Mastercard is partnering with Bakkt to offer merchants and banks new crypto services.
Consumers can now purchase, sell and hold virtual assets via custodial wallets. These wallets are enabled from Bakkt, and users of Mastercard will be able to spend loyalty rewards through crypto.
“As brands and merchants look to appeal to younger consumers and their transaction preferences, these new offerings represent a unique opportunity to satisfy increasing demand for crypto, payment and rewards flexibility.”
The shares of the Intercontinental Exchange-backed crypto services company Bakkt ($BKKT) skyrocketed following the announcement. Friday, October 22 the closing price was $9.15 and reached $30.60 on Monday, October 25. That’s a surge of about 120%.
But this is not the first time Mastercard partners with another company to deliver crypto services.
Back in August, it also collaborated with the Australian crypto exchange CoinJar. Together they created a digital currency card.
The CoinJar Card will not only be available as a physical card, but it will work virtually as well through Google and Apple Pay. With the help of Mastercard, users will now have the possibility to purchase, sell, and spend virtual currencies from the online platform utilizing Australian dollars.
“CoinJar Card allows you to use the cryptocurrency in your CoinJar to make purchases, wherever Mastercard is accepted. All you need to do is choose which crypto you want to spend, and it’ll be automatically converted to Australian dollars when you make a transaction – no need to preload.”
The card supports 30 different virtual currencies including bitcoin, ether, and XRP. Users can choose their favorite token to use for payments. After that, the crypto will be converted into fiat. Only then the transaction can be finalized.
“With full digital wallet support, you can spend your crypto instantly and securely with the device in your hand (or on your wrist). Even better, CoinJar Card is free to activate, has no monthly fees and a low 1% transaction fee – returned to you as CoinJar Rewards every time you spend.”