Bakkt shares skyrocket after partnering with Mastercard and Fiserv

Bakkt, a crypto services company that is backed by Intercontinental Exchange ($BKKT), has seen its share price surge after it announced two partnerships with global payment firms.

Mastercard announced on Monday 25 October that it will be collaborating with Bakkt, a digital asset platform, to enable its customers in the United States to purchase, sell, and hold digital assets via custodial wallets. Fiserv, a global payment provider, announced a partnership with Bakkt in order to provide merchant-facing digital assets services.

BKKT’s news drove a bullish trading day. The stock rose by more than half of its closing price on Friday Oct. 22, at $9.15, and then surged another 120% to close Monday Oct. 25, at $30.60.

Bakkt’s New York Stock Exchange debut saw the share price drop by 6%, but BKKT has rallied more that 236% over the past five trading days, from $9.09 up to $30.60.

BKKT/USD TradingView

Bakkt was listed on October 18th through a Special Purpose Acquisition Company transaction that valued it at $2.1billion. Bakkt currently has a market capitalization of more than $4B.

Related: Mastercard will allow US partners to offer loyalty rewards for crypto

Intercontinental Exchange, a New York Stock Exchange investor and Coinbase investor, announced in August 2018 that it would launch Bakkt, a digital asset platform.

Bakkt’s highly anticipated physical “deliverable Bitcoin futures” contracts were launched for institutional investors in the following year.

Bakkt initially claimed to be the first to offer physically delivered Bitcoin futures contracts. However, they were criticised for their cash settled product design. Bakkt responded by fully collateralizing its daily futures contracts.

In April this year, the firm launched a crypto asset payments app for retail. Earlier this month, its futures contracts saw record volumes.

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