Bakkt shares skyrocket after partnering with Mastercard and Fiserv

by Gordon James

The Intercontinental Exchange (ICE), the operator of the New York Stock Exchange and leading U.S.-based exchange, has officially partnered with Bakkt to launch a bitcoin futures product on its platform by January 24th. They also announced that Fiserv will be their pricing agent for this new cryptocurrency trading benchmark. This is one step closer to mainstream adoption for Bakkt as they continue testing out their digital asset marketplaces in preparation for launching physically settled Bitcoin futures contracts next year

Bakkt is a cryptocurrency exchange that has partnered with Mastercard and Fiserv. The stock price of Bakkt skyrocketed after the announcement.

Bakkt ($BKKT), a crypto services startup sponsored by the Intercontinental Exchange, has seen its stock rise after announcing two collaborations with large global payment providers.

Mastercard said on Monday, October 25th, that it will collaborate with digital asset platform Bakkt to enable its US clients to purchase, trade, and keep digital assets using custodial wallets. Fiserv, a worldwide payment provider, established a strategic partnership with Bakkt on the same day to deliver merchant-facing digital asset services.

The announcement fueled a bullish day of trading for BKKT, with the stock rising more than 50% outside of normal trading hours from Friday’s finish of $9.15, then soaring another 120 percent to end Monday at $30.60.

While Bakkt’s share price fell 6% on its first day of trading on the New York Stock Exchange, it has subsequently soared more than 236 percent from $9.09 to $30.60 in the last five days.

‘BKKT/USD: TradingView’ is a trading view of the BKKT/USD currency pair.

Bakkt went public on Oct. 18 with a $2.1 billion IPO via a Special Purpose Acquisition Company arrangement. Bakkt now has a market valuation of over $4 billion.

Mastercard intends to enable its US partners to provide cryptocurrency loyalty benefits.

Intercontinental Exchange, a Coinbase investor and owner of the New York Stock Exchange, said in August 2018 that it will establish Bakkt, a digital asset platform.

Bakkt debuted its much-anticipated physically “deliverable” Bitcoin futures contracts for institutional investors the following year.

After claiming to be the first to provide physically delivered Bitcoin futures contracts, the company was chastised for its cash-settled product design. Bakkt reacted by completely collateralizing all of its daily futures contracts.

In April of this year, the company debuted a retail crypto asset payments app, and its futures contracts saw record activity earlier this month.

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