Newly public Bakkt saw its week-old stock’s price triple after news of an agreement to provide cryptocurrency-based loyalty program services to consumers.
“These include 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.”
Sherri Haymond, executive vice president of Digital Partnerships at Mastercard, said the company “is committed to offering a wide range of payment solutions that deliver more choice, value and impact every day.”
The loyalty program offerings will include both receiving their loyalty points in cryptocurrency, and spending them on it. Nancy Gordon, executive vice president of Loyalty Rewards & Payments at Bakkt, said:
“We’re incredibly excited to partner with Mastercard to bring crypto loyalty services to millions of consumers. 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.”
The partnership announcement comes just seven days after Bakkt went public on the Intercontinental Exchange-owned NYSE via a reverse merger via a SPAC.
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