The past few days have been incredible in terms of Bakkt’s share performance. The company has made strategic partnerships with notable brands such as Mastercard and Fiserv, which has contributed to some notable gains in the share price.
Yesterday, the stocks of Bakkt surged significantly. The rise in share price comes a few weeks after the Bitcoin service division became a publicly-traded company.
Bakkt Collaborates with MasterCard
One of the reasons that have been attributed to the immense gains by Bakkt shares is the firm’s partnership with MasterCard, a leading payments platform. Mastercard is seeking to expand its cryptocurrency services, and it has selected Bakkt to enable this transition.
Under this partnership deal, users of Mastercard will now buy, sell and hold their crypto assets using the Bakkt wallet. The deal also states that the partnership will also streamline the issuance of debit cards and credit cards.
Given the broad market that Mastercard servers, this partnership is a major win for Bakkt because it places the firm on a global scale. Besides, the Bakkt wallet is also expected to see major gains, given that Mastercard’s services are used by over 20,000 financial institutions and millions of merchants globally. Moreover, the move will also enhance crypto adoption on the platform.
Bakkt Making Major Partnerships
While Bakkt’s partnership with Mastercard has been the most iconic, the firm has also made other strategic partnerships pushing its share prices towards the roof. Among these partnerships is the one with Fiserv. Fiserv is a global payment and financial service provider. Like in the Mastercard deal, the partnership between Fiserv and Bakkt aims to bring cryptocurrencies closer to a wide range of customers.
The company’s shares debuted at the New York Stock Exchange in mid-October and opened trading at $11.5. It has since increased to the highs of $42.5, which is a 270% price gain in a single day.
The other partnership that Bakkt has entered into recently is with Google. The partnership seeks to integrate crypto payments into Google Pay. Through this partnership, a wide range of retailers and merchants will use the digital asset payments platform.
Looking to buy or trade Crypto now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider