Mastercard to Allow Banks on its Network to Offer Crypto Services
A giant financial services company, Mastercard, has recently announced that it is going to allow thousands of banks and millions of merchants on its payments network to integrate crypto into its products.
According to the statement issued by the company, the new development will allow banks and merchants in the Mastercard network to use bitcoin wallets, credit and debit cards created for cryptos, and enable traders to make purchases using digital coins.
There will also be special loyalty programs where special points from airlines and hotels can be converted into bitcoin. To meet all of its goals, Mastercard has announced that it is going to partner with a crypto firm Bakkt, which will act as a provider of custodial services for the company.
The main idea behind the decision is to allow all of the clients of the company to easily add crypto services to whatever it is that they are doing. Thanks to the integration of the Baktt platform, the clients of Mastercard will be granted the opportunity to buy, hold, and sell cryptocurrencies.
What Does This Decision Mean?
This decision is a very important step towards the future development of the crypto trading market around the world. This could make crypto more accessible to people around the world, which is very important for the crypto trading market.
Thanks to these partnerships, banks globally could be able to allow their customers to use their accounts to buy, hold, and trade various cryptocurrencies. In addition, the clients could even have their own bank-branded crypto debit and credit cards.
All of the activities are planned to be covered by Bakkt and its technology. This decision is also very likely to also enable the use of crypto loyalties for financial institutions around the world. This means that by paying with crypto, people could earn loyalty points and spend them in the form of cryptos rather than cash-oriented systems used by the majority of the banks today.
The Executive Vice president of Digital Partnerships of Mastercard, Sherri Haymond said that the company aims at giving their partners the ability to easily add crypto services to their major services.
This could not only be very helpful for individual companies but the general market as well, as it could give people around the world easier access to cryptos and crypto payments. Being one of the largest payments networks around the world, Mastercard has relations with over 20,000 financial institutions globally. With over 2.8 billion Mastercards in use, a lot of people could get the opportunity to hold cryptos with the newest step of the company.
Crypto Industry Becoming More Popular
As leading companies around the world are announcing to be working on different types of functions specifically for the cryptocurrency industry, it can be said that the market is closer to the wide-range mainstream adoption than ever before.
Just a few months back, El Salvador announced that it would be adopting bitcoin as a legal tender, which was a huge step forward for the crypto trading market. The recent step of Mastercard makes accessing cryptocurrencies even easier for everyone around the world and this could further popularize the crypto trading market.
There are many reasons why crypto trading has become such a popular venture over the past few years. The first very important thing about this is that it has become considerably easier for traders to access the crypto market.
Today, all it takes traders is to find a trustworthy exchange where they can deposit funds and that’s it, they can start making profits from crypto trading. In addition, there are numerous crypto trading robots that make everything even easier.
Anyone in the market can easily get a bot for bitcoin trading which they can use to make profits in an easier way. These trading robots make the job of traders a lot easier. They can be used to analyze the market, get very detailed information about the price movements, and even trade cryptocurrencies without having to spend hours analyzing and opening and closing orders.
The step taken by Mastercard is just another sign that cryptocurrencies are becoming huge. With such a huge interest in the crypto trading market, it is only natural for companies such as Mastercard to show interest in the industry.
After the announcement of Mastercard, the shares of Bakkt increased as much as 234 percent. The partnership of the two companies was announced at the annual event of Money20/20 in Las Vegas.
The new development will not only big banks but will also allow merchants and restaurants to begin to offer crypto-enthusiasts rewards in bitcoin instead of traditional points. In fact, existing points can even be converted into crypto at rates set by the participating companies. This will give customers the ability to earn yield.
The demand for cryptocurrency services is increasing very fast around the world. There are more people than ever before who own cryptocurrencies and some of them are even using them for purchasing goods and services.
As the crypto trading market continues to grow around the world and the demand for quality services for crypto trading increases globally, it is only natural for companies like Mastercard to show increasing interest in the crypto market.
Avid music fanatic. Communicator. Social media expert. Award-winning bacon scholar. Alcohol fan.