Mastercard and Bakkt recently launched a complex cooperation to provide merchants, banks, and fintech in the United States with a wide range of bitcoin solutions and services. Consumers will have more access to the digital asset ecosystem as a result of this.
Bakkt adds to Mastercard’s cryptocurrency ecosystem, enabling Crypto-as-a-Service, which gives users instant access to cryptocurrency capabilities.
Mastercard partners will be able to offer cryptocurrency solutions through the Mastercard network and Bakkt’s trusted digital asset platform, including 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.
In addition, Mastercard will incorporate cryptocurrency into its loyalty solutions, allowing its partners to provide bitcoin as a reward and allowing loyalty points and other digital assets to be fungible.
As a result, instead of traditional loyalty points, consumers may earn and spend bitcoin incentives and effortlessly convert their crypto holdings to pay for goods. This is the latest initiative by Mastercard to provide consumers with unique loyalty options that connect with their passion points.
This alliance bolsters Bakkt and Mastercard’s commitment to the crypto ecosystem. On October 18, 2021, Bakkt will go public on the New York Stock Exchange under the ticker BKKT, while Mastercard continues to invest in the digital asset space through a variety of initiatives, including the acquisition of CipherTrace, partnerships with leading crypto players, the creation of new platforms to test and support central bank digital currencies, and so on.
Source: Mastercard