• A recent index conducted by Mastercard found that 29 percent of people saw cryptocurrency as an investment.
• Added to this 65 percent of people showed a preference for crypto-related services to be offered by their banks.
• This is why Mastercard has announced a new solution that makes it easier for banks to offer these services to their customers.

With the crypto winter lasting longer than anticipated, has the fervour around cryptocurrencies finally started to wane? If you ask Mastercard, definitely not. This as the payment facilitator has announced a new solution called Crypto Source.

This offering is a new program to enable financial institutions to bring secure crypto trading capabilities and services to their customers, Mastercard explains.

The rollout of this solution is also backed by some research. While not independent, Mastercard recently published its 2022 New Payments Index, which reported that 29 percent of respondents globally hold cryptocurrency as an investment.

On top of this, a further 65 percent indicated a preference for crypto-related services to be provided by their current trusted financial institution.

This is where Crypto Source is aiming to step in.

“In partnership with regulated and licensed crypto custody providers, Mastercard’s financial institution partners will gain access to a comprehensive suite of buy, hold and sell services for select crypto assets, augmented with proven identity, cyber, security and advisory services. This Crypto Source offering is complemented by Mastercard Crypto Secure to bring additional security to the crypto ecosystem and support card issuers in their compliance with complex regulations,” it explained in a press release sent to Hypertext.

The company also unpacked a range of features that Crypto Source will facilitate:

• “Technology and partnership support to enable buy, hold and sell off select crypto assets
• Security management including Mastercard’s identity solutions, crypto analytics, transaction monitoring, anti-money laundering, ‘Know Your Business’ and lifecycle stages, cybersecurity, and biometrics
• Crypto spend and cash-out capabilities offered through a range of products, including crypto cards, open banking and cross-border services. Financial institutions would also be able to offer additional functionality using Mastercard’s technology such as digital receipts and loyalty solutions
• Crypto program management including program design, product development and technology implementation, as well as go-to-market optimization and marketing consultancy services, providing end-to-end support for banks, fintech and issuers to offer crypto programs at scale.”

Before you contact your financial institution to ask about Crypto Source, it is worth pointing out that this new solution is currently being piloted by Mastercard with a handful of institutions. Its wider rollout and confirmation of availability are expected to be announced in the coming months.

With there being a lot of grifting when it comes to cryptocurrencies, perhaps the addition of a company like Mastercard to the mix will add a little more peace of mind for those wanting to invest.