US-Based Mastercard Offers New Cryptocurrency Services

Mastercard announced Monday it has begun offering new cryptocurrency services.

"Mastercard customers can now enable consumers to buy, sell and hold cryptocurrency, deliver unique, crypto-centric loyalty opportunities, and streamline issuance of branded crypto debit and credit cards," the US-based multinational financial services corporation said in a statement.

The company said it formed a partnership with digital asset manager, Bakkt, to make it easier for merchants, banks and fin-tech companies in the US to offer the new services.

The stock price of Bakkt Holdings jumped %234 to finish Monday at $30.60 per share, from Friday's close of $9.15 on the New York Stock Exchange, according to official figures.

The partnership will provide consumers access to the digital asset ecosystem where they will be able to buy, sell and hold digital assets through custodial wallets powered by the Bakkt platform, according to the statement.

Mastercard will also offer cryptocurrency as rewards and create fungibility between loyalty points and other digital asset, in which consumers can earn and spend rewards in cryptocurrency instead of traditional loyalty points, it added. -