With cryptocurrencies growing at the pace that they are, it is only about time that various financial institutions also jump in. and even though most financial institutions were hesitant at first, they have since been more than receptive for the push towards crypto integrated services. And one of the biggest ways that they will be doing that now is with the help of MasterCard.
MasterCard had recently allowed its users to start investing in cryptocurrencies. Using the same app, customers will be able to buy or sell a variety of the biggest cryptocurrencies in the market. Furthermore, all of the cryptocurrencies that they buy will go into their existing MasterCard wallet.
And recently, MasterCard has recently signed a deal with Bakkt, one of the biggest crypto exchanges in the market right now. The deal would essentially allow banks and other more traditional financial institutions to make their own crypto options. And using the payments network, these companies will be able to provide users with their new services.
Of course, the banks are not the only ones who will be benefiting from this new deal. Customers who will be using the service will be getting specific rewards thanks to the new program. These rewards will go right into their debit and credit cards through a rewards and points system.
Customers will be able to use these rewards and points to make purchases on various items and services. They could use their collected points to pay for airline tickets or buy other assets, which they will continue to hold. And all of these will go into the crypto wallets of customers, which Bakkt will be handling themselves. Bakkt will be offering their custodial services to the program, which was a great idea on behalf of MasterCard given their incredible track record.
MasterCard even said earlier during the year that they are working on a proper crypto platform to make them more accessible. They not only want cryptocurrencies to grow through their platform, but they also want more people to have easy access to it.
The new deal with bakkt went live on the NYSE back on October 18th. And since then, MasterCard believes that both adoption and use of cryptocurrencies will increase significantly through their platform. The main reason that they believe that is because of the stats they have on deck.
According to information that MasterCard provided, there are a total 2.8 billion active users on its platform. Furthermore, it is also working with 22,000 financial institutions, each of which has provided access to users on their platform. So looking at these numbers, it is very obvious that the new project will certainly be a success.