Mastercard has sealed a multifaceted partnership with Bakkt to enable buying, selling and holding cryptocurrency, likewise delivering unique, crypto-centric loyalty opportunities, and streamline issuance of branded crypto debit and credit cards to its customers.
This partnership makes it easier for merchants, banks and fintechs in the U.S. to embrace and offer various cryptocurrency solutions and services. Consumers will also have access to the plethora of cryptocurrency features.
Speaking of the partnership, 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.
”The partnership is also beneficial in increasing the number of cryptocurrency partners for Mastercard through the power of the Mastercard network and Bakkt’s trusted digital asset platform.
Mastercard partners will be able to offer cryptocurrency solutions like the ability for 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.
“We’re incredibly excited to partner with Mastercard to bring crypto loyalty services to millions of consumers,” said Nancy Gordon, EVP, Loyalty Rewards & Payments at Bakkt. “As brands and merchants look to appeal to younger consumers and their transaction preferences, these new offerings represent a unique opportunity to satisfy increasing demand for crypto, payment and rewards flexibility.” Bakkt wrote in a statement.
This partnership solidifies both companies’ dedication to the crypto market. On October 18, 2021, Bakkt was publicly listed on the NYSE under the ticker BKKT, while Mastercard has before now been investing in the digital asset space through several initiatives like acquisition of CipherTrace, partnerships with leading crypto players, the creation of new platforms to test and support central bank digital currencies, and more.
Mastercard also announced that it will include crypto into its loyalty solutions, so that partners can offer cryptocurrency as rewards and create fungibility between loyalty points and other digital assets. Consumers will be able to earn and spend rewards in cryptocurrency instead of traditional loyalty points and seamlessly convert their crypto holdings to pay for purchases.