MasterCard Allows Cryptocurrency Trading – Eastern Economy with Bloomberg

company launchedMaster CardA service that allows consumers to buy and sell digital assets through their bank accounts, potentially paving the way for thousands of financial companies to offer trading Cryptocurrencies for the first time.

The product, called Crypto Source, will launch in the United States, Israel and Brazil early next year through a beta program, said Ajay Bhalla, head of Internet and intelligence at MasterCard, during an interview in which he declined to reveal which banks. You will be the first to participate.

While banks have been turning to cryptocurrency over the past few years, the vast majority have moved away from holding virtual currencies and offering them to their individual clients due to regulatory concerns. But with thousands of bank partners, MasterCard can help cryptocurrencies gain more widespread adoption.

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Bhalla also added that the ability to buy cryptocurrencies “from your own bank where you have your bank account is something the market really needs and something that consumers want.”

CryptoSource will be offered through a partnership with digital asset firm Paxos Trust, which will provide virtual currency trading and custody services on behalf of banks, meaning that banks will not hold assets on their balance sheets.

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