Mastercard partners with US fintech Bakkt to drive crypto ecosystem

By Arya M Nair, Intern Reporter
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The American multinational financial services corporation, Mastercard has partnered with fintech company Bakkt to allow thousands of banks and merchants in the US to access its payments network and offer a wide range of cryptocurrency solutions and services.

US-based Bakkt will extend Mastercard’s ecosystem of cryptocurrency partners enabling Crypto-as-a-Service, which provides quick access to cryptocurrency capabilities.

Through the partnership, Mastercard partners will be able to offer cryptocurrency solutions which include the ability for consumers to buy, sell and hold digital assets through Bakkt-powered custodial wallets, as well as to enjoy simplified issuance of branded crypto debit and credit cards.

Mastercard will also integrate crypto into its loyalty solutions, allowing its partners to use cryptocurrency as a reward and create fungibility between loyalty points and other digital assets. This implies that instead of traditional loyalty points, consumers may earn and spend rewards, and effortlessly convert their crypto holdings to pay for goods.

Sherri Haymond
Sherri Haymond
Executive Vice President, Digital Partnerships
Mastercard

“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.” 

This partnership builds on both companies’ dedication to the crypto ecosystem. Bakkt was publicly listed on the NYSE on October 18, 2021, while Mastercard continues to invest in the digital asset space including the acquisition of US-based CipherTrace, a leading crypto player, and creations of new platforms to test and support central bank digital currencies, and more.

Related: DWTC Free Zone, CoinMENA to set up Crypto Asset & Blockchain Hub


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