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Seeking Alpha 2021-10-25 13:53:52

Bakkt partnership with Mastercard to expand consumers' access to cryptocurrency

Under the partnership, Bakkt (BKKT +26.2%) extends Mastercard's (MA +0.7%) ecosystem of cryptocurrency partners enabling crypto-as-a-service, which will make it easier for merchants, banks, and fintechs in the U.S. to offer a range of crypto solutions and services. In turn, that will give consumers broader access to the digital asset ecosystem, including the ability for consumers to buy, sell, and hold digital assets through custodial wallets powered by the Bakkt platform and streamlined issuance of branded crypto debit and credit cards. Mastercard will also integrate crypto into its loyalty solutions. This means that consumers can earn and spend rewards in cryptocurrency instead of traditional loyalty points and convert their crypto holdings to pay for purchases. Earlier, Bakkt stock climbs 14%, perhaps on retail investor interest, bitcoin rise.

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