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Mastercard to enable direct support for cryptocurrencies on its network By BTC Peers

by Mike Robinson

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Mastercard will enable its network to provide direct support for cryptocurrency on its network

Mastercard (NYSE) has announced that it will support cryptocurrency. This allows banks to operate within the Mastercard ecosystem and offer crypto services for almost 1 Billion users and 30 MILLION merchants.

Mastercard customers and users will soon have the ability to store and spend cryptocurrency in its products. This includes loyalty rewards and reward programs.

Bakkt is the assets trading platform that will partner with this new initiative. Bakkt will also act as custodian.

Sherri Haymond from MasterCard’s Executive Vice President for Digital Partnerships stated that MasterCard looks forward to providing clients and partners easy access to digital services.

Mastercard currently works with more than 20,000 financial institutions worldwide, and has a combined user base of over 2.8 billion. This announcement follows a string of recent institutional adoptions of cryptocurrency. PayPal (NASDAQ) launched cryptocurrency services in the UK less than one year after it introduced a feature that allowed US citizens to purchase Bitcoins and other cryptos through its platform.

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