Mastercard & Bakkt Partner to Accept Crypto
The partnership will roll out in the next few months. The project aims to pave the way for firms that want to offer crypto by letting them use Mastercard’s network of banks and other financial institutions.
Mastercard Look to Make Crypto Easier
"To spend cryptocurrency globally today, you need a very complex ecosystem," said Kelly Loefller, CEO at Bakkt, and chief market and corporate development officer at Mastercard.
"We will continue to work with merchants and consumers to make it easy for them to use cryptocurrency."
"Cryptocurrency is going to play a foundational role in the future of our new payment system. We feel that by joining forces, we'll be able to deliver more value".
Some Reluctant to Trade Crypto
The new system is also designed to appeal to institutional investors who are still reluctant to trade crypto because of volatility and complexities.
"Every asset class can benefit from a more efficient and speedier processing cycle," Loefller said.
"That's what we're trying to accomplish here."
Increasingly promising news of investment in cryptocurrency and blockchain technology is spreading throughout the traditional banking world, with this being one of many collaborations. There have also been rumours that Mastercard will hire new staff as part of their expanding interest in cryptocurrency over the coming years. Is this the first of many crypto collaborations for major companies? We will have to wait and see.
Author: Moni Talks
Moni Talks is a cryptocurrency trading exchange and social platform that is dedicated to the crypto community.