New York-based financial services provider Mastercard has decided to increase its involvement in driving the emerging crypto space globally. The company has struck a deal with crypto-wallet platform Bakkt to allow merchants, fintech firms and banks to accept and expand a “broad set” of solutions and services related to cryptocurrency. While Mastercard is operating in other countries as well, its deal with Bakkt will, for the time being, only favor crypto investors in the US. Mastercard card owners will also be rewarded in cryptocurrencies.
According to official announcementMastercard users will now be able to buy, sell and hold digital assets Bakkt Wallet. Streamlining the crypto debit and credit card issuance process is also among the plans under this deal.
“Mastercard is committed to offering a wide range of payment solutions. We will not only empower our partners to offer a dynamic mix of digital asset options, but also differentiate them,” said Sherri Hammond, Executive Vice President of Digital Partnerships at Mastercard. Will also provide different and relevant consumer experiences.
In addition, Mastercard will also offer crypto rewards to consumers. People will also be able to convert their crypto holdings to purchase items.
Bakkt is seeing this opportunity to drive crypto culture Deep in the younger generation.
Nancy Gordon, EVP of Loyalty Rewards & Payments at Bakkt, said, “As brands and merchants appeal to young consumers and their transactional preferences, these new offerings are designed to meet the growing demand for crypto, payment and rewards flexibility. represents a unique opportunity.” Commenting on the partnership.
For now, it is unclear when this partnership or similar pro-crypto deals from Mastercard countries will take place outside the US.
In recent times, crypto culture is showing signs of recognition in America. For example, early last week, the US retail giant Walmart announced Installation of 200 bitcoin ATMs in select store branches in the US.
Former US presidential candidate Andrew Yang has also launched a new pro-crypto political initiative to regulate cryptocurrencies.
At the beginning of October, the market capitalization of all cryptocurrencies crossed a milestone of $2.5 trillion (approximately Rs 1,87,42,625 crore), according to Cryptocurrencies. tracker Coinmarket Cap.
Indian trade association NASSCOM has also predicted a manifold growth for the cryptocurrency market in the next five years.