Bakkt’s Stocks Surged 270% Following Partnerships With Mastercard and Fiserv
26 Oct, 2021•2 min read•Other
After outlining two new partners in its attempts to enhance cryptocurrency mass adoption, Bakkt’s stock prices went through the roof yesterday. This comes just a few weeks after ICE’s Bitcoin service arm became a publicly traded firm.
CryptoPotato reported yesterday Bakkt’s collaboration with Mastercard. The latter plans to integrate digital assets into many of its products and tapped Bakkt to do so. Shortly after, news broke that ICE’s firm 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. Additionally, Fiserv promised that Bakkt will eventually be integrated into its Carat omnichannel ecosystem, which should enable more options for B2B and B2C cryptocurrency payouts, loyalty programs, and transactions. The two news 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. It’s worth noting that Bakkt has signed numerous impressive partnerships as of late. Another one with Google allowed the latter 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.