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Mastercard partners Bakkt for crypto push

Mastercard partners Bakkt for crypto push

Mastercard is joining force with Bakkt to make it easier for merchants, banks and fintechs to offer cryptocurrency services.

The deal with digital asset platform Bakkt marks an escalation of Mastercard's already aggressive move into crypto, enabling thousands of banks and millions of merchants to integrate crypto into their products.

Mastercard clients will be able to offer Americans the ability to buy, sell and hold digital assets through custodial wallets powered by the Bakkt platform. The partnership will also enable 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.

Sherri Haymond, EVP, digital partnerships, Mastercard, says: “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.”

Nancy Gordon, EVP, loyalty, rewards and payments, Bakkt, adds: “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.”

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