Mastercard partners Bakkt for crypto solutions

Mastercard is partnering Bakkt with the aim of making it easier for merchants, banks and FinTechs in the US to offer cryptocurrency solutions.

The partnership with Bakkt, a digital asset platform, comes as Mastercard steps up its range of crypto-as-a-service ecosystem, which enables banks and merchants to integrate digital assets into their product offerings.

The deal will enable consumers to buy, sell and hold digital assets through custodial wallets powered by the Bakkt platform and streamlined issuance of branded crypto debit and credit cards.

Mastercard will also integrate crypto into its loyalty solutions, enabling its partners to offer cryptocurrency as rewards and create fungibility between loyalty points and other digital assets. This means that consumers can earn and spend rewards in cryptocurrency instead of traditional loyalty points and convert their crypto holdings to pay for purchases.

The move comes as Mastercard continues to invest in the digital asset space through several initiatives, including the recent acquisition of digital asset security firm CipherTrace and the creation of new platforms to test and support central bank digital currencies.

Sherri Haymond, executive vice president, digital partnerships at Mastercard, said: “Mastercard is committed to offering a wide range of payment solutions that deliver more choice, value and impact every day.”

“Together with Bakkt and grounded by our principled approach to innovation, we’ll not only empower our partners to offer a dynamic mix of digital assets options, but also deliver differentiated and relevant consumer experiences.”

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