Payment companies are increasing their presence within the cryptocurrency space as the industry continues to grow.

Crypto trading platform Bakkt has partnered with card giant Mastercard to broaden the cryptocurrency services they offer to their partners. The partnership will see the duo roll out a series of cryptocurrency tools aimed at financial institutions.

According to The Wall Street Journal report yesterday, the initiative is to offer quick access to cryptocurrency features. The companies said the partnership is designed to make it easier for banks, fintech firms and other merchants to offer and accept cryptocurrency payment.

Banks and other financial institutions that issue Mastercard cards can also issue cryptocurrency debit or credit cards, allowing people to make payments and earn rewards in BTC. Mastercard said, “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, executive VP of digital partnerships at Mastercard, stated that the partnership with Bakkt will see them empower their partners to offer a dynamic mix of digital asset options.

Furthermore, the Mastercard partners will be able to deliver differentiated and relevant consumer experiences. Mastercard, similar to its rival, Visa, has been expanding its presence within the cryptocurrency space in recent months.

A few weeks ago, Mastercard acquired cryptocurrency intelligence company CipherTrace in a bid to extend its capabilities into the field of digital assets. The payment giant is also looking to set up a further presence in the crypto space over the coming months.

Bakkt, backed by the Intercontinental Exchange, recently became a publicly-listed company via a SPAC deal. The shares of Bakkt surged by more than 230% following the Mastercard partnership announcement.

The rally was also due to global payment provider Fiserv announcing a strategic partnership with Bakkt to provide merchant-facing digital asset services. Bakkt was one of the best-performing stocks in the market over the past few days.

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