Bakkt Shares Rise 180% After Two Major Partnership Announcements

Bakkt shares rise 180% as two new major partnerships were announced and caused BKKT to soar so let’s read more in our latest crypto news today.

Bakkt shares rise 180% on Monday and reached a new high of $28 after the platform announced two major partnerships. Mastercard and Bakkt said that they are working to allow customers to buy and sell digital assets via custodial wallets that are offered by Bakkt.
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In the meantime, a Bakkt partnership announced on Monday afternoon with FisherV will allow similar features and will allow merchants to expand their payment offerings. Bakkt shares were live on October 18 on the New York Stock Exchange after a SPAC deal that valued the company at $2.1 billion with the company’s current market cap being over $4 billion. Mastercard’s upcoming crypto infrastructure could increase the access and utility of digital assets across the world but in another venture, Mastercard started preparing to expand the crypto economy in a whole new way and the payment service giant will announce the provision of the crypto integrated services to the banks on the network.

As revealed by the CBDC, that banks use Mastercard will be able to integrate crypto into most of their products. These could include credit and debit cards which will enable BTC payments or loyalty programs to convert the airline or hotel points into BTC and there’s a possibility of including BTC wallets. Sherri Haymond who is the Mastercard executive vice president of digital partnerships said that she is eager to bring crypto services to the financial world:

“We want to offer all of our partners the ability to more easily add crypto services to whatever it is they’re doing. Our partners, be they banks, fintech or merchants can offer their customers the ability to buy, sell and hold cryptocurrency through an integration with the Bakkt platform.”

To facilitate the service, Mastercard collaborated with Bakkt that will provide crypto custody services for the clients behind the scenes. Bakkt even partnered with multiple corporate giants in the past like the one with Google and was listed on NYSE recently. Bakkt CEO Gavin Michael elaborated on the features which come with the partnership and confirmed that even the restaurants and merchants are able to convert their reward points into BTC and said that these services help lower the entry barrier by letting people earn crypto without sacrificing real cash.