- The Bakkt share price has rocketed on news of two partnerships
- Bakkt has signed deals with Mastercard and Fiserv to expand the exposure of crypto to a wider audience
- The Bakkt share price more doubled on the announcements
The share price of Bakkt, the institutional Bitcoin investment vehicle that was recently listed on the New York Stock Exchange (NYSE), has more than doubled following the announcement of two partnership deals. Having listed on the NYSE last week as part of a Special Purpose Acquisition Company deal with VPC Impact Acquisition Holdings, Bakkt announced strategic partnerships with Mastercard and Fiserv to bring cryptocurrencies to their respective customer bases.
Bakkt and Mastercard Link Up For Loyalty Rewards
Bakkt hit the NYSE last Monday following its merger with VPC, experiencing a 6% drop since the day of its listing. However, the share price has ballooned more than 236% since bottoming out and has rocketed from $9.09 to $30.60 over the past five days. The twin announcements, which massively expanded Bakkt’s reach to regular customers, started with Mastercard announcing that it had taken a further step into the cryptocurrency space:
Through the power of the Mastercard network and Bakkt’s trusted digital asset platform, Mastercard partners will be able to offer cryptocurrency solutions. These include the ability for consumers to buy, sell and hold digital assets through custodial wallets powered by the Bakkt platform and streamlined issuance of branded crypto debit and credit cards.
This partnership, which didn’t attract a lot of attention at the time, has the potential to bring cryptocurrencies to the attention of millions of people who may have wanted exposure but not known how to go about it. The initial focus will be on loyalty services with rewards being offered in crypto, which is a great way for users to get access to the ecosystem and educate themselves in it.
Fiserv is a slightly different beast, focusing more on businesses who might want to buy cryptocurrencies, with Bakkt being added to the company’s Carat omnichannel ecosystem.