10-18-2022 icon

Mastercard Taps Paxos for Crypto Exchange Service Improvement

By Lucy Adegbe

Prominent innovative payment-processing protocol Mastercard has collaborated with crypto exchange Paxos to create a “Crypto Source” program to enhance the banking sector’s ability to avert crypto exchange risks. 

According to the top leading financial and business news channel CBNC’s report, the program will enable diverse banking institutions to render virtual currency exchange services to customers. In other words, the program is geared towards assisting banks with digital currency trading adherence policy and additional transaction service verifications. 

“The payment giant will act as a ‘bridge’ between Paxos, a crypto trading platform already used by PayPal and banks,” CNBC further highlighted. 

Jorn Lambert, a member of Mastercard’s management committee and the head of the company’s digital office released a statement to CNBC citing that “there are 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. It’s a little scary to some people still.”

The payment protocol’s newly introduced program complements its previously inaugurated “Mastercard Crypto Secure” program created to help evaluate the risk profile of digital currency trading platforms, as reported by the company on October 4. 

Paxos chief of strategy Walter Hessert expressed how “thrilled” the trading protocol is to create an alliance with Mastercard “to further accelerate the mainstream adoption of digital assets”  given that “Mastercard has a powerful network of financial institutions around the world.”