Is Mastercard Planning Universal Integration Of Crypto?
Mastercard continues to be a leader in mainstream crypto integration.
When bulls run out of money they start making news for collateral.
— Dmitri Nesterov (@DmitriNesterov) October 25, 2021
Mastercard is preparing to announce a plan to integrate crypto payment services for all its merchants, according to CNBC. To do so, they are partnering with digital asset manager Bakkt, which recently went public.
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- “We want to offer all of our partners the ability to more easily add crypto services to whatever it is they’re doing,” said Sherri Haymond, VP of digital partnerships for Mastercard. “Our partners, be they banks, fintechs or merchants can offer their customers the ability to buy, sell and hold cryptocurrency through an integration with the Baktt platform.”
- The idea being that whether it’s crypto payments, crypto rewards, etc., Mastercard wants to develop the infrastructure for companies looking to take advantage of the growing interest in cryptocurrency. Haymond also added that doing so will help traditional banks retain customers, who would leave for crypto exchanges without these options.
- According to Gavin Michaels, CEO of Bakkt, merchants will be able to offer crypto in lieu of traditional loyalty rewards.
- Shares of Bakkt are up 35% on the news. The digital asset company is now trading in the $12.25 range, after struggling last week. Bakkt fell as low as $8.41 last week.
- Mastercard, along with Visa, continue their support of crypto. Not only have they been very early with integrating payment features like Visa did with USDC, they also affirmed support for Binance. Binance, of course, has been under siege for the last 6 months, facing pressure from just about every country. Nevertheless, Visa and Mastercard have refused to be a chokepoint.
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