“Bakkt” shares rise after announcing the partnership with “MasterCard” to provide crypto services
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Answer “Bakkt” shares rise after announcing the partnership with “MasterCard” to provide crypto services
Bakkt’s share price rose 120% during Monday’s trading session in the wake of new partnerships with MasterCard Global Payments.
The share price of the “Bakkt” company known for its specialization in the field of crypto services and backed by the “Intercontinental Exchange” exchange, revealed two partnerships with major global payments companies.
Yesterday, Monday, October 25, MasterCard announced that it will work with cryptocurrency platform Bakkt to allow its US-based customers to buy, sell and hold cryptocurrency.
On the same day, global payments company Fiserv also announced a strategic collaboration with Bakkt to provide cryptocurrency services to merchants.
The news about the partnerships was positive for BKKT stock, as the stock rose more than 50% outside of normal trading hours as of its closing price on Friday, October 22 at $9.15, before rising another 120% to close on Monday, October 25 at $30.60.
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While Bakkt’s debut on the NYSE saw its share price fall 6% to close at that percentage on its first trading day, BKKT has since risen more than 236% from $9.09 to $30.60 over the days. past five.
Bakkt went public on October 18 through a special purpose acquisition, after which the company was valued at $2.1 billion.
Bakkt’s market capitalization is currently over $4 billion.
In August 2018, New York Stock Exchange owner Intercontinental Exchange announced that it would launch a digital asset platform called Bakkt.
The following year, Bakkt launched bitcoin futures contracts for institutional investors.
After initially claiming to be a leader in physically-delivered bitcoin futures, the company received criticism over the design of its cash-stable products.
In response, Bakkt provided full guarantees for its daily futures contracts.
The company launched its retail cryptocurrency payments app in April of this year, while futures contracts hit a record volume earlier this month.
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