The American multinational financial services giant Mastercard Inc has thrown out its latest product, dubbed Crypto Source, as it is exploring new avenues to allow banks within its network to offer crypto-related products in a compatible way.

Based on feedback from its New Payments Index it recently published, which shows that up to 65% of crypto-savvy respondents will prefer if they can access regular crypto offerings from their already trusted financial institution.

Understanding this position of retail investors and realizing that banks are turning away from cryptocurrencies due to compliance and security risks explained why Mastercard launched the Crypto Source product.

As announced, financial institutions that subscribe to this product will be able to offer purchase, sale or retention services to their clients. The product is offered together with the main cryptocurrency platforms in the Web3.0 ecosystem, including paxos.

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

In addition to the trading and custody services that the Crypto Source feature will enable banks to offer, security protection, offering cryptocurrency spending and withdrawal capabilities, as well as managing cryptocurrency programs will also be offered to banks that subscribe to the new Mastercard service.

The major financial giants have understandably been quite cautious about the nature of the crypto products they make available, especially to retail investors. Most banks have focused on custody services aimed at institutional investors, the the last of which is BNY Mellonand this Crypto Source Mastercard may be just the boost most of them require.

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