This website collects cookies to deliver better user experience. Cookie Policy
Accept
Sign In
The Wall Street Publication
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Reading: Mastercard Partners With Bakkt to Bring Cryptocurrency Payments to the Masses
Share
The Wall Street PublicationThe Wall Street Publication
Font ResizerAa
Search
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 The Wall Street Publication. All Rights Reserved.
The Wall Street Publication > Blog > Markets > Mastercard Partners With Bakkt to Bring Cryptocurrency Payments to the Masses
Markets

Mastercard Partners With Bakkt to Bring Cryptocurrency Payments to the Masses

Editorial Board Published October 25, 2021
Share
Mastercard Partners With Bakkt to Bring Cryptocurrency Payments to the Masses
SHARE

Bakkt shares soared after the announcement.

Photo: BRENDAN MCDERMID/REUTERS

By

AnnaMaria Andriotis

Updated Oct. 25, 2021 4:38 pm ET

Mastercard Inc. MA 0.61% and crypto firm Bakkt Holdings Inc. BKKT 234.43% on Monday said they have partnered to enable cryptocurrency card payments.

The companies said the partnership will make it easier for banks, financial-technology firms and merchants to offer and accept crypto payments. Banks and other financial institutions that issue cards through Mastercard will be able to issue cryptocurrency debit or credit cards that let people make payments and earn rewards in bitcoin. Other cryptocurrency assets could follow.

Bakkt shares more than tripled to $30.60. Mastercard shares rose 0.6% to $360.86.

Mastercard said in February that it was preparing to support cryptocurrencies on its network. The network said at the time that more people were using cards to buy crypto assets such as bitcoin and using crypto cards to access and convert these assets into traditional currencies for spending.

Mastercard is one of the largest card networks in the U.S., providing the infrastructure on which debit and credit card payments are processed. The company has been expanding its fintech partnerships and looking at ways to enable payments that go beyond traditional debit and credit cards.

A bitcoin mining facility in upstate New York is using electricity from a local hydroelectric plant powered by the Niagara River. The company is part of a group of miners attempting to make the industry more sustainable, both environmentally and financially. Illustration: Alex Kuzoian/WSJ

One of the biggest risks for Mastercard and peer Visa Inc. is that a new form of payments that cuts out their networks could eventually develop and gain scale.

Major card networks and crypto fintech firms have announced other partnerships recently. In most of those deals, Visa or Mastercard serves as a network for a niche crypto card offered by the same fintech that houses the cardholders’ crypto assets. Bakkt, for example, currently offers its own Visa debit card.

Monday’s announcement has the potential to be more significant: Big banks would be able to offer crypto cards that are in part powered by Bakkt, potentially reaching a much larger number of consumers. Whether this broader offering takes off will in large part depend on banks’ appetite to issue these cards and consumers’ demand for them.

The cards would give consumers the ability to pay merchants with bitcoin.

Bakkt would convert that cryptocurrency into currency that the merchant accepts before sending the transaction over the Mastercard network. That will happen when the consumer makes the purchase. The company says the conversion would be done instantaneously so that the merchant isn’t affected by the volatility of cryptocurrencies.


Newsletter Sign-up

Markets Alert

Major financial-market and trading news.


Consumers’ cryptocurrencies would be stored in a wallet with Bakkt.

The partnership also would allow people to earn rewards in the form of cryptocurrencies rather than airline miles or other types of points. That offering could entice people who haven’t previously engaged with cryptocurrencies.

Write to AnnaMaria Andriotis at annamaria.andriotis@wsj.com

Copyright ©2021 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the October 26, 2021, print edition as ‘Crypto Payment Coming To Credit Cards.’

Contents
Bakkt shares soared after the announcement.AnnaMaria AndriotisNewsletter Sign-upMarkets Alert
TAGGED:MarketsPAIDWall Street Publication
Share This Article
Twitter Email Copy Link Print
Previous Article PayPal Abandons Pinterest Takeover After Its Shareholders Balk PayPal Abandons Pinterest Takeover After Its Shareholders Balk
Next Article Jeff Bezos’ Blue Origin Pursues Private Space Station Jeff Bezos’ Blue Origin Pursues Private Space Station

Editor's Pick

I attempted Google’s new Search Dwell function and ended up debating an AI about books

I attempted Google’s new Search Dwell function and ended up debating an AI about books

Google’s new Search Dwell function lets customers maintain real-time voice conversations with an AI-powered model of Search The Gemini-powered AI…

By Editorial Board 6 Min Read
AI at Scale: Mohammed’s Revolutionary Architecture Behind the World’s Fastest Website Builder
AI at Scale: Mohammed’s Revolutionary Architecture Behind the World’s Fastest Website Builder

In an extraordinary technological breakthrough, Abdul Muqtadir Mohammed has fundamentally transformed how…

7 Min Read
Bobby Flay Pays Tribute to Anne Burrell: She was Unforgettable…
Bobby Flay Pays Tribute to Anne Burrell: She was Unforgettable…

Studying Time: 3 minutes Bobby Flay is the newest movie star to…

5 Min Read

Oponion

Gift Guide 2021: Best of DVD and Blu-ray television

Gift Guide 2021: Best of DVD and Blu-ray television

Here’s a selection of top gift ideas for the DVD,…

December 1, 2021

Demi Lovato Gives Hope to Fellow Trans, Nonbinary People

Studying Time: 3 minutes Demi Lovato…

January 22, 2025

26/11 terror assault case: Courtroom paves approach for prosecution of Tahawwur Rana in Delhi

NEW DELHI: A Delhi courtroom on…

February 27, 2025

Immediate evaluation of 49ers’ 30-13 win over New England Patriots

SANTA CLARA – Fred Warner’s interception…

September 30, 2024

Evaluate Useless & Firm kicks off 2nd Sphere residency in Las Vegas

The musical journey actually started on…

March 21, 2025

You Might Also Like

Oil costs anticipated to be impacted following US bombing of Iran nuclear websites
Markets

Oil costs anticipated to be impacted following US bombing of Iran nuclear websites

FOX Enterprise host Liz Claman breaks down the impression on the oil markets and customers amid escalating tensions within the…

4 Min Read
America headed for ‘financial coronary heart assault’ on authorities debt, spending warns billionaire
Markets

America headed for ‘financial coronary heart assault’ on authorities debt, spending warns billionaire

Bridgewater Associates founder Ray Dalio discusses responding to the U.S. debt on 'The Claman Countdown.' Billionaire Ray Dalio, founding father…

4 Min Read
Main oil worth shock looming as Israel-Iran battle threatens crucial world delivery passage
Markets

Main oil worth shock looming as Israel-Iran battle threatens crucial world delivery passage

ExxonMobil CEO Darren Woods describes the impact of the Center East battle on the worldwide oil market on 'Particular Report.'…

4 Min Read
ExxonMobil CEO talks oil provide amid Iran-Israel battle
Markets

ExxonMobil CEO talks oil provide amid Iran-Israel battle

ExxonMobil CEO Darren Woods describes the influence of the Center East battle on the worldwide oil market on 'Particular Report.'…

4 Min Read
The Wall Street Publication

About Us

The Wall Street Publication, a distinguished part of the Enspirers News Group, stands as a beacon of excellence in journalism. Committed to delivering unfiltered global news, we pride ourselves on our trusted coverage of Politics, Business, Technology, and more.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Term of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices

© 2024 The Wall Street Publication. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?