December 2, 2021

Beyond Going Long

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Mastercard and Bakkt together offer innovative cipher solutions

Mastercard and Bakkt together offer innovative cipher solutions

Mastercard and Bakkt have announced a partnership that will make it easier for merchants, banks and fintech companies in the United States to use and provide a wide range of cryptocurrency solutions and services. This will give consumers easier access to the entire digital asset ecosystem.

Bakkt is another Mastercard partner that offers crypto-as-a-service and provides quick and easy access to the cryptocurrency world. Combining Mastercard’s existing and trusted network with Bakkt’s coveted digital asset platform will give Mastercard’s partners the opportunity to provide their customers with a range of innovative cryptocurrency solutions. This gives consumers the opportunity to buy, sell and hold digital assets by storing a digital wallet on the Bakkt platform. Another benefit is the ease of issuing crypto debit and credit cards.

Mastercard will also integrate cryptocurrencies into the loyalty solutions offered. This will allow the company’s partners to offer loyalty rewards in the form of cryptocurrency simply by exchanging loyalty points for digital assets. Instead of traditional loyalty points, consumers will be able to earn and spend rewards in the form of cryptocurrencies and easily pay for shopping with cryptocurrency. The new partnership is Mastercard’s latest step in providing innovative consumer loyalty solutions.

“Mastercard’s goal is to offer a broad range of payment solutions that provide consumers with a range of efficient choices on a daily basis. Working with Bakkt on the one hand and our consistent approach to innovation on the other allows us to provide partners with a diverse set of digital asset opportunities and deliver the desired consumer experience.” She said Sherry Haymond, Executive Vice President, Digital Partnerships, Mastercard.

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It turns out that consumers are increasingly looking for crypto payment options even with regular purchases. US Consumer Survey of Cryptocurrencies[1] A survey conducted by Bakkt on a sample of 2,000 US consumers showed that nearly half (48%) of respondents had purchased one of the cryptocurrencies in the first half of 2021. Among other things, 32 percent said they had some or even great interest in buying one. Cryptocurrency by the end of the year. According to the overview MasterCard New Payments Index 77 percent of millennials say they want to learn more about cryptocurrency, and 75 percent say they would use crypto for payment if they better understand how it works.

“We are extremely pleased to be able to work with Mastercard to bring crypto-loyalty benefits to millions of consumers. Brands and merchants naturally target younger consumers and cater to their own payment preferences. The new opportunities that this partnership will provide will provide a flexible response to the growing demand for cryptocurrency, payments and rewards based on Cryptocurrency. led to partnership Nancy Gordon, Executive Vice President of Loyalty Rewards and Payments at Bakkt.

The interface between both partners is their interest in the cryptocurrency environment. On October 18, 2021, Bakkt was listed on the New York Stock Exchange under the name BKKT. MasterCard continues to invest in the digital asset environment through several initiatives. These include, for example, the recent acquisition of CipherTrace, partnerships with major cryptocurrency operators, the creation of new platforms to test and support central bank digital names, and more.

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