The biggest news this week has to be the Mastercard and Bakkt Holdings partnership that will soon enable cryptocurrency card payments.
The partnership will allow any of the thousands of banks and millions of merchants on Mastercard’s payments network to integrate crypto into their products.
For example, banks will be able to issue cryptocurrency debit or credit cards that let people make payments and earn rewards (think hotel points or airline loyalty programs) in Bitcoin. The cards would also give consumers the ability to pay merchants with Bitcoin.
To do so, the payments network is partnering with Bakkt, the crypto firm recently spun off by Intercontinental Exchange, which will be the behind-the-scenes provider of custodial services for those who sign up.
In true crypto fashion, the announcement caused shares of Bakkt (BKKT) to soar. Those who bought BKKT shares on a whim 7 days ago, congrats… you are already up 260%.
