cryptovibes.com
A market analysis showed that the prices of Bakkt shares surged by triple-digits within a day after two major partnerships were announced by the firm. After highlighting two new partnerships in its attempts to boost crypto mass adoption, the Bakkt stock prices exploded violently.
The price action comes several weeks after ICE’s Bitcoin service arm became a publicly-traded company. Reports emerged on October 25 about Bakkt’s collaboration with MasterCard. In that case, MasterCard confirmed that it will integrate digital assets into most of its products and urged Bakkt to do the same.
Moments later, news broke that ICE’s company has also partnered with Fiserv, which is a global provider of financial and payments services technology solutions. That idea appeared quite similar to the previously-mentioned MasterCard partnership. This partnership is expected to introduce cryptos to a huge base of customers.
Furthermore, Fiserv confirmed that Bakkt will eventually integrate into its Carat omni-channel ecosystem. This ecosystem will enable more options for B2C and B2B crypto payouts, transactions, and loyalty programs.
This two news had a huge effect on the stock prices of Bakkt. The firm’s shares that went live on the New York Stock Exchange (NYSE) in mid-October, exploded from $11.5 to a daily high of $42.5 that represented a 270% gain in one trading day.
Notably, Bakkt has signed many impressive partnerships lately. Another major partnership was with Google which enabled the latter to integrate crypto payments for its Google Pay platform.
In that context, most US-based retailers and merchants can accept digital asset payments. The Bakkt platform will also benefit from the cloud’s tools to implement new analytics, machine learning, and artificial intelligence tools into its platform.