Mastercard will allow banks on its payments network to provide cryptocurrency services

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Mastercard will let banks on its payments network integrate cryptocurrencies into their products | Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

Mastercard has signed a deal with cryptocurrency firm Bakkt to make crypto options available to merchants and banks across its payments network, the company announced Monday. The news was first reported by CNBC.

Banks on Mastercard’s global payments network will be able to provide cryptocurrency rewards on credit and debit cards, for example, and reward points on purchases like airlines or hotels can be paid out in cryptocurrency. Consumers will be able to convert their crypto holdings to pay for purchases and hold digital assets through custodial wallets on Bakkt’s platform.

Mastercard said earlier this year it would start allowing its cardholders to conduct some transactions on specific cryptocurrencies on its network, and it said in…

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