A giant financial services company, Mastercard, recently announced that it will allow thousands of banks and millions of merchants in its payment network to integrate crypto into its products.
According to the statement released 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 allow merchants to make purchases using digital parts.
There will also be special loyalty programs where special points from airlines and hotels can be converted into bitcoins. To achieve all of its goals, MasterCard announced that it will be partnering with crypto firm Bakkt, which will act as a custodial service provider for the company.
The main idea behind the decision is to make it easy for all of the company’s customers to add crypto services to whatever they do. Through the integration of the Baktt platform, Mastercard customers will have the ability 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. It could make crypto more accessible to people all over the world which is very important for the crypto trading market.
Through these partnerships, banks around the world could enable their customers to use their accounts to buy, hold and trade various cryptocurrencies. Additionally, customers might even have their own bank-branded crypto debit and credit cards.
All activities are planned to be covered by Bakkt and its technology. This move is also very likely to also allow 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 crypto rather than the cash-oriented systems used by the majority of banks today.
Mastercard’s Executive Vice President of Digital Partnerships, Sherri Haymond said the company aims to give its partners the ability to easily add crypto services to their core services.
This could not only be very useful for individual businesses, but also for the market in general, as it could give people around the world easier access to cryptos and crypto payments. Being one of the largest payment networks in the world, Mastercard maintains relationships with more than 20,000 financial institutions around the world. With over 2.8 billion Mastercards in use, many people could have the opportunity to hold crypto with the last step of the business.
The crypto industry is getting more popular
As major companies around the world announce that they are working on different types of functions specifically for the cryptocurrency industry, it can be said that the market is closer than ever to widespread adoption at scale.
Just a few months ago, El Salvador announced that it would adopt bitcoin as 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 business 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 traders need is to find a trustworthy exchange where they can deposit funds and that’s it, they can start making a profit from crypto trading. Plus, there are plenty of crypto trading bots out there that make everything even easier.
Anyone in the market can easily get a bot for bitcoin trading that they can use to make profit in an easier way. These trading robots greatly facilitate the work of traders. They can be used to analyze the market, get very detailed information on 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 getting huge. With such interest in the crypto trading market, it is only natural that companies such as Mastercard are interested in the industry.
After Mastercard’s announcement, Bakkt shares rose 234%. The partnership of the two companies was announced at the annual Money20 / 20 event in Las Vegas.
The new development will not only allow big banks, but will also allow traders and restaurants to start offering crypto enthusiasts bitcoin rewards instead of traditional points. In fact, existing points can even be converted into crypto at rates set by participating companies. This will give customers the opportunity to earn returns.
The demand for cryptocurrency services is growing very rapidly around the world. There are more people than ever who own cryptocurrencies and some of them even use them to buy goods and services.
As the crypto trading market continues to grow globally and the demand for quality crypto trading services increases globally, it is only natural that companies like Mastercard show increasing interest in the crypto market. .
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