MasterCard & Bakkt partnered to provide crypto service

MasterCard payment firm established a partnership with the Crypto platform Bakkt to bring direct crypto products based services to their users. 

In the present time, crypto & blockchain industry adoption is increasing among the traditional giant payment firms. Visa & MasterCard are rapidly doing partnerships and agreements with crypto-related companies so that they can step forward in favour of a Crypto friendly ecosystem. 

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On 25 October, MasterCard announced that it established a partnership with the crypto & blockchain firm Bakkt. Under the agreement with Bakkt, MasterCard will integrate crypto-related services for their clients like buying, selling & holding crypto assets. All these crypto Services will be available in the custodial wallet backed by the Bakkt. 

MasterCard-Bakkt partnership will not only remain limited to the crypto-based services but also their users will make users able to earn and spend for the crypto assets instead of spending for the other various payment systems. 

The vice president at MasterCard Digital partnership, Sherri Haymond, claimed that the Company’s partnership with Bakkt will allow their customers to get easy access to crypto services. Further, he added

“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 mic of digital assets options but also deliver differentiated and relevant consumer experiences.”

At present, after Visa, MasterCard is the second biggest credit payment company. At present, MasterCard has engaged their services with more than 20,000 financial institutions across the world. And have around 2.8 billion user base. 

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