Mastercard says it will soon offer crypto services to its customers
CNBC reports that Mastercard will allow banks operating in its ecosystem to offer crypto services to their customers.
Mastercard's customers will be able to conduct transactions with digital assets
With the integration of cryptocurrencies into the Mastercard network, users and customers will be able to spend, store and use cryptocurrencies for various payments, including loyalty programs and rewards. To implement the new feature, Mastercard is partnering with Bakkt, which will act as a custodian. Once the feature is integrated, Mastercard customers will be able to conduct transactions with digital assets, including buying and selling.According to Sherri Haymond, executive vice president of digital partnerships at Mastercard, the company looks forward to providing its partners and customers with easy access to crypto services. With the integration of the cryptocurrency framework, the company is providing more options for average Americans who are ready to interact with cryptocurrencies. Currently, Mastercard works with more than 20,000 financial institutions around the world.
Visa is also betting heavily on cryptocurrencies
Mastercard its rival Visa is also betting heavily on cryptocurrencies. The company is planning to launch a universal payments channel that it says that it "acts like a hub, interconnecting multiple blockchain networks and allowing for secure transfer of digital currencies." Visa also partnered with cryptocurrency startup BlockFi to offer a credit card that lets users earn bitcoin on purchases.There's a good reason for both companies to be active in the crypto space. A research report by Mastercard showed a lot of interest in cryptocurrencies. The survey found that 77% of Millennials want to know more about the topic.
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