Financial services giant Mastercard is set to announce that the thousands of banks and millions of merchants on its payments network will soon be able to integrate crypto into its products, according to a report by CNBC.
To do so, Mastercard is partnering with digital asset firm Bakkt, which will provide custody services for the merchants and institutions who sign up.
When it was launched back in 2018, Bakkt was conceived as a Bitcoin custodian, like Coinbase Custody or Anchorage.
In March, Bakkt launched its crypto wallet and Bakkt app. The Bakkt app enables consumers to use Bitcoin as payment and collect loyalty points and rewards with several participating brands, including Starbucks.
This month, Bakkt began trading on the Nasdaq. It closed its first day at $876, 6.41% down from its opening price of $9.41. Today, it’s trading at $12.28 a share.
The Mastercard deal will bring a plethora of crypto services to the Mastercard payments network, including Bitcoin wallets, the ab
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