After announcing its partnership with Google, Bakkt announced its partnerships with payment giant Mastercard and Fiserv. Soon after this news, Bakkt shares jumped about 180%, reaching a record high of $28.
The company announced yesterday that they’re working to allow buying/selling digital assets through custodial wallets. Also, this partnership will enable Mastercard to offer loyalty rewards through cryptocurrency payments.
All in all, this move brings the universe of cryptocurrency one step closer to bridging the gap with the traditional credit card payment industry. Also, Bakkt is trying to appeal to young consumers into its digital assets platform.
Talking about this, Bakkt’s Nancy Gordon said in a statement:
“As brands and merchants look to appeal to younger consumers and their transaction preferences, these new offerings represent a unique opportunity to satisfy the increasing demand for crypto, payment and rewards flexibility.”
Moving onto Bakkt’s shares, the company began trading its share on the NYSE under the ticker ‘BKKT’ earlier this month. Also, the Bakkt-Mastercard tie-up is a continuation of the payment giant’s recent aggressiveness in the crypto sector. This is just after the company acquires compliance firm CipherTrace.
Bakkt also announced its partnership with Fiserv, allowing its Carat omnichannel ecosystem to pursue new B2B and B2C payouts options. Moreover, it’ll also enable loyalty programs and transactions, all with crypto assets available via a digital asset wallet. Also, through this integration, merchants can deliver innovative consumer experiences through a simple integration to Carat. In addition to that, Fiserv is planning to introduce Bakkt technology, supporting consumers’ ability to buy/sell/hold crypto assets.