Bakkt’s Stocks Surged 270% Following Partnerships With Mastercard and Fiserv

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.