By Sam Boughedda
Investing.com — Mastercard Inc (NYSE:MA) announced Monday that merchants, banks, and fintech in the U.S. can now enable customers to buy, sell and hold cryptocurrencies.
The development is being offered as part of Mastercard's partnership with digital asset platform Bakkt Holdings Inc (NYSE:BKKT).
Mastercard shares rose 0.76% to $361.39 on the news. Bakkt, shares have climbed over 30% from Friday's close to $11.94.
In addition, payment technology firm Mastercard will integrate crypto into its loyalty solutions, allowing its partners to offer cryptos as rewards.
"Mastercard is committed to offering a wide range of payment solutions that deliver more choice, value and impact every day," said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard.
"Together with Bakkt and grounded by our principled approach to innovation, we'll not only empower our partners to offer a dynamic mix of digital assets options, but also deliver differentiated and relevant consumer experiences," added Haymond.
"As brands and merchants look to appeal to younger consumers and their transaction preferences, these new offerings represent a unique opportunity to satisfy increasing demand for crypto, payment and rewards flexibility," said Nancy Gordon, executive vice president of Loyalty Rewards and Payments at Bakkt.