Mastercard, Bakkt partners to introduce new crypto solutions
Payments giant Mastercard is planning to become a leading provider of crypto solutions. In its latest partnership with crypto firm Bakkt Holdings, the company is preparing a mechanism that allows Mastercard’s partner banks and fintech to introduce crypto solutions to their customers.
Calling the new service ‘Crypto-as-a-Service’ or ‘CaaS’, the company says that these new services will make it easier for banks, fintech, and merchants to offer and accept crypto payments via their products.
The products include debit and credit cards, loyalty programs, bitcoin and crypto wallets, and more, in turn expanding general consumers’ access to the digital asset ecosystem.
Mastercard has partnered with Bakkt, a crypto firm launched by Intercontinental Exchange in 2018, which will be responsible for providing custodial services to merchants.
Sherri Haymond, executive vice president of Digital Partnerships at Mastercard, said in the company’s press release:
“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.”
Citing Bakkt’s survey, the statement noted that 48% of the respondents purchased cryptocurrencies in the first half of 2021, while 32% were interested in purchasing by the end of the year.
The move could be a big step for Mastercard, which has taken a somewhat conservative approach to digital assets. The payments company has partnerships with over 20,000 banks, fintech, merchants, and other financial institutions in the world.
Since the announcement, Bakkt, which was recently listed on NYSE, has reported more than a 200% hike in its share price. The company reported a closing price of $30.60 on Monday.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow
