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Mastercard to Enable Merchants on Its Network to Offer Crypto Products and Services

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Payments giant Mastercard has partnered with a cryptocurrency exchange to allow its partners and merchants in the U.S. to offer crypto solutions, including the buying, selling, and holding of cryptocurrencies. “We want to offer all of our partners the ability to more easily add crypto services to whatever it is they’re doing.”

Mastercard’s Network Integrates Crypto

Mastercard (NYSE: MA) and cryptocurrency exchange platform Bakkt (NYSE: BKKT) announced “a multifaceted partnership” Monday at the Money20/20 event.

The partnership aims “to make it easier for merchants, banks, and fintechs in the U.S. to embrace and offer a broad set of cryptocurrency solutions and services,” the announcement details. “Bakkt extends Mastercard’s ecosystem of cryptocurrency partners enabling crypto-as-a-service, which provides quick access to cryptocurrency capabilities.”

The two companies explained:

Mastercard partners will be able to offer cryptocurrency solutions. 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.

The payments giant has relationships with more than 20,000 financial institutions worldwide, and there are 2.8 billion Mastercards in use, according to the company. An October 2019 Nilson Report states that Visa and Mastercard both had 52.9 million merchants — more than any other companies worldwide.

Mastercard further revealed that crypto will also be integrated into its loyalty solutions, allowing its partners to “offer cryptocurrency as rewards and create fungibility between loyalty points and other digital assets.” The announcement adds:

This means that consumers can earn and spend rewards in cryptocurrency instead of traditional loyalty points and seamlessly convert their crypto holdings to pay for purchases.

Sherri Haymond, Mastercard’s executive vice president of digital partnerships, was quoted as saying: “We want to offer all of our partners the ability to more easily add crypto services to whatever it is they’re doing. Our partners, be they banks, fintechs, or merchants can offer their customers the ability to buy, sell and hold cryptocurrency through an integration with the Bakkt platform.”

Bakkt CEO Gavin Michael opined: “We’re lowering the barriers to entry, allowing people to take something like your rewards points and trade them into crypto. It’s an easy way to get going because you’re not using cash, you’re putting something that’s an idle asset sitting on your balance sheet, and we’re allowing you to put it to work.”

What do you think about Mastercard helping merchants on its network integrate crypto solutions? Let us know in the comments section below.

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Finance, caas, crypto as a service, MasterCard, mastercard banks, mastercard bitcoin, mastercard crypto, mastercard crypto products, mastercard crypto servies, mastercard cryptocurrency, mastercard merchants, mastercard network, mastercard payments network

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Fed Chair Jerome Powell Could ‘Slow Crypto Down’ in His Second Term, Warns Billionaire Mike Novogratz

Billionaire investor Mike Novogratz has cautioned that Federal Reserve Chairman Jerome Powell could slow down the crypto market in his second term in office. Commenting on his renomination, Novogratz said Powell could “act more like a central banker than a guy that wants to be reappointed.” How Jerome Powell’s Second Term as Fed Chair Could::Listen

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Billionaire investor Mike Novogratz has cautioned that Federal Reserve Chairman Jerome Powell could slow down the crypto market in his second term in office. Commenting on his renomination, Novogratz said Powell could “act more like a central banker than a guy that wants to be reappointed.”

How Jerome Powell’s Second Term as Fed Chair Could Impact Crypto

Billionaire investor Mike Novogratz, CEO of Galaxy Digital, talked about the impact the renomination of Jerome Powell as the Federal Reserve chairman for another term could have on the crypto market on CNBC last week.

President Joe Biden nominated Powell to serve for a second term as Fed chair last week. Powell has overseen the biggest monetary stimulus in U.S. history to help the economy cope with the Covid-19 pandemic and subsequent crisis.

The “macro story has changed a little bit,” Novogratz explained, adding that Powell getting reappointed could allow him “to act more like a central banker than a guy that wants to be reappointed.”

Emphasizing, “We have inflation showing up … in pretty bad ways in the U.S.,” Novogratz opined, “So we can see, is the Fed going to have to move a little faster?” The billionaire fund manager continued:

That would slow all assets down. It would slow the Nasdaq down. It would slow crypto down, if we have to start raising rates much faster than we thought.

Mike Bailey, director of research at FBB Capital Partners, also commented on the effect Powell’s second term in office could have on the crypto industry. He was quoted by Bloomberg last week as saying:

For die-hard crypto bulls, another Powell term may provide some confirmation bias, since these investors often view crypto as a hedge for loose Fed policy.

However, Douglas Boneparth, president of the financial advisory firm Bone Fide Wealth, said that overall there is uncertainty about how markets will react without additional support from the Fed.

Meanwhile, Novogratz remains bullish about the outlook of the crypto industry. He shared:

The amount of institutions Galaxy sees moving into this space is staggering.

“I was on the phone with one of the biggest sovereign wealth funds in the world today, and they’ve made the decision on a go-forward basis to start putting money into crypto,” he detailed. “I’ve had the same conversations with big pension funds in the United States.”

Microstrategy CEO Michael Saylor recently said that bitcoin will grow 100X to become a $100 trillion asset class. A survey by Nickel Digital Asset Management shows that 82% of institutional investors and wealth managers are planning to increase their cryptocurrency exposure between now and 2023. Investment bank Goldman Sachs said in May that fear of missing out (FOMO) is driving institutional investors to bitcoin.

Do you agree with Mike Novogratz? Let us know in the comments section below.

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Economics, Biden, Fed Chair, fed chair second term, Fed Chairman, jerome powell, jerome powerll second term

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Mastercard to Enable Merchants on Its Network to Offer Crypto Products and Services

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