Mastercard And Bakkt Team Up to Offer Cryptocurrency Solutions
Summary
Mastercard (NYSE: MA) and Bakkt (NYSE: BKKT) announced a partnership to enable merchants, banks and fintech companies in the U.S. to offer a broad set of cryptocurrency solutions and services. These include the ability for consumers to buy, sell and hold digital assets through custodial wallets powered by the Bakkt platform and streamlined issuance of branded crypto debit and credit cards. This means that consumers can earn and spend rewards in cryptocurrency instead of traditional loyalty points and convert their crypto holdings to pay for purchases. Bakkt publicly listed on the NYSE under the ticker BKKT on October 18, 2021, while Mastercard continues to invest in the digital asset space through several initiatives. This includes the acquisition of CipherTrace, partnerships with crypto players, the creation of new platforms to test and support central bank digital currencies, and more.
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