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According to MasterCard, banks and merchants on its vast network will soon be able to offer cryptographic services.

Mastercard credit card

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The crypto economy is about to expand.

master Card CNBC is preparing to announce that any of the thousands of banks and millions of merchants on the payment network will soon be able to integrate crypto into its products.

This includes Bitcoin wallets, credit and debit cards that allow you to earn rewards in cryptocurrencies and use your digital assets, and loyalty programs that allow you to convert airline and hotel points to Bitcoin.

To that end, the payment network is affiliated Buckt, Cryptographic company recently spun off Intercontinental exchangeWill be a behind-the-scenes provider of storage services for those who sign up, executives from the two companies told CNBC.

“We want to give every partner the ability to add cryptographic services to what they are doing more easily.” Sherry Haymond, Mastercard’s Executive Vice President of Digital Partnerships said in an interview. “Our partners can provide their customers with the ability to buy, sell and retain cryptocurrencies through integration with Baktt platforms such as banks, fintechs and merchants.”

This announcement could lead to a significant expansion of the way ordinary Americans earn and use Bitcoin and other cryptocurrencies. Mastercard visa We also have relationships with over 20,000 financial institutions around the world. According to the company, 2.8 billion MasterCards are used.

Bakkt CEO Gavin Michael will ring the ceremonial bell on the floor of the New York Stock Exchange (NYSE) in New York City on October 18, 2021.

Brendan MacDermid | Reuters

Interest in Bitcoin The original cryptocurrency surged this year, Record price It’s over $ 60,000 this month.U.S. regulators have allowed the fund industry to offer Bitcoin ETFs for the first time this month, but large institutional investors like bond giant Pimco Said They were considering trading cryptocurrencies.

According to Haymond, that interest has led Mastercard clients to seek help from the network in providing cryptographic services. That way, banks can keep their customers on their own platform instead of seeing the dollar move to crypto exchanges, she said.

BAKKT shares started trading as Public company Last week, the news surged by more than 70%. Mastercard and Bakkt planned to announce the partnership at the annual meeting later on Monday. Money20 / 20 Meeting in Las Vegas.

According to Bakkt CEO Gavin Michael, the partnership will not only provide banks with crypto wallets and credit cards, but even merchants and restaurants will be able to start rewarding with Bitcoin instead of traditional points. Means. Existing points can be converted to cryptocurrencies at rates set by participating companies, allowing customers to earn yields.

“We lower barriers to entry and allow people to take things like your reward points and exchange them for crypto,” Michael said in an interview. “We don’t use cash and we have idle assets on our balance sheet so it’s easy to get started. We allow you to get to work.”

According to MasterCard, banks and merchants on its vast network will soon be able to offer cryptographic services.

Source link According to MasterCard, banks and merchants on its vast network will soon be able to offer cryptographic services.

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