While the future for cryptocurrency globally remains uncertain, it continues to grow at a surprising rate. And now, credit card company Mastercard has announced that it would simplify the process of transacting using crypto even more.
Also Read: How Much For Your Data? This Company Gives Free Crypto For Your Eye Scan Data
Reported first by CNBC, Mastercard is working to allow thousands of banks and merchants on its payments network to soon integrate cryptocurrency in their products. It is teaming up with Bakkt, the cryptocurrency firm that was recently spun off by Intercontinental Exchange to act as the provider of custodial services for those who sign up.
Basically, banks on Mastercard’s global payments network will now be able to offer crypto rewards on credit and debit cards to be paid out in cryptocurrency. Cardholders will get the option to convert their crypto holdings to pay for their purchases as well as hold digital assets via custodial wallets present on Bakkt.
Sherri Haymond, Mastercard’s executive vice president of digital partnerships said in an interview, “We want to offer all of our partners the ability to more easily add crypto services to whatever it is they’re doing. Our partners, be they banks, fintech or merchants, can offer their customers the ability to buy, sell and hold cryptocurrency through an integration with the Baktt platform.”
Also Read: Amitabh Bachchan To Sell His NFTs, Throws Weight Behind Crypto In India
Haymond further said in a statement, “Together with Bakkt and grounded by our principled approach to innovation, we’ll not only empower our partners to offer a dynamic mix of digital assets options but also deliver differentiated and relevant consumer experiences.”
Also Read: Crypto Scammers Target iPhone Users On Tinder, Bumble Dating Apps
This move is hardly surprising as earlier this year, Mastercard had announced that it would start to allow its cardholders to conduct some transactions on specific cryptocurrencies via its network and was working with cryptocurrencies and digital asset companies to widen the spread of crypto adoption.
Keep reading Indiatimes.com for the latest science and technology news and updates.
Start a conversation, not a fire. Post with kindness.
Get the NEWS that fits your groove.
Subscribe to Indiatimes and get handpicked updates based on your interests!
Connect With Us On