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Bakkt Stock Price Soars 88% with Mastercard Cryptocurrency Partnership

Nigel Firth
Nigel Frith trader
Updated 25 Oct 2021

The stock price of the digital-asset platform Bakkt (NYSE: BKKT) jumped 88% in the early hours of Monday trading. The great start to the trading week was affiliated with a recent partnership with global payment company Mastercard – for the wide implementation of crypto-orientated assets. 

The ‘multifaceted partnership will help develop an easy-to-navigate cryptocurrency landscape, meaning everyone from merchants, banks, or fintech companies will be able to adapt and utilize the full extent of the digital asset environment. The same goes for customers who wish to pay by accessing their wallet of digital assets. 

The partnership comes as the latest development of Mastercard’s growing crypto utility, allowing Crypto-as-a-service; providing easy access to digital capability. By combining the world-renowned power and trust of the Mastercard network with Bakkt’s thriving asset platform, Mastercard partners will be opening the door to a whole range of cryptocurrency options – including a range of potential for consumers.

Furthermore, Mastercard hopes to integrate crypto-based loyalty schemes rather than normal loyalty points. This means that customers will be able to easily convert loyalty rewards directly into crypto in order to pay for purchases. Not only are Mastercard embracing the environment of digital assets, but they are also strengthening their rewards framework with the intention of attracting further partners. 

Sherri Haymond, Executive Vice President of Mastercard’s Digital Partnerships talks on the integration of digital assets and revitalizing consumer interaction:

“Mastercard is committed to offering a wide range of payment solutions that deliver more choice, value, and impact every day,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard. “Together with Bakkt and grounded by our principled approach to innovation, we’ll not only empower our partners to offer a dynamic mix of digital assets options but also deliver differentiated and relevant consumer experiences.”

Still showing daily gains of 78%, Bakkt stock has has an impressive start to the week. Crypto-embedded solutions are becoming more and more popular, just last week Marqeta announced an intended expansion of crypto-rewards.

BKKT stock is currently trading at around the $16 mark.

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Nigel Firth
Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.