This was announced at the Money20/20 Las vegas conference
Mastercard and a cryptocurrency services firm Bakkt have announced a multifaceted partnership. They aim to make it easier for merchants, banks, and fintechs in the US to embrace and offer a broad set of cryptocurrency solutions and services. As for consumers, they will experience expanded access to the digital asset ecosystem.
According to the press release, Bakkt extends Mastercard’s ecosystem of crypto partners enabling Crypto-as-a-Service, which provides quick access to cryptocurrency capabilities.
That means Mastercard partners will be able to offer cryptocurrency solutions. These include the ability for consumers to trade and hold digital assets through Bakkt-backed custodial wallets and streamlined issuance of branded crypto debit and credit cards.
Mastercard will also integrate crypto into its loyalty solutions, thus enabling its 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 crypto instead of traditional loyalty points and seamlessly convert their crypto holdings to pay for purchases.
We’ve reported that Amazon is set to open its first cloud data center in New Zealand.