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The payment giant Mastercard is preparing to announce that any of the banks or merchants on its vast network can soon integrate crypto into their products and services, according to an article by CNBC.
This expansion into crypto is done via a partnership with Bakkt – a crypto platform offering services to consumers, businesses and institutions.
Through this partnership, Mastercard will offer a range of crypto-related services, including credit and debit cards that earn rewards in crypto and enable digital assets to be spent, bitcoin wallets, and loyalty programs where airline or hotel points can be converted into bitcoin. Bakkt will act as the behind-the-scenes custodian to those who sign up.
As Mastercard operates one of the largest, globally dominant payment networks, having relationships with more than 20,000 financial institutions around the world and 2.8 billion Mastercards in use, this newest move could drastically change the way consumers spend and earn money; ultimately, it could lead to a much wider adoption of cryptocurrencies.
“We want to offer all of our partners the ability to more easily add crypto services to whatever it is they’re doing,” Sherri Haymond, Mastercard’s Executive Vice President of digital partnerships, commented in an interview. “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 Bakkt platform.”
This development by Mastercard comes as institutional interest in cryptocurrencies rises around the world – by offering services that allow for the integration of crypto on their own networks, banks and other financial institutions can prevent their clients from migrating to other platforms for such services.
At DeFi Consulting Group, we specialize in consulting family offices and other financial institutions on navigating the Crypto and Decentralized Finance space. Reach out to our team for guidance on how to effectively approach this field.
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