Tuesday, November 30, 2021

Bakkt’s stocks surged 270% after the MasterCard partnership.

The Takeaway:

The share prices of Bakkt soared by triple-digits in a day following two massive partnerships announced by the company.

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After outlining two new partners in its attempts to enhance cryptocurrency mass adoption, Bakkt’s stock prices surged through the roof yesterday. This comes just a few weeks after ICE’s Bitcoin service arm became a publicly traded firm. MasterCard plans to integrate digital assets into many of its products and tapped Bakkt to do so. The company announced that it would allow merchants and banks on its network to integrate cryptocurrencies.

 

ICE’s firm has also partnered with Fiserv.

ICE’s firm Bakkt has also partnered with Fiserv – a global provider of payments and financial services tech solutions. The idea was similar to the aforementioned Mastercard partnership – to bring cryptocurrencies to a larger contingent of customers. Fiserv promised that Bakkt would eventually be integrated into its Carat omnichannel ecosystem, which should enable more options for B2B and B2C cryptocurrency payouts, loyalty programs, and transactions. This had a dramatic impact on the stock prices of Bakkt. The company’s shares, which went live on the New York Stock Exchange in mid-October, skyrocketed from $11.5 to a daily high of $42.5, which represented a 270% surge in one trading day. 

 

Bakkt also announced a partnership with Google to integrate cryptocurrency payments.

Bakkt has signed numerous impressive partnerships this year as it went public on the New York Stock Exchange this month. Its partnership with Google allowed the firm to integrate cryptocurrency payments for its Google Pay platform. As a result, numerous US-based retailers and merchants will be able to accept digital asset payments. Bakkt will also take advantage of the cloud’s tools to implement new analytics, AI, and machine learning tools into its platform.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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