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Mastercard to provide services for Bitcoin (BTC) and other crypto transactions

Tue 26 Oct 2021 ▪ 15h26 ▪ 3 min read — by Susan McCormack

Mastercard payment system has announced that soon any bank or trading company that is affiliated with Mastercard will be able to integrate crypto into their products.

Expanding crypto economy

CNBC reports that Mastercard is to let thousands of banks and merchants that are registered on its payments network integrate BTC into their products.

BTC introduced into the network, new services will become available, such as Bitcoin wallets, credit and debit cards that earn rewards in crypto and enable spending digital assets, as well as loyalty programs that let you convert airline or hotel points into Bitcoin.

It was reported that Mastercard had signed a cooperation agreement with Bakkt, a cryptocurrency company recently withdrawn from the Intercontinental Exchange, that had become a provider of custodial services for Mastercard.

In one of the recent interview Sherri Haymond, Mastercard’s executive vice president of digital partnerships, stated “We want to offer all of our partners the ability to more easily add crypto services to whatever it is they’re doing. Our partners, be they banks, fintechs or merchants, can offer their customers the ability to buy, sell and hold cryptocurrency through an integration with the Baktt platform.” That step will most certainly create new opportunities for Americans to earn and spend Bitcoin and other cryptocurrencies.

The company estimates that as of today about 2.8 billion Mastercard cards are in use, which makes it one of the dominant global payment networks alongside Visa. Moreover, Mastercard has business relationships with more than 20,000 financial institutions worldwide. Therefore, a decision to integrate BTC, which is gaining momentum worldwide, into the network is reasonable.

This month Bitcoin has reached its record height of over $60 thousand. October 2021 witnessed US regulators for the first time let the stock industry offer a Bitcoin ETF, while large institutional investors said they were considering trading cryptocurrency.

Seeing the skyrocketing interest for Bitcoin, Mastercard customers have asked the network to start providing crypto services, Haymond states. Thus, banks will be able to keep customers on their platforms, rather than observe the migration of dollar to cryptocurrency exchanges.

Although there is no exact date when new Bitcoin-linked services will be introduced on the network, Bakkt shares soared 93%, reacting to the news about the crypto project with Mastercard.

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Susan McCormack avatar
Susan McCormack

How many crypto nerds does it take to fork an altcoin? I may be a failed comedian, but crypto is no joke! I want to share my knowledge and help others to see the bright future ahead. #buybitcoin

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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