In Brief:
- Mastercard and Bakkt partner to provide financial institutions crypto services and solutions.
- The company will also provide consumers with loyalty rewards.
- Mastercard holders will be able to buy, sell and hold digital assets via Bakkt’s wallet.
The payment giant MasterCard announced the partnership with Bakkt to offer merchants, fintech and banks in the US crypto services and solutions. The companies will also shake the way consumers receive loyalty rewards.
Consumers of Mastercard will be able to buy, sell and hold digital assets via the Bakkt custodial wallet, as well as collect and spend loyalty rewards through cryptocurrency.
Bakkt’s executive vice president of loyalty rewards and payments says the company is appealing to younger consumers through the move. This puts cryptocurrencies closer to being able to integrate with traditional credit card payments.
Senior Executive at Bakkt, Nancy Gordon said, “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.”
Earlier this month Bakkt began trading on the New York Stock Exchange under the ticker “BKKT”.The stock surged over 150% in trading Monday, crossing $26 a share.
