Mastercard Enabling Crypto Services on It's Network
Everyone knows Mastercard. This giant in the payments industry will soon be offering crypto services on it’s entire network comprised of thousands of banks and millions of merchants worldwide. Some of the products that will be offered: credit and debit cards that offer rewards for spending in crypto. Also loyalty programs where participants can earn airline or hotel points tat can be converted into bitcoin.
Mastercard will be partnering with Bakkt that is owned by ICE (Intercontinental Exchange) . Ice will be offering custodial services.
This will allow customers who are already familiar with Mastercard the ability to enter the space. Often in many instances potential entrants into the market are skeptical of platforms like a coinbase or a Binance US. Simply because they are not familiar with the name or brand. If you put a powerhouse such as Mastercard in front of a brand new nascent industry. It becomes an easier challenge for everyone.
Mastercard currently has 2.8 billion cards in use. Put that into perspective. That is the potential number that will have the opportunity to enter the market.
“We want to offer all of our partners the ability to more easily add crypto services to whatever it is they’re doing.”
This is definitely exciting for the entire industry. What is even more exciting is to watch and see who else will follow.
We shall see.
Jk
