Bitcoin Boom. Mastercard to Allow Crypto Integration, Korean Teachers Credit Union Invests in Bitcoin

If you are a Bitcoin maximalist, times are good. Reports keep rolling in regarding the acceptance and utilization of crypto and more specifically Bitcoin thus helping to drive the price of BTC higher.

Today, CNBC is reporting that Mastercard will soon allow banks and merchants to facilitate crypto payments in their products. Mastercard is said to be partnering with crypto exchange Bakkt on the service providing custody. Bakkt (NYSE:BKKT) was spun out via a SPAC from ICE – the parent of the New York Stock Exchange.

Sherri Haymond, Mastercard’s Executive VP of digital partnerships, is quoted explaining the deal:

“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 Baktt platform.”

Meanwhile, the Korean Teachers Credit Union has apparently invested in Bitcoin, according to a report. The group handles 47 trillion won (about $40  billion) in investments. The action by the group is described as a shift in a very conservative sector of finance in Korea.

To quote the report:

the Teachers and Staff Mutual Aid Association, the largest mutual aid association in Korea, is pursuing a plan to invest in Bitcoin-related exchange-traded funds ( ETFs ). It plans to invest first in spot ETFs that are linked to the Bitcoin price. It is known that when a domestic asset management company makes a Bitcoin-related ETF product and lists it overseas in the first half of next year, the Faculty and Staff Mutual Aid Association buys it. The specific investment scale will be determined through the Investment Deliberation Committee.” [translated]

Shares in Bakkt have doubled today on the news having closed under $10 on Friday while nearing $20 today. Meanwhile, Bitcoin is nearing $64,000 – up by over 5% today.

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