Mastercard Partners with Bakkt

On Monday, October 25, 2021, Mastercard is in the process of preparing an announcement detailing their new partnership with Bakkt, which will allow banks and merchants to include cryptocurrency into their products. This includes Bitcoin wallets as well as credit and debit cards that earn cryptocurrency enabled rewards. This partnership will also allow its users to spend cryptocurrency with merchants who use Mastercard’s services.

Bakkt IPO

(Bakkt Holdings, Inc. NYSE)

The cryptocurrency custodian and exchange platform Bakkt went public on the New York Stock Exchange a little over a week ago, on October 18th, 2021. One week later, the partnership between Bakkt and Mastercard was announced, while Bakkt’s stock price went serendipitously soaring through the roof, nearly tripling in value by Monday’s close. If you would like to read more about Bakkt, check out our article on the Bakkt IPO .

What this Means for Adoption

One of the biggest challenges when it comes to cryptocurrency adoption amongst the general public is its perceived lack of accessibility. It is still considerably easier for most people to transact in fiat currencies, because of things like cash, credit, and debit cards. Cryptocurrency exchanges partnering up with banks and credit card companies, offering debit cards with cryptocurrency functionality is nothing new (Crypto.com as an example). The big difference between crypto cards like these and what Mastercard is doing with Bakkt, is that before, users would have to actively seek out crypto cards, while Mastercard is placing that functionality in their customer’s hands; opening a door that may not have otherwise been opened by many of their users.

According to the Mastercard New Payments Index, the number of millennials who are interested in learning more about cryptocurrency has reached 77 percent this year. More importantly, 75 percent of millennial respondents stated that they would use cryptocurrency if they understood it better. In a similar survey of 2,000 customers conducted by Bakkt, half the respondents reportedly purchased cryptocurrency within the first six months of 2021.

Conclusion

Any news surrounding Bakkt – particularly within the last month – has been incredibly bullish. Between the Bakkt IPO and Bakkt’s partnerships with both Google and Mastercard – all within the last three weeks – the name Bakkt is nearly synonymous with cryptocurrency adoption.

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(Killer Whale Large Cap)

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