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Payments giant MasterCard is about to announce that its vast network of banks and traders will soon be allowed to integrate cryptocurrencies into their operations. The company is pursuing these plans in partnership with the crypto platform Cooked.
Products covered by this extension must include bitcoin wallets (BTC), credit and debit cards for earning crypto rewards and spending digital assets, as well as loyalty programs that enable airline customers and hotel guests convert their accumulated points into crypto. , CNBC reported.
“Our partners, whether banks, fintechs or traders, can offer their customers the ability to buy, sell and hold cryptocurrencies through integration with the Baktt platform,” said said Sherri Haymond, executive vice president of digital partnerships at Mastercard.
Executives from both companies said Bakkt will be responsible for providing childcare services to partners who sign up.
Mastercard claims to have partnerships with more than 22,000 financial institutions around the world. Given the size of the company’s global payments infrastructure, the upcoming expansion could boost cryptocurrency adoption across the globe.
MasterCard noted Last July, it hosted some 27.2 billion switched transactions in the second quarter of 2021, with 2.85 billion Mastercard and Maestro cards in use. That translated into total net sales of $ 4.53 billion between April and June 2021, a sharp increase of 35.8% from the same period a year earlier.
The latest development is part of Mastercard’s larger drive towards crypto. Last September, the payments giant agreed to buy the crypto intelligence firm CipherTrace amid plans to “extend its capabilities deep into the realm of digital assets.”
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Learn more:
– Almost 1 in 2 respondents plan to use crypto for payments in 2 years – Survey
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– Visa tests regulatory waters before “forcing” its CBDC solution
– Mastercard doubles its crypto strategy with a new acquisition
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