Card giant Mastercard has announced a new partnership with crypto exchange Bakkt to broaden the cryptocurrency services it offers to partners.
The aim of the initiative is to offer “quick access to cryptocurrency capabilities,” according to a press release.
With the help of Bakkt, Mastercard’s partners – including banks, merchants and fintech firms – will be able to roll out crypto investment tools for their users through custodial wallets. They will also be given a route to issuing branded crypto debit and credit cards.
Mastercard plans to integrate crypto into its loyalty products, meaning rewards points can be spent in crypto rather than loyalty points.
“Mastercard is committed to offering a wide range of payment solutions that deliver more choice, value and impact every day,” said Sherri Haymond, executive vice president of digital partnerships at Mastercard, 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.”
Launched by Intercontinental Exchange in 2018, Bakkt recently listed on the New York Stock Exchange via a merger with VPC Impact Acquisition Holdings.
Its shares are trading up since its listing last week, rising more than 50% to around $15 at the time of writing.