The intercontinental exchange-backed crypto service Bakkt (BKKT) increased sharply when it revealed two partnerships with major global payment companies.

On Monday 25 October, MasterCard announced that it will work with Bakkt’s digital asset platform to allow its US customers to buy, sell and store digital assets through depository wallets. On the same day, the global payment provider Fiserv also announced a strategic partnership with Bakkt to offer seller-focused digital asset services.

The news led to an optimistic trading day for BKKT as the stock rose more than 50% outside normal opening hours to a close of $ 9.15 since Friday 22. October, and then rose another 120% towards the end of Monday 25 October. to $ 30.60.

While after Bakkt debuted on the New York Stock Exchange, the stock price fell 6% at the end of the first trading day, BKKT has since risen more than 236% from $ 9.09 to $ 30.60 in the last five days. …

“BKKT / USD: TradingView”
Bakkt went public on October 18 in a special acquisition agreement that valued the company at $ 2.1 billion. Bakk’s market value currently exceeds $ 4 billion.

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In August 2018, Coinbase investor and owner of the New York Stock Exchange’s Intercontinental Exchange announced the launch of a digital asset platform called Bakkt.

The following year, Bakkt launched the highly anticipated “deliverable” bitcoin futures contracts for institutional investors.

Originally claimed to be a leader in the physical delivery of bitcoin futures, the company has come under fire for designing its cash-settled products. In response, Bakkt provided full guarantees on its daily futures contracts.

The company launched an app for retail payments for cryptocurrencies in April this year, and futures contracts hit record volumes earlier this month.

Source: CoinTelegraph