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Mastercard partners with Bakkt to offer crypto services

Mastercard-Bakkt partnership

October 26, 2021

Reading Time: 2 minutes

Mastercard debit or credit cardholders are now able to pay with Bitcoin thanks to a new partnership between card giant Mastercard and crypto firm Bakkt Holdings.

Banks and the vast network of merchants using Mastercard can now integrate cryptocurrency into their products.

Mastercard-Bakkt Partnership to Provide Crypto Debit and Credit Cards

The Mastercard-Bakkt partnership brings on features such as Bitcoin wallets, as well as, credit and debit cards, which let users pay with Bitcoin and earn cryptocurrency rewards. Moreover, the collaboration promises loyalty programs that convert points from airlines or hotels into Bitcoin.

Speaking on the new launch, Mastercard’s Executive Vice President Sherri Haymond, stated that the card issuer was offering its partners the means to easily add cryptocurrency services to whatever they were doing.

The partners of card giant Mastercard will be able to offer their customers the privilege to buy, sell and hold cryptocurrency via the integration with crypto firm Bakkt Holdings will include banks, fintech, and merchants.

As for the banks, they will be able to issue credit or debit cards that will let customers make payments in cryptocurrency. The pilot coin for this launch is the leading cryptocurrency Bitcoin. However, other digital coins will be rolled into the partnership in the coming days.

October’s Gifts to Bitcoin

Card giant Mastercard’s global payments networks are quite vast together with its competitor Bitcoin. The introduction of Bitcoin to Mastercard’s credit and debit cards is set to expand the reach of cryptocurrency significantly. The card giant has partnerships with over 20,000 financial institutions globally. According to Mastercard, there are 2.8 million of its cards in use.

Bitcoin, the pilot cryptocurrency that will be integrated into this feature is also set to benefit from this partnership. The price of Bitcoin hit an all-time high of $60,000 this month. Moreover, for the first time this month, SEC approved the offering of Bitcoin-linked ETFs.

As the month is nearing the end, this Mastercard-Bakkt partnership is the cherry on top of the cake.

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