Bakkt’s stock price soars after partnering with MasterCard and Fiserv

The share price of Bakkt ($BKKT), a crypto services company backed by the Intercontinental Exchange, has soared because it has established two partnerships with major global payment companies.

On Monday, October 25, Mastercard announced that it would Cooperate with Bakkt, a digital asset platform Allow its customers in the United States to buy, sell and hold digital assets through custodial wallets.On the same day, the global payment provider Fiserv also Announce Strategic cooperation with Bakkt to provide merchant-oriented digital asset services.

This news drove the bullish trading day of BKKT. Starting from the closing price of $9.15 on Friday, October 22, the stock rose by more than 50% outside of normal trading hours, and then soared by 120%, on the week of October 25 One closed at $30.60.

although Bakkt makes its debut on the New York Stock Exchange Seeing that its stock price fell 6% to end the first day of trading, BKKT has since risen from US$9.09 to US$30.60 in the past five days, an increase of more than 236%.

BKKT/USD: Transaction view

Bakkt passed on October 18 Special Purpose Acquisition Company The transaction valued the company at $2.1 billion. Bakkt’s market value currently exceeds 4 billion U.S. dollars.

related: The MasterCard program allows U.S. partners to provide crypto loyalty rewards

In August 2018, Coinbase investors and New York Stock Exchange owner Intercontinental Exchange announced that it would launch a digital asset platform called Bakkt.

The following year, Bakkt launched the highly anticipated physical “deliverable” bitcoin futures contract for institutional investors.

After initially claiming to be a pioneer Bitcoin futures for physical delivery Contract, the company was criticized for its cash-settled product design. In response, Bakkt secured a full mortgage on its daily futures contracts.

The company Launched retail crypto asset payment application In April of this year, its futures contract set a record volume earlier this month.