The Mastercard payments giant (MSCD34) announced a new partnership with crypto broker Bakkt, in order to expand the cryptocurrency services it offers to serve the payment company’s partners.
The initiative’s goal is to provide “quick access to resources for cryptocurrencies”, according to a press release.
With the help of Bakkt, Mastercard’s partners – including banks, commercial operators and financial technology companies (fintech) – will be able to implement crypto investment tools for their users through custody portfolios.
It will also be offered scripts for issuing crypto debit and credit cards for Mastercard partner brands.
The payments giant also plans to integrate crypto into its loyalty products, which means reward points can be spent on crypto rather than loyalty points.
Today, Mastercard announced a partnership with @Bakkt to make it easier for #merchants, #fintechs and #banks in the U.S. to embrace and open access to a broad set of cryptocurrency solutions and services. Learn more: https://t.co/WNc4hZv7kj#cryptocurrency #loyalty #rewards
— Mastercard News (@MastercardNews) October 25, 2021
“Mastercard is committed to delivering a wide range of payment solutions that enable more choice, greater value and impact every day,” said Sherri Haymond, Executive Vice President of Digital Partnerships at Mastercard, in a statement.
“Together with Bakkt and guided by our principles-based approach to innovation, we will not only empower our partners to offer a dynamic mix of digital asset options, but also deliver differentiated and relevant consumer experiences.”
Launched by the Intercontinental Exchange in 2018, Bakkt was recently listed on the New York Stock Exchange (NYSE) through a merger with VPC Impact Acquisition Holdings.
Shares in crypto brokerage firm crypto have risen since last week, up more than 50% to $15 at the time of The Block’s news release.
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