Mastercard adds support for cryptocurrencies

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Thousands of banks working with Mastercard and millions of outlets will soon be able to launch cryptocurrency services. Writes about this CNBC with reference to the forthcoming statement of the company.

Such services include bitcoin wallets, bank cards with rewards and the ability to pay in cryptocurrency, as well as loyalty programs in which points can be converted into bitcoin. The service is provided in collaboration with the Bakkt platform, which will take on the task of storing cryptocurrency assets.

“We want to offer all our partners the ability to more easily add cryptocurrency services to their existing product portfolio,” Sherri Haymond, vice president of digital collaboration at Mastercard, said in an interview. “Our partners, whether they are banks, fintech companies or retail outlets, can offer customers the ability to buy, sell and store cryptocurrencies through integration with the Bakkt platform.”

According to CNBC, the Mastercard program has the potential to significantly expand Americans’ access to earning and spending bitcoin and other cryptocurrencies. According to the company, about 2.8 billion payment cards are registered in its system.

Haymond also noted that customers are showing significant interest in cryptocurrencies and are constantly asking for new services based on digital assets to be added. This number also includes banks that would like customers to leave money inside their own structures, instead of transferring it to cryptocurrency exchanges.

On the back of the latest announcement, Bakkt’s shares, which went public last week, are up more than 70% before trading opens. The official announcement is expected to be made today at the annual Money20 / 20 conference in Las Vegas.

As an example of the potential for new collaboration, Bakkt CEO Gavin Michael pointed out that even restaurants will now be able to reward their customers with Bitcoin instead of regular points. Existing loyalty points can also be converted into cryptocurrency at the rate set by the companies, he noted.

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