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MasterCard starts offering crypto services and solutions

MasterCard starts offering crypto services and solutions

Last updated 12th Apr 2022

MasterCard partners can now offer cryptocurrency solutions that enable you to buy, sell, and hold digital assets in the US through Bakkt powered wallets. 

On Monday, October 25, 2021, MasterCard announced a multifaceted partnership with Bakkt to expand consumer access to digital asset ecosystems. The partnership makes it easy for US banks, merchants, and fintechs to embrace cryptocurrency and offer a wide variety of crypto services and solutions. 

Bakkt is a digital assets platform focused on unlocking and reimagining the value of digital assets like cryptocurrency, gift cards, loyalty points, and rewards. MasterCard’s digital partnership’s executive vice president (EVP), Sherri Haymond, emphasized the payment giant’s commitment to offering different payment solutions that deliver more value, choice, and impact. 

MasterCard runs a dominant global payments network and has partnerships with over 20,000 financial institutions worldwide. By the end of 2021’s second quarter, over one billion MasterCard’s were in circulation worldwide.  

Through Bakkt’s digital assets platform and the power of MasterCard’s network, MasterCard partners can offer cryptocurrency solutions. Partners who offer Crypto-as-a-Service now have an extended ecosystem with quick cryptocurrency access capabilities and a streamlined issuance of branded crypto credit and debit cards. 

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Consumers want crypto assets as an everyday purchasing option

Bitcoin interests have continued to rise with the surge of the original cryptocurrency this year. Such interests have prompted MasterCard clients to request help from the network in the provision of crypto services. 

The partnership with Bakkt will allow partners like banks to keep their customers instead of letting dollars migrate to crypto exchanges. Findings released by Bakkt on a US consumer crypto survey show that more and more people want cryptocurrencies as an option for everyday purchases. 

According to the survey, younger generations are increasingly embracing a digital economy. Among respondents aged 18-44, 37% who had not invested in crypto said they wanted to buy bitcoin or other digital assets.  The findings show how the ubiquity of cryptocurrencies and digital assets revolutionizes consumers’ buying habits and creates a new, increasingly dynamic economy.

Crypto instead of loyalty points

Crypto will also be integrated into loyalty solutions by MasterCard. This will allow partners to offer cryptocurrencies as rewards and create fungibilities between loyalty points and other digital assets. You’ll be able to spend and earn rewards in cryptocurrencies instead of the traditional loyalty points and convert your crypto holdings seamlessly to pay for purchases. 

Bakkt’s loyalty rewards and payments EVP Nancy Gordon expressed her excitement over the partnership. She noted that merchants and brands looking to appeal to younger consumers and their transaction preferences can now satisfy increasing demands for crypto, rewards, and payment flexibilities.

Walter Akolo

Walter Akolo

Walter is a writer from Nairobi, Kenya. He covers the latest news on the cryptocurrency market and blockchain industry. Walter has a decade of experience as a writer.