Mastercard Plans To Support Crypto

Mastercard ($MA@US), one of the largest payments firms in the world, said that it has a 3-pronged approach to supporting the crypto community. The company mapped out a massive strategy that touches on 3 main areas of concern: services, access, and security. During a presentation, the company said that it will focus on what is known as crypto enablement. It wants to improve crypto-involved spending, purchasing, cashing out, and rewards. The firm also plans to focus on crypto security, including new identity services. Plus, it plans to work on network access, including interoperability, stablecoins, and central bank digital currencies. Senior executives from the company say that crypto payment flows will represent a new source of volume for the company, focusing on both TradeFi and DeFi. In a previous story, Mastercard said that it was working with Bakkt ($BKKT@US)—the digital asset platform—to help merchants and banks add crypto to their offerings. Plus, the company is adding crypto offerings in the Asia-Pacific region where businesses and consumers can use crypto-linked credit, debit, and prepaid cards. As the news broke, Mastercard stock rose 3.86% in early trading.