Mastercard and Bakkt announced a multifaceted partnership.
Recently, Mastercard and Bakkt announced a multifaceted partnership in order to offer a broad set of cryptocurrency services and solutions for banks, merchants, and fintech in the United States.
With this, consumers in the United States will experience expanded access to the digital asset ecosystem.
Bakkt extended Mastercard’s ecosystem of cryptocurrency partners enabling crypto-as-a-service, which provided quick access to cryptocurrency capabilities.
Mastercard partners will be able to offer cryptocurrency solutions through the Mastercard network and Bakkt’s trusted digital asset platform — including the ability for consumers to sell, buy, and hold digital assets via streamlined issuance of branded crypto credit and debit cards and custodial wallets powered by the Bakkt platform.
Also, Mastercard will integrate crypto into its loyalty solutions, allowing its partners to offer cryptocurrency as rewards and to create fungibility between loyalty points and other digital assets.
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With this, consumers in the United States can spend and earn rewards in cryptocurrency instead of traditional loyalty points and can also seamlessly convert their crypto holdings to pay for purchases as well.
This was identified as the latest move by Mastercard in order to bring innovative loyalty options to consumers that aligned with their passion points. The said partnership was built on both Mastercard and Bakkt’s commitment to the crypto ecosystem.
Yugatech reported that Bakkt publicly listed on the NYSE under the ticker BKKT on October 18, 2021, while Mastercard proceeded to invest in the digital asset space via several initiatives — including partnerships with leading crypto players, the acquisition of CipherTrace, the creation of new platforms to test and support central bank digital currencies, and the like.
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