Bakkt Stocks Shoot Up Amid Crypto Partnership with Mastercard

Bakkt is joining hands with Mastercard to create a seamless crypto ecosystem. This will make it easier for fintech, banks, and merchants to offer cryptocurrency services. This move will enable swift and seamless cryptocurrency access to Mastercard’s customers. 

The announcement comes a few days after the Securities and Exchange Commission gave the green signal for the first-ever Bitcoin exchange-traded fund. 

Bakkt shares were up by a whopping 162% soon after the partnership was announced. 

SEE ALSO: IBM and Atos Partner to Improve Cloud Migration in Financial Services

How does this deal help Mastercard?

Mastercard’s partnership with the digital asset platform is an exhibit of Mastercard’s aggressive crypto strategy. This partnership will allow millions of customers and thousands of banks to introduce crypto in their products. 

Besides, Mastercard’s clients will also be able to offer Americans an opportunity to transact via custodial digital wallets that are powered by Bakkt. In addition, customers will also pave the way for the organized issuance of branded crypto credit and debit cards. 

Merchants and even restaurants will now be able to give out rewards in Bitcoin instead of points. The existing loyalty points can be converted into cryptocurrency based on the rates defined by the participating firms. 

The payment firm has also revealed that it will integrate crypto into its loyalty programs. This will enable Mastercard’s partners to provide cryptocurrency as rewards. The company will also be able to create fungibility between its loyalty program and other digital assets. 

Sherri Haymond, EVP, digital partnerships at Mastercard said that the partnership with Bakkt along with the company’s disciplined approach toward innovation will enable them to offer personalized and relevant consumer experiences. He also said that the deal will set the stage for the company to provide a perfect blend of digital assets alternatives. 

Adding to this, Nancy Gordon, EVP, rewards, loyalty, and payments, Bakkt said as merchants and brands continue to attract younger customers, the new offerings will offer an exciting opportunity to fulfill the growing demand for payment, crypto, and rewards flexibility. 

More about Bakkt

Bakkt was founded by the Intercontinental Exchange, the owner of the New York Stock Exchange. Its popularity increased when it launched a Bitcoin future product. However, it soon shifted its focus toward a digital application that enables customers to buy and sell different digital assets such as loyalty points, video game gifts, and cryptocurrencies. 

SEE ALSO: Monzo Pulls Back U.S Banking Licence Application Due to Regulatory Roadblocks

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Karandeep V

Karandeep V

Karandeep was born in Pune, Maharashtra, an upcoming metropolitan city in the Western region of India. While most members of his family are engineers, he had different ideas. He was more inclined toward exploring the non-technical aspects of a business, which is why he studied Bachelors of Business Administration at Symbiosis International University, Pune.  Having said that, his love for new and upcoming technologies remained intact, which is why he has written extensively about technology throughout his career. After a brief stint with a gaming company at the beginning of his career, he discovered that his love for writing was not temporary.  Being a tech geek, he always liked installing and playing around with new applications on his mobile devices and the home desktop. He was fascinated by how technology can simplify even the most mundane and complex tasks with just a few commands. He keeps a close eye on how businesses use different tools to streamline their operations to boost productivity and efficiency. At ToolsMetric, he writes product reviews that cover the main features and specifications of different enterprise applications. The sheer amount of innovation and hard work that goes into building these tech solutions is one of the reasons why Karandeep loves reviewing these tools. Besides product reviews, he also writes interesting news articles and blogs that track the latest developments in the tech industry.  When he is not writing, you can find him rooted to his seat playing video games, watching movies, or supporting his favorite football team. Since his childhood, he has always loved to travel and explore new places. Traveling is a major part of his life due to a myriad of reasons such as experiencing new cultures, food, and traditions. His other hobbies include playing football, cooking, and running.  You can find him on LinkedIn here.

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