Mastercard to add support for cryptocurrency payments

Partners of payment network will soon be able to integrate support of digital assets in their own products
Mastercard to add support for cryptocurrency payments

Mastercard has announced the integration of cryptocurrency payments. Mastercard partners, including merchants and banks, will soon be able to add support for digital assets to their own products. To do this, the payment network has partnered with cryptocurrency platform Bakkt. Mastercard customers will be able to buy, sell and store digital assets.

Mastercard also plans to add support for cryptocurrencies to its loyalty program so that payment network partners can reward their customers with digital assets for various achievements.

In September, Mastercard announced its purchase of CipherTrace, a crypto analytics service that tracks suspicious blockchain activity on more than 900 digital assets. With the purchase of CipherTrace, the payment system plans to expand its capabilities in the cryptocurrency industry. Mastercard will provide access to CipherTrace products to its partners and develop a new service that will allow companies to provide transparency and security when managing digital assets.

In October, Bakkt announced a partnership with Google. Bakkt users will be able to add their virtual cryptocurrency cards to Google Pay and make payments in cryptocurrency for goods and services. The cryptocurrency will be converted to fiat when paying.

Bakkt was launched by New York Stock Exchange operator Intercontinental Exchange in 2018. In the fall of 2019, it unveiled its core product, bitcoin delivery futures.

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