Payments giant Mastercard to offer crypto services soon

According to CNBC, Mastercard is set to offer banks and merchants on its network the ability to integrate crypto in their products.

Millions of clients of the payments company will be able to integrate bitcoin wallets, credit and debit will be able to earn rewards in crypto.

Sherri Haymond, Mastercard’s executive vice president of digital partnerships, said:

Sherri Haymond, Mastercard

Sherri Haymond
Source: LinkedIn

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, fintechs or merchants, can offer their customers the ability to buy, sell and hold cryptocurrency through an integration with the Baktt platform.

Crypto firm Bakkt will provide custodial services in the new integration.


Details about the new offering are still not disclosed but CNBC suggests that the service will be first available in the US. According to Mastercard estimations, 2.8 billion Mastercards are in use and the payments network’s clients have relationships with over 20,000 financial institutions around the globe.

Bakkt CEO Gavin Michael, commented:

Gavin Michael, Bakkt

Gavin Michael
Source: LinkedIn

We’re lowering the barriers to entry, allowing people to take something like your rewards points and trade them into crypto. It’s an easy way to get going because you’re not using cash, you’re putting something that’s an idle asset sitting on your balance sheet, and we’re allowing you to put in to work.

Bakkt shares surged 234% following the news of the partnership. The company became public last week.

In the beginning of the year, Mastercard announced it is planning to offer support for some cryptocurrencies on its network this year.

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