Mastercard makes cryptocurrency available to merchants and banks
Mastercard makes cryptocurrency available to merchants and banks

The company announced that MasterCard has signed an agreement with cryptocurrency firm Bakkt to provide crypto options to merchants and banks on its payment network.

Banks on the MasterCard Global Payments Network can offer cryptocurrency rewards through credit and debit cards.

Rewards points can be used, for example, to pay for the purchase of airlines or hotels in cryptocurrency.

Consumers can also use Bakkt’s crypto-transfer platform through wallets to pay for and hold digital assets.

The company announced earlier this year that it allowed its cardholders to use specific digital currencies for certain transactions on its network.

He also said in July that he was working with crypto and digital asset startups to make cryptocurrency more widely used by consumers.

Transactions with Bakkt can significantly expand the reach and acceptance of cryptocurrencies. The company said it currently has more than 2.8 billion valid Mastercard cards and more than 22,000 banks and financial institutions on its network.

Cryptocurrency economy will grow

“Together with Bakkt, we enable our partners to offer a dynamic range of digital asset options based on our innovative and principled approach,” said Sherry Haymond, Executive Vice President of Mastercard Digital Partnerships.

"We want to make it easy for all of our partners to add encryption services to everything they do," she added. Our partners, whether they are banks, fintechs or retailers, can integrate into the Baktt platform to give their customers the opportunity to buy, sell and hold cryptocurrency.

Advertising can significantly expand the way ordinary people earn and consume bitcoin and other cryptocurrencies.

Together with Visa, MasterCard operates one of the world's leading payment networks. It has established relationships with more than 20,000 financial institutions around the world.

While cryptocurrencies have risen this year, interest in Bitcoin remains high. It hit a record price of over $60,000 that month.

For the first time this month, US regulators allowed the fund industry to offer bitcoin-linked ETFs. Although large institutional investors such as bond giant Pimco have stated that they are considering cryptocurrency trading.

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