According to the latest edition of Mastercard is "New Payments Index" report, 29% of consumers around the world have cryptocurrencies as an investment and 65% say they prefer crypto-related services to be available directly from their current bank* .

With this initiative, in which regulated cryptocurrency providers participate, Mastercard makes it possible for financial institutions to buy, hold and sell certain cryptocurrencies on behalf of their clients, diversifying the solutions in the existing digital channels of the entities. Crypto SourceTM is complemented by Mastercard Crypto SecureTM which brings additional security to the digital currency ecosystem and supports card issuers in their regulatory compliance.

Now, Mastercard's crypto-related offerings for banks and fintech companies include:

Technological support to allow the purchase, holding and sale of selected crypto assets, such as Bitcoin and Ether among other cryptocurrencies.
Security management, including Mastercard identity verification solutions, analytics, cryptocurrency transaction monitoring, anti-money laundering, Know Your Business and lifecycle stages, cybersecurity and biometrics.
The possibility to spend and collect in cryptocurrencies is offered through a series of products, such as crypto cards, open banking and cross-border services. Financial institutions will also be able to offer additional functionalities, such as digital receipts and loyalty solutions.
Consulting services for the management and design of cryptocurrency programs, their implementation, as well as the optimization of go-to-market and marketing programs, providing end-to-end support for banks, fintechs and issuers to offer cryptocurrency programs. cryptocurrencies at scale.

For maximum impact, Mastercard is expanding its partnerships and working with Paxos Trust Company, a leading regulated blockchain infrastructure platform. The goal of the partnership is for Paxos to provide crypto asset trading and custody services on behalf of banks, while Mastercard will leverage its technology to integrate those capabilities into banks' interfaces, leading to a seamless experience for the end consumer. .

Jorn Lambert, Chief Digital Officer of Mastercard, explains that “our commitment is simple: explore the crypto world and the underlying digital asset technology to support consumer choice in payments. What we've announced today is an exciting step in our digital currency evolution, building on the strengths of our global businesses, from open banking and identity verification to fraud monitoring and analytics to settlement solutions. We are excited to continue building on our long-term partnership with Paxos, co-innovating to bring secure technology to financial institutions. Our cryptocurrency innovations will provide options at scale and continue to bring unique opportunities to financial institutions looking to offer new and advanced services to their customers.”

Walter Hessert, Director of Strategy at Paxos, points out that “Mastercard has a powerful network of financial institutions around the world. This offering developed by Paxos and Mastercard will provide banks with the fastest and most reliable way to offer secure and reliable access to cryptocurrencies for their consumers around the world. We are delighted to partner with Mastercard to further accelerate the widespread adoption of digital assets."

Over the past several years, Mastercard has been working with its customers and partners to bring new services and capabilities to help make cryptocurrency more accessible and secure. These efforts have been complemented by the incorporation of new technologies through Finicity, Ekata, RiskRecon and CipherTrace. This unique combination of services offers entities the opportunity to directly manage investments in crypto assets for consumers. Mastercard also supports banks, governments and other agents through its Crypto and Digital Currency Consulting Practice.