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Mastercard New Partnership Allows to Offer Cryptocurrency Services

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Pavan A Follow

INDIA

Oct, 27 2021

Oct, 27 2021

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Bank or retailers on Mastercard's huge network will soon be able to offer cryptocurrency services as the global payments company collaborates with Bakkt to provide its clients with crypto wallets, credit and debit cards, and spendable crypto rewards. 

MasterCard, one of the largest payment networks around the world, has responded to its customers' requests to provide crypto services to them.

Through its partnership with Bakkt, a recently listed digital asset platform, MasterCard will offer customers crypto wallets, credit and debit cards, and redeemable crypto rewards.

This comes as bitcoin reaches an all-time high of more than $60,000 and the first bitcoin futures ETF is listed on the NYSE. Banks would like to keep customers on their own platforms rather than transferring funds to cryptocurrency exchanges.

The Executive Vice President of Mastercard's Digital Partnerships, Sherri Haymond, told CNBC: “We want to offer all of our partners the ability to more easily add crypto services to whatever it is they’re doing.

She adds, "Our partners, be they banks, fintech or merchants can offer their customers the ability to buy, sell and hold cryptocurrency through an integration with the Bakkt platform.”

According to a joint statement released Monday, allowing such integration will allow users to purchase, sell, and keep digital assets through custodial wallets via Mastercard's collaboration with Bakkt.

The move was motivated by consumers' desire to use crypto assets for routine purchases. The move also coincides with more financial institutions developing footprints in the crypto business, such as providing high-end clients with trading access and sponsoring blockchain projects.

MasterCard's investments in digital assets are growing. The firm has launched its first crypto credit cards in partnership with fintech company Uphold and crypto exchange Gemini. earlier this month for an undisclosed amount. The company acquired Silicon Valley crypto analytics based  firm Ciphertrace. The firm has also launched platforms to help governments test central bank digital currencies.


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Pavan A

CBW - External Analyst

INDIA

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