Mastercard and Bakkt roll out crypto tools for partner banks and fintech firms
October 25, 2021, 11:03AM EDT
1 min read
Card giant Mastercard has announced a new partnership with crypto exchange Bakkt to broaden the cryptocurrency services it offers to partners.
The aim of the initiative is to offer “quick access to cryptocurrency capabilities,” according to a press release.
With the help of Bakkt, Mastercard’s partners – including banks, merchants and fintech firms – will be able to roll out crypto investment tools for their users through custodial wallets. They will also be given a route to issuing branded crypto debit and credit cards.
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“Mastercard is committed to offering a wide range of payment solutions that deliver more choice, value and impact every day,” said Sherri Haymond, executive vice president of digital partnerships at Mastercard, in a statement. “Together with Bakkt and grounded by our principled approach to innovation, we’ll not only empower our partners to offer a dynamic mix of digital assets options, but also deliver differentiated and relevant consumer experiences.”
Launched by Intercontinental Exchange in 2018, Bakkt recently listed on the New York Stock Exchange via a merger with VPC Impact Acquisition Holdings.
Its shares are trading up since its listing last week, rising more than 50% to around $15 at the time of writing.
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