Mastercard Signs a Deal with Bakkt to Bring a “Broad Set” of Crypto Services to the US

Mastercard, a financial services company based in New York, has chosen to increase its involvement in the worldwide crypto arena. The company has partnered with crypto-wallet platform Bakkt to enable retailers, fintech firms, and banks to accept and expand “a broad spectrum” of cryptocurrency-related solutions and services. While Mastercard is present in other countries, its partnership with Bakkt will solely benefit crypto investors in the United States for the time being. Mastercard cardholders will be rewarded in cryptocurrency as well.

Mastercard customers will now be able to purchase, trade, and keep digital assets on the Bakkt wallet, according to the official release. Under the terms of this agreement, the issuing of crypto debit and credit cards will be streamlined.

“Mastercard is dedicated to providing a diverse set of payment options. “We’ll provide our partners the tools they need to not just offer a diverse range of digital asset alternatives, but also to deliver distinctive and relevant customer experiences,” said Sherri Haymond, Mastercard’s Executive Vice President of Digital Partnerships.

Customers will now be able to earn cryptocurrency incentives through Mastercard. People will also be able to use their cryptocurrency holdings to purchase goods.

Bakkt is seeing this as a chance to instill a crypto culture in the younger generations.

“As brands and merchants seek to appeal to younger consumers and their transaction preferences, these new products represent a unique opportunity to meet the growing demand for crypto, payment, and rewards flexibility,” said Nancy Gordon, EVP, Loyalty Rewards and Payments at Bakkt.

For the time being, it’s unknown when this agreement, or any pro-crypto Mastercard arrangements, will take place outside of the United States.

In recent years, the crypto culture has gained a measure of acceptance in the United States. For example, Walmart announced earlier this week that 200 Bitcoin ATMs will be installed in various shop locations across the United States.

Andrew Yang, a former US presidential candidate, has also started a new pro-crypto political effort that advocates for cryptocurrency regulation.

According to cryptocurrency tracker CoinMarketCap, the total market capitalization of all cryptocurrencies combined reached $2.5 trillion (approximately Rs. 1,87,42,625 crore) in October.

In the next five years, the cryptocurrency industry is expected to rise by a factor of ten, according to the Indian trade group NASSCOM.

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