Mastercard finally brings crypto trading to banks and the public

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By Matthew Griffin Connected Society 27th October 2022

WHY THIS MATTERS IN BRIEF

Most people now hold some form of crypto and even though they resisted at first Mastercard has now jumped on the bandwagon to support crypto globally.

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Mastercard, who first said they would never do anything with crypto then launched it into their platform, have now announced that they’re teaming up with blockchain infrastructure platform Paxos to help banks and fintechs “offer their customers crypto trading services.”

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A recent Mastercard survey found that 29 percent of respondents globally hold cryptocurrency as an investment, with another 65 percent indicating a preference for crypto-related services to be provided by their current financial institution, so naturally the company jumped on the bandwagon to test the water.

The new Mastercard Crypto Source programme as its known has a simple objective – to make it easy for banks and fintechs to help their customers buy, hold, and sell select crypto assets, which will then be augmented with a variety of Mastercard’s other cyber, identity, security, and advisory services.

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In the meantime Paxos will provide crypto-asset trading and custody services on behalf of the banks, while Mastercard’s technology will integrate those capabilities into banks’ interfaces.

Ajay Bhalla, President of Cyber and Intelligence at Mastercard, said “What we are announcing today is a connected approach to services that will help bring users safely and securely into the crypto ecosystem. Our recent investments in this space, such as the acquisition of CipherTrace and Ekata, are providing us with a unique set of capabilities to help provide our customers and consumers with the most technically advanced crypto solutions available in the market.”

Matthew Griffin / About Author

Described by NASA as a "Walking Encyclopaedia of the Future" and one of the world’s most in demand keynote speakers Matthew Griffin, Founder and Futurist in Chief of the 311 Institute, a global Futures and Deep Futures advisory firm, is a multi-award winning Futurist and strategic foresight expert, author, lecturer, mentor, podcast and YouTube host.

With a distinguished career running global business units at Atos, EMC, and IBM today Matthew helps leaders and titans of industry from all over the world explore the impact of the inter sections of technology, culture, and leadership, then helps them create high performance organisations that can continuously disrupt, outpace, and outthink their competition.

15 times author of the hit series the Codex of the Future series Matthew's ability to identify, track, and explain the impacts of hundreds of emerging technologies and trends on global business, culture, and society has earned him a powerful reputation and a roster of clients that include royal households, world leaders across the G7, G20, and G77, and many of the world's most recognised and exceptional organisations including ABB, Accenture, ABN Amro, Adidas, AON, ARM, BCG, Centrica, Citi Group, Coca Cola, Deloitte, Dentons, Disney, Dow, EY, Google, KPMG, Lego, Microsoft, Legal & General, LinkedIn, Nokia, Paramount, PepsiCo, PWC, Qualcomm, RWE, Samsung, T-Mobile, UBS, Visa, WIRED, WPP and hundreds of others.

Matthew is regularly featured in the global media including the AP, BBC, Bloomberg, CNBC, Discovery, Forbes, Khaleej Times, Telegraph, TIME, ViacomCBS, WIRED, and the WSJ, and his mission is to help organisations create a fair and sustainable future whose benefits are shared by everyone irrespective of their ability, background, or circumstances.