Bitcoin Rally After MasterCard’s Plan to Enable Banks to Adopt Cryptocurrency
Crypto Lite – Global payment company Mastercard (NYSE:MA) is partnering with the Bakkt platform to enable banks and merchants on its network to integrate cryptocurrency solutions into their systems. Bitcoin responds and rises after MasterCard’s plan to empower banks.
Reacting to the news, Bitcoin is up just over 4% to trade at $63,171 by press time. After the digital asset fell over the weekend to below $60K after trading in the green over the past week.
When the cryptocurrency reached a new all-time high of more than $66,000 after the US Securities Commission approved the first Bitcoin ETF.
The press release from the Bakkt platform indicated that the new feature is available to US institutions. It allows Mastercard customers participating in the program to buy, sell and hold digital assets through custodial wallets provided by the Bakkt platform.
Additionally, under this integration, MasterCard customers will be able to spend and earn rewards in digital currency.
Sherry Haymond, Executive Vice President of Digital Partnerships at Mastercard
“We want to give all of our partners the ability to more easily add cryptocurrency services to everything they do. So that our partners, whether banks, fintechs or merchants, can offer their customers the ability to buy, sell and hold cryptocurrency through integration with the Baktt platform.”
The development of Mastercard comes after the growth of the cryptocurrency sector. With the accession of the main players. Mastercard also noted that its crypto-services are mainly due to customer interest.
In recent months, Mastercard has built its cryptocurrency portfolio through several strategic acquisitions. The company recently acquired CipherTrace with the aim of testing and supporting central bank digital currencies.