Why Bakkt stocks skyrocketed by 234% today

Bakkt enables consumers, organizations, and institutions to unlock value from digital assets, hence allowing commerce. With over 500,000 early-access participants, access to 250 merchant partners, and approximately 100 institutional clients, the Company is positioned at the heart of this digital asset ecosystem.

Bakkt Holdings (NYSE: BAKKT ) saw its stock rocket 234 percent on Monday after the digital asset platform announced multibillion-dollar transactions with not one but two financial behemoths.

It has partnered with Mastercard (NYSE: MA) to allow the debit and credit card processing behemoth to provide a wide range of cryptocurrency services to its clients. The capacity to acquire, sell, and hold cryptocurrencies such as Bitcoin (CRYPTO: BTC) is one of them. Merchants and banks will also provide crypto-based loyalty incentives and payment cards thanks to Mastercard and Bakkt.

Sherri Haymond, CEO of Mastercard, stated, “Based on our philosophical approach to innovation, we collaborated with Bakkt. We’ll give our partners the tools they need to not just offer a diverse range of digital asset options, but also to deliver unique and relevant consumer experiences.”

It has also teamed up with Fiserv (NASDAQ: FISV) to provide businesses with more options to process payments to consumers and other companies. The financial services behemoth will collaborate with the company to make it easier for its customers to move crypto assets into and out of mobile wallets.

Customers will have fresh rights to engage in the digital world. Whether it’s purchasing Bitcoin inside a banking institution’s platform, rescuing reward points for products at their favorite place. Using a technology platform wallet or paying people in Bitcoin for their edge gig grocery delivery runs, according to Chief Revenue Officer Sheela Zemlin.

The Company’s partnerships with Mastercard and Fiserv have the potential to transform the cryptocurrency business. They are likely to increase consumer knowledge of cryptocurrencies and businesses’ confidence in their capacity to integrate crypto services into their day-to-day operations. The Company and its partners could aid the mainstreaming of Bitcoin and other cryptocurrencies in the coming years.

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