The share price of cryptocurrency services company Bakkt ($ BKKT), backed by the Intercontinental Exchange, has risen by revealing two partnerships with major global payments companies.
On Monday October 25, Mastercard announced that it would work with digital asset platform Bakkt to enable its US-based clients to buy, sell and hold digital assets through escrow wallets.. That same day, the global payments provider Fiserv also announced a strategic collaboration with Bakkt to offer digital asset services to merchants..
The news prompted a bullish day for BKKT, with a rally of more than 50% outside of normal trading hours. from the closing price on Friday, October 22, at USD 9.15, before rising another 120% to close on Monday, October 25 at USD 30.60.
While in Bakkt’s debut on the New York Exchange, its share price fell 6% to close its first trading day, BKKT has since risen more than 236% from $ 9.09 to $ 30.60 in the last five days.
Bakkt went public on October 18 through a Special Purpose Acquisition Company deal that valued the company at $ 2.1 billion.. Bakkt’s market capitalization currently stands at more than $ 4 billion.
In August 2018, the Coinbase investor and owner of the New York Exchange, Intercontinental Exchange, announced that it would launch a digital asset platform dubbed Bakkt.
The next year, Bakkt Released Its Long-awaited Physically “Deliverable” Bitcoin Futures Contracts For Institutional Investors.
After initially stating that it was a pioneer in physical delivery Bitcoin futures contracts, the company received criticism for the design of its cash-settled product. In response, Bakkt fully guaranteed its daily futures contracts.
The company launched a retail crypto-asset payments app in April this year.while its futures contracts posted record volume earlier this month.
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