Mastercard, the payment giant has announced a partnership with Bakkt, a crypto services company. The joint project is expected to expand crypto accessibility for both customers and merchants.
Mastercard and Bakkt
The announcement made on October 25, had a promise of quick and easy access to cryptocurrency services.
According to the statements, “Mastercard customers can now enable consumers to buy, sell and hold cryptocurrency, deliver unique, crypto-centric loyalty opportunities, and streamline issuance of branded crypto debit and credit cards”.
Bakkt is a digital asset platform that provides both services and solutions for customers. The integration of services in Mastercard ecosystem will be beneficial for both parties.
Bullish on Bakkt
Following the news, BKKT, had an incredible 240% rally in only five days. A testament to the open arms of the public to crypto adoption.
The company was found in 2018 by Gavin Michael, a prominent crypto personality. As a previous Coinbase investor and a New York Stock Exchange owner, Michael is as seasoned as a CEO can get.
“We’re lowering the barriers to entry, allowing people to take something like your rewards points and trade them into crypto. It’s an easy way to get going because you’re not using cash, you’re putting something that’s an idle asset sitting on your balance sheet, and we’re allowing you to put in to work.” Said Bakkt in an interview with CNBC.
Mastercard Joins the Race
It seems that the cryptocurrency adoption is picking up pace. Considering the warnings of hyperinflation and the institutions hedging against it with Bitcoin, it is a first come first serve situation.
Large companies are now inclined to join the race of crypto adoption since the market favors those who came first. Although a bit unrelated, Walmart installing Bitcoin ATMs is another example of this phenomenon. Furthermore, the Bitcoin ETF rollout in the US stock exchange was another example of the huge capacity and appeal for crypto investment.
We are at a critical point in history when giants are racing to invest in cryptocurrencies. In that regard, the market has an extremely bullish outlook.
Mastercard states that the crypto loyalty programs will be more efficient for both merchants and customers.
“[We are] enabling… partners to offer cryptocurrency as rewards and create fungibility between loyalty points and other digital assets. This means that consumers can earn and spend rewards in cryptocurrency instead of traditional loyalty points and seamlessly convert their crypto holdings to pay for purchases.”
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