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Crypto Mastercard Bitcoin Ethereum

Mastercard Integrates With Bakkt, Merchants Will Be Able To Offer Crypto Services

Reynaldo Marquez by Reynaldo Marquez
2 years ago
in Crypto News
0

Per a report by CNBC, payment giant Mastercard will double down on its crypto future. The company announced a partnership with Bakkt, a financial services company, in an attempt to increase its crypto capacities.

Related Reading | Payments Giant Mastercard Buys CipherTrace To “Enhance Crypto Capabilities”

The integration will allow Mastercard’s users, banks, or merchants, to offer cryptocurrency-related products, the CNBC report claims. Such as access to crypto wallets, and the potential launch of loyalty and rewards programs to be paid in Bitcoin, Ethereum, and other digital assets.

Bakkt will take custody of the funds in cryptocurrencies, said two high-ranking sources familiar with the partnership to the mainstream media. In addition, Mastercard’s executive vice president of digital partnerships Sherri Haymond added the following:

We want to offer all of our partners the ability to more easily add crypto services to whatever it is they’re doing. Our partners, be they banks, fintechs or merchants can offer their customers the ability to buy, sell and hold cryptocurrency through an integration with the Baktt platform.

Haymond claims their clients have demanded more crypto capacities from Mastercard. A similar story has been shared by executives in JP Morgan Chase, Goldman Sachs, and other major companies in the traditional finances sector as demand for this new asset class grows.

Related Reading | Former Mastercard International President Baldomero Falcones Joins Card Division for Bit2Me

The executive claims that banks and companies offering financial services have taken note of the interest revolving around cryptocurrencies. These companies want to prevent their clients from migrating to more crypto-friendly platforms.

Mastercard Will Let You Earn Bitcoin And Crypto

Data quoted by CNBC claims that the payment giant has over 2.8 billion Mastercards in circulation and ties with more than 20,000 entities in the traditional finance sector. Thus, their integration with Bakkt could open new crypto use cases for millions of users around the world.

Mastercard and Visa have acknowledged the importance of Bitcoin and cryptocurrencies as part of the future. The companies have been launching several initiatives to increase their crypto offerings.

Related Reading | Mastercard Partners With Winklevoss’ Gemini To Launch Its Crypto Rewards Credit Card

The CEO of Bakkt Gaving Michael described how millions of merchants could start offering their clients ways to earn crypto with reward programs. The executive said:

We’re lowering the barriers to entry, allowing people to take something like your rewards points and trade them into crypto. It’s an easy way to get going because you’re not using cash, you’re putting something that’s an idle asset sitting on your balance sheet, and we’re allowing you to put in to work.

At the time of writing, Bitcoin trades at $63,462 with 4.2% profit in the daily chart.

Crypto Mastercard Bitcoin BTCUSD
BTC on a rally in the daily chart. Source: BTCUSD Tradingview
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Reynaldo Marquez

Reynaldo Marquez

As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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