In a new partnership with Bakkt, Mastercard is integrating crypto payments for the first time.
Bakkt is a company that will enable consumers and institutions to buy, sell, store and spend digital assets on a global network. This new arrangement will allow consumers to use their cryptocurrency holdings as collateral to purchase anything from online stores or physical retailers who sign up.
Mastercard said that consumers can buy, sell and hold digital assets through custodial wallets offered by Bakkt, and customers also can get loyalty rewards through cryptocurrency by collecting and spending it.
Mastercard’s new service might be a major step towards cryptocurrency integration into the mainstream economy. The partnership with Bakkt will allow consumers to use Bitcoin for purchases on a variety of goods and services, including those from third-party merchants.