Cryptocurrency enters the mainstream financial market! Mastercard announces its partnership with Bakkt, allowing almost all banks to provide crypto debit cards, credit cards. Also, they will support crypto payments and enable customers to convert loyalty points to Bitcoin (BTC)!
In addition, Bitcoin custody firm Bakkt has seen its stock price jumping 230% after the announcement.
Bakkt’s partnership with Mastercard will enable millions of merchants to easily add crypto payment services. More importantly, banks working with Mastercard can quickly launch crypto debit and credit cards. Users can pay with Bitcoin and earn Bitcoin loyalty points for their spending. They can even convert their existing loyalty points into BTC, earning passive income.
Mastercard now works with more than 20,000 financial institutions worldwide. And, there are over 2.8 billion Mastercard credit and debit cards in circulation.
Bakkt Allows Customers to Pay for Coffee with Bitcoin
Established in 2018, Bakkt just went public last week in a SPAC acquisition. Bakkt’s early investors include Hong Kong billionaire Li Ka-shing (Horizons Ventures), Microsoft, Starbucks, etc. Bakkt aims to promote cryptocurrency into the mainstream business world.
In the partnership with Mastercard, Bakkt, previously under Intercontinental Exchange (ICE), will provide custody services to Mastercard clients behind the scenes.
Other credit card companies and financial conglomerates are vying to enter the crypto market. Earlier, Visa partnered with Circle, BlockFi, and crypto exchange giant Coinbase to provide crypto credit cards. In addition, FinTech platforms such as PayPal, Venmo, Square, are accepting users to pay in crypto. Also, Jack Dorsey’s Square plans to develop Bitcoin mining and DeFi businesses.
After the first Bitcoin ETF (BITO) listing, the partnership of Mastercard and Bakkt is seen as another significant event for Bitcoin’s prospects.
Join our Telegram channel to check out latest information and news update!
The content of this webpage is not investment advice and does not constitute any offer or solicitation to offer or recommend any investment product. It is for general purposes only.