Mastercard has announced that banks functioning inside of its ecosystem will now be able to provide crypto services for its customers thanks to the integration of crypto into their products, according to CNBC.
With crypto integration to the Mastercard network, users and customers will be able to spend, store and use cryptocurrency for various payments, including loyalty programs and rewards.
In order to realize the new function, Mastercard is partnering with Bakkt, which will act as a custodian. After the integration, Mastercard's clients will be able to perform operations with digital assets, including buying and selling.
According to Mastercard's executive vice president of digital partnerships, Sherri Haymond, the company is looking forward to providing easy exposure to crypto services to its partners and clients.
With the integration of the cryptocurrency framework, the company is offering more exposure to average Americans who are willing to earn and spend Bitcoin. Currently, Mastercard is working with more than 20,000 financial institutions around the world. At press time, Mastercard's total user base remains at 2.8 billion.