TL;DR Breakdown
- Bakkt stock surges by 270 percent.
- Firm partners MasterCard, Fiserv to boost crypto adoption.
American crypto custody firm Bakkt has seen a sharp surge in its stock price after two massive partnerships with Mastercard and Fiserv.
Bakkt stock saw the surge after outlining the two new partners in its attempts to enhance cryptocurrency mass adoption. The crypto firm partnered with MasterCard to help the debit and credit card processing titan provide its customers with a broad range of cryptocurrency services. These include the ability to buy, sell, and hold cryptocurrencies like Bitcoin.
Its partnership with the payment giant will also give banks the ability to offer crypto-based loyalty rewards and payment cards.
Bakkt partnered with Fiserv to give companies more options when making payments to consumers and other businesses. The financial-services giant will work with Bakkt to help its customers more easily transfer crypto assets into and out of mobile wallets.
Fiserv promised that Bakkt would eventually be integrated into its Carat omnichannel ecosystem, enabling more options for B2B and B2C cryptocurrency payouts, loyalty programs, and transactions.
How Bakkt stock price responded after partnership
The two news had a massive impact on the price of Bakkt stock. 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, representing a 270 percent surge in one trading day.
The surge is a massive boost for Bakkt stock which ended its debut day on the NYSE with a 6 percent drop. Following its launch on NYSCE at $9.45 on Monday morning, BKKT rallied by about 3 percent up to $9.77 only 30 minutes after its debut. However, afterward, traders began taking their profit, causing the decline in the stock price.
Largely, the stock is now doing fine on the NYSE. Beyond MasterCard and Fiserv, the firm has partnered with Google allowing the search engine giant to integrate cryptocurrency payments for its Google Pay platform.
