Mastercard launched a new program that enables financial institutions to add cryptocurrency trading offerings and services. The new Crypto Source program comes less than two weeks after Mastercard released a crypto security product.
The payments processing giant partnered with licensed and regulated crypto custody providers to offer a suite of buy, hold and sell services for select cryptocurrencies. Mastercard says Crypto Source will be complemented by Crypto Secure, which helps assess risk and offers security features and compliance support.
Along with buy, sell and hold services, Crypto Source offers spending and cash-out capabilities, as well as products such as crypto cards, loyalty and rewards solutions and digital receipts.
The security management covers crypto analytics, transaction monitoring, anti-money laundering and 'Know Your Business' compliance. It also provides implementation, go-to-market consultancy services, scalability and back-end support.
"Our crypto product innovations will provide choice at scale and continue to bring one-of-a-kind opportunities to financial institutions as they seek to offer new, advanced services to their customers," Mastercard Chief Digital Officer Jorn Lambert said in the announcement.
MA stock rose more than 2.5% Monday. Mastercard shares are down about 17.5% so far this year.
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