Mastercard to Allow All Banks and Merchants to Offer Crypto Services

After announcing earlier this year that it would begin facilitating cryptocurrency transactions, Mastercard is preparing to announce that any bank or merchant on its network will soon be able to provide crypto services to its customers. The move, which Mastercard will make in a partnership with crypto firm Bakkt, should significantly expand how Americans use digital assets.

Mastercard and Bakkt Bringing Crypto to the Masses

Cryptocurrency has already begun to integrate itself into traditional financial products. Consumers can leverage their digital assets to borrow money, earn crypto rewards on a debit or credit card, and make purchases using cryptocurrency online and in person.

But with Mastercard's new partnership with Bakkt, expect digital currencies to become even more common in everyday life.

Through the partnership, any bank, fintech company, or merchant on Mastercard's network will be able to provide bitcoin wallets, crypto rewards debit and credit cards, and even allow loyalty program members to convert their points or miles into Bitcoin.

Mastercard is one of the largest payment processing companies in the world, with more than 2.8 billion cards in use globally.