Another revolutionary change is about to occur in the cryptocurrency space as Mastercard has revealed that banks and fintech firms would now be able to offer crypto-related services through their newly concluded deal with the cryptocurrency asset-based company Bakkt.
Following the statement on the 25th of October by the credit card payment processor giants ‘Master card’ they would integrate crypto into their network and allow customers to buy, sell and store crypto assets through custodial wallets provided by Bakkt. The companies cooperation will also enable cardholders to earn and spend reward points in cryptocurrencies instead of using loyalty points, earning tokens, and redeeming them for various payments.
The executive vice president of digital partnerships Sherri Haymond stated that the cooperation with Bakkt stems from the company’s intention to offer easier exposure to cryptocurrency services to both its partners and clients.
Master card is committed to offering a wide range of payment solutions that delivers more choice, value, and impact every day. Together with Bakkt and with the aim of continuous innovation, the company would not only be empowering their partners to offer a dynamic mic of digital assets options but would also be delivering an outstanding and relevant consumer experience.
Master card is known as the world’s second-largest credit company, behind the popular Visa. It is presently working with over 20,000 financial institutions across the globe and has a very massive user base of over 2 billion. The executive vice president also suggested that the soaring demand for cryptocurrency has motivated Mastercard’s latest project. Notably, the initiative will bring the cryptocurrency industry closer to the legacy credit card payment sector.
This development is not surprising as earlier this year Master card announced its intention to support cryptocurrency payments although putting emphasis on assets ‘for spending’ and not ‘investment’. This development also shows that the cryptocurrency industry is still growing larger with a lot of institutional investors looking to invest more bucks into the system. As such, for retail investors, there seems to be a lot of opportunities to make good profits from the cryptocurrency market.