Mastercard is going to a partnership with Bakkt, a platform by the Intercontinental Exchange (ICE) to enable merchants to receive BTC for services offered.
Bitcoin Adoption Gets a Big Jump
In a highly well received moment, Mastercard has begun its foray into cryptocurrencies with an integration with Bakkt to enable its wide network of merchants to accept Bitcoin on Oct. 25.
Bakkt is a company that originally began as a cryptocurrency exchange for institutional investors. Due to the lack of significant traction, the firm has pivoted to offer the Bakkt digital wallet that allows users to to track, spend, send digital assets like crypto tokens, loyalty & reward points and even convert them to fiat currencies.
“Mastercard is committed to offering a wide range of payment solutions that deliver more choice, value and impact every day. 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,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard, in the official press release of the announcement.
In response to this announcement, the stock price of Bakkt took a big jump. Investors showed confidence and support in this new collaboration as the stock price skyrocketed over 234% on Monday after the announcement, as reported by Motley fool.
Bakkt became a publicly traded company through a merger with VPC Impact Acquisition Holdings on Jan. 11, as announced in a press release by the Intercontinental Exchange.
Mastercard is an American multinational financial services corporation founded in 1966 and is headquartered in New York. Along with Visa, the two dominate the global card payment network that is worth over $1 trillion. The partnership between Bakkt and Mastercard is a testament to the continued commitment both corporations are showing to the crypto ecosystem. The firm intends to bring innovative loyalty points to consumers that align with their passion points.
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