BCGAME - Free 5BTC Daily Bonus!Mastercard has announced its entry into the cryptocurrency industry and may never be the same again. Thousands of partner banks and millions of merchants in its payment network will soon be able to integrate cryptocurrencies into their products.
According to a CNBC report, this integration will include the introduction of Bitcoin wallets, credit and debit cards equipped to enable payments for digital assets, along with earning crypto rewards. In addition, the change will also allow airline or hotel loyalty points to be converted to Bitcoin.
This integration will be carried out through a partnership with the crypto firm Bakkt, which will provide custody services to subscribers. Sherri Haymond, Executive Vice President of Digital Partnerships at Mastercard, told CNBC:
“We want to give all our partners the ability to more easily add cryptomo services to everything they're doing. Our partners, be they banks, fintechs or merchants, can offer their customers the ability to buy, sell and hold cryptocurrencies through an integration with the Bakkt platform. ”
This announcement could be a significant game changer for the US and worldwide cryptocurrency industry, as Mastercard's expansive base could lead to the growth of Bitcoin usage. Mastercard has relationships with more than 20.000 financial institutions worldwide and claims to have 2,8 billion Mastercards in use, making it one of the leading global payment networks, along with Visa.
The exponential rise in cryptocurrency prices over the past year and a continued increase in the influx of institutional capital have prompted many consumers to request a cryptocurrency payment solution, noted Haymond in the interview. She added that through this integration, banks would be able to retain customers on their platforms, rather than their capital flowing into crypto exchanges.
Bakkt CEO Gavin Michael further noted:
“We're lowering barriers to entry, allowing people to take something like their reward points and trade them in crypto. It's an easy way to get started because you're not using cash, you're putting something that is an idle asset on your balance sheet and we're letting you put it to work.”
Bakkt, who had public gone through a SPAC merger earlier this month, also announced a partnership with Google last week. The aim is to provide digital asset services to millions of Google consumers, allowing them to pay merchants with cryptocurrencies through their Google Pay accounts.
