Crypto Adoption Continues: Mastercard To Debut Product To Help Buy Digital Assets Through Bank Accounts

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by Tyler Durden
Monday, Oct 17, 2022 - 09:20 PM

Dare we say the adoption of crypto looks like it is...accelerating?

Mastercard is now joining the ranks of a number of other major institutions now playing a role in helping plug crypto into the mainstream, announcing this week that they are debuting a service that is going to allow consumers to buy and sell digital assets through their bank accounts.

Banks had traditionally been hesitant to offer such services to their retail customers, as much of the crypto world remains in a state of regulatory limbo. Mastercard could wind up speeding up adoption, as they have "thousands of bank partners". 

The service, called "Crypto Source", is going to be offered as part of a partnership with Paxos, according to a Bloomberg report. The report says the service could pave the way for "thousands of finance firms to offer crypto trading for the first time". 

Paxos' role will be to "provide virtual currency trading and custody services on behalf of the banks", according to the report. It'll debut in the US, Israel and Brazil, according to Ajay Bhalla, Mastercard’s president of cyber and intelligence.

MasterCard already has a history of crypto adoption, announcing earlier this year that it would be bringing on 500 new people to expand staff that are tied to crypto. It also partnered with Bakkt earlier this year to help banks offer crypto rewards on their credit and debt cards.