TThe potential reach of Bitcoin enhances after Bakkt BKKT soared 235% amid partnership with Mastercard and Firserv

Source: https://www.ledgerinsights.com/mastercard-partners-with-bakkt-to-offer-crypto-to-banks-fintechs/

Summary

  • Bakkt Holdings Inc., soared 235% on Monday and today during the pre-market hours it continues to increase.

 

  • This follows the announcement of the new deal that has been made between Bakkt Holdings and Mastercard Inc. as well as fintech firm Fiserv Inc.

 

  • Bakkt is a trusted digital asset platform that enables consumers to buy, sell, store and spend digital assets.

 

  • The stock went public last week via a SPAC. Yesterday, trading on the asset was halted amid exceptional high volume.

Bakkt Holdings Inc., soared 235% on Monday and today during the pre-market hours it continues to increase. At the time of writing, it is up 48% at the price of $45.26 per share. This follows the announcement of the new deal that has been made between Bakkt Holdings and Mastercard Inc. as well as fintech firm Fiserv Inc. The deal will allow Mastercard’s and Fiserv’s networks to integrate cryptocurrency services into their products such as buy, sell and hold. This means that more consumers will have access to invest in cryptos.

 

About Bakkt Holdings Inc.

 

Bakkt is a trusted digital asset platform that enables consumers to buy, sell, store and spend digital assets. Bakkt’s consumer platform, available through the recently released Bakkt app and to partners through the Bakkt platform, amplifies consumer spending and bolsters loyalty programs, adding value for all key stakeholders within the Bakkt payments and digital assets ecosystem. Launched in 2018, Bakkt is headquartered in Alpharetta, GA. 

Bakkt is traded on the New York Stock Exchange under the ticker BKKT. It’s parent organisation is Intercontinental Exchange Holdings. The stock went public last week via a SPAC. Yesterday, trading on the asset was halted amid exceptional high volume. The company operates as a cryptocurrency platform, offering trading services, integrations onto its platform, and APIs that give developers the ability to integrate the company’s functions into their own applications. 

 

On October 11th, Bakkt partnered with Google in order to allow its users upload their virtual Visa card on Google Pay and purchase items online, wherever Google Pay is accepted. “This partnership is a testament to Bakkt’s strong position in the digital asset marketplace, to empower consumers to enjoy their digital assets in a real-time, secure, reliable manner,” commented Gavin Michael, Bakkt CEO.

 

He continued, “Additionally, partnering with Google Cloud will enable us to continue to build a best-in-class, innovative platform that can undoubtedly scale to meet the needs of millions of users.” 

 

These partnerships build on all companies’ commitment to adapt and enhance the use of cryptocurrencies around the world. With the new partnership, millions of customers will now have access to trading services through banks and institutions that work with Mastercard.

Bottom line

 

The potential reach of the partnership is perhaps the most notable aspect for the Bitcoin network, which has enjoyed a surge in corporate and institutional interest over the past year. While this partnership may not be the ideal payments solution Bitcoiners are looking for, as they will have to liquidate their Bitcoin for fiat before making transactions, rather than just spending it or transacting it seamlessly over lightning, it is a notable indicator of commercial interest in Bitcoin and the growing demand for Bitcoin payments solutions by traditionally fiat institutions.



Disclaimer – I/we have no position in any stock mentioned. I wrote this article myself, and it expresses my personal opinions. I am not receiving any compensation for it, other than FDGT Academy. I do not have or had in the past any business relationship with any company that is mentioned in the above article.

Natalia C. - Junior Analyst at FDGT Academy

Natalia C. - Junior Analyst at FDGT Academy

I am a stock analyst/investor with prior experience and knowledge to BSc Accounting and Finance. After completing my degree and exposure to the accounting firms I decided that the direction I should choose is towards the Investment world. I completed my masters in Investment Management where it gave me solid fundamentals to build my career on. I have examined a lot of different aspects of investment, from REITS, derivatives, currencies, bonds, equity and hedge funds. I never stopped learning about the market which is why I can analyze and write articles for FDGT community always personally opinionated. My passion are green energy and electric vehicles stocks as a whole. I also had my share of analyzing the work form home stocks that are coming to take over in the upcoming years.

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