.
In context, the Crypto Source program will make the Paxos crypto trading platform and banks further increase the use of crypto on a large scale.
While some are skeptical of crypto, most believe that Mastercard will monitor regulatory compliance and security against banks that create crypto trading services.
According to Jorn Lambert, Mastercard's Chief Digital Officer stated that many consumers will be more confident in crypto if the service is offered by their financial institution.
Meanwhile, through the Mastercard New Payment Index 2022, there are 29% of respondents who have held crypto while 65% are more interested if their financial institution offers the service.
In the meantime, Mastercard Crypto Secure also provides additional security and supports card issuers in meeting regulatory compliance.
It is understood that Mastercard and Visa have partnered with several crypto companies to offer the digital asset service.
Even Mastercard also offers crypto rewards including enabling the purchase of non-fungible tokens (NFT) on users' credit cards.
