Mastercard has revealed plans to allow customers to buy and sell cryptocurrency directly from their bank accounts.

A new program from Mastercard has been launched, enabling users to buy and sell cryptocurrencies straight from their bank accounts.

According to the 2022 Mastercard New Payments Index, 29% of respondents globally own cryptocurrencies as investments, with another 65% saying they prefer their current reputable financial institution to offer cryptocurrency-related services.

In early 2023, Crypto Source is scheduled to launch in the United States, Brazil, and Israel; however, it is currently unknown which financial institutions will be involved.

Mastercard’s financial institution partners will have access to a full range of buy, hold, and sell services for a selection of crypto assets, as well as proven identity, cyber, security, and advisory services, through partnerships with regulated and licensed crypto custody providers.

“At Mastercard, trust is our business. 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 solutions available in the market,”

said Mastercard’s President of Cyber & Intelligence, Ajay Bhalla.

Mastercard is extending its collaboration and cooperation with Paxos Trust Company, a top-tier regulated blockchain infrastructure platform. Custody and trading will be handled by Paxos, and security and regulatory compliance will be handled by MasterCard. Users can buy, hold, and sell cryptocurrencies through the “Crypto Source” program, which is enhanced by Mastercard’s in-house Crypto Secure solution.

“Mastercard has a powerful network of financial institutions around the world. This exciting offering developed by Paxos and Mastercard will give FIs the fastest and most trusted way to offer safe, reliable crypto access for their consumers globally. We’re thrilled to partner with Mastercard to further accelerate the mainstream adoption of digital assets,”

said Walter Hessert, Head of Strategy at Paxos.

PayPal began offering cryptocurrency services in late 2020, and Paxos provides comparable services. The platform is renowned for providing blockchain infrastructure that enables other businesses to provide products and services related to cryptocurrencies.