Bakkt share price shot up by 120% on Monday. This happened shortly after announcing partnerships with global payments firms.
The new crypto services company backed by ICE revealed two partnerships. The partnership with two major global payment providers saw its share price surge.
Mastercard and Bakkt’s partnership is to allow U.S. clients to trade or hold digital assets freely.
Yet, it’s not just MasterCard who is getting in on this action. Fiserv also announced a partnership with Bakkt.
The news that BKKT would accept cryptos in their pay network sent traders into a frenzy on Friday. In fact, the stock price shot up by more than 50% outside regular trading hours. It closed at $9.15 before it surged another 120%.
With Bakkt’s debut on the New York Stock Exchange, its share price pulled back by 6% to close out its first day. It has since rallied more than 236 percent from $9.09 up into a high of 30 dollars over five days.
Bakkt, the new crypto exchange created by ICE, went public on Oct. 18. The firm went through a Special Purpose Acquisition Company. And the deal that valued it at 2 billion dollars. Currently, its market capitalization sits around 4 Billion dollars.
Intercontinental Exchange, the mother firm of the NYSE, began its new digital asset platform, Bakkt, in August 2018.
Bakkt launched Bitcoin futures contracts
A year later, Bakkt launched their “deliverable” Bitcoin futures contracts. This marked a big step for Bakkt towards mainstream adoption of digital assets by institutional investors.
Bakkt became the first major firm to offer physically delivered Bitcoin futures contracts. Clients initially met them with criticism over their cash-settled product design. So Bakkt reacted by fully collateralizing these daily deals, and now they’re wholly riskless for customers.
In April, the innovative firm has been at the forefront of technology, launching a retail crypto-asset payments app. They also had record volume for futures contracts earlier this month.