Mastercard runs one of the dominant global payments networks along with Visa and has relationships with more than 20,000 financial institutions around the world.
regulators have allowed the fund industry to offer a bitcoin-linked ETF for the first time this month, while big institutional investors like bond giant Pimco have said they were considering trading crypto.
That interest has led Mastercard clients to ask the network for help in providing crypto services, according to Haymond.
Shares of Bakkt, which began trading as a public company last week, surged an incredible 234% on the news.
Besides providing crypto wallets and credit cards for banks, the partnership means that even merchants and restaurants can begin to offer rewards in bitcoin instead of traditional points, according to Bakkt CEO Gavin Michael.