Avalanche (AVAX) spikes to enter the top ten, what’s behind the move?
Indian Crypto Bill: Is the Government Set For a “Private” Crypto Ban or Just a FUD?
Bitcoin and Other Cryptos Tank Over 20% In India Amid Panic Selling Over Crypto Bill Confusion
Palau partners with Ripple on climate friendly national digital currency
Australian Pension Fund ‘Rest Super’ Ready to Seek Exposure to Crypto
Binance eyes “sovereign wealth funds” to battle regulatory troubles
Ripple boss says SEC lawsuit will likely conclude next year
Fraudsters posing as Michael Saylor strip people of over $4 million in Bitcoin
IOHK announces Cardano (ADA) block size increase as it moves to ‘scaling’ phase
ASIC chair Longo calls the growing demand for crypto ‘impossible to ignore’
eToro to delist Cardano by 2022 for US users due to regulatory concerns
South Korea financial authority rules that NFTs are taxable
Institutional investors purchased $43 million worth of Solana (SOL) last week
Regal Collaborates With Flexa, Integrates Digital Currency Payments For Theatres
Crypto.com Coin Price Prediction: CRO Is Up 346% In The Week To $0.85
Shiba Inu and Dogecoin lead popularity charts in 30 U.S. states
How to enhance DeFi security
Bank of England sees CBDCs as a revolution for the future of money
 

Bakkt shares skyrocket after partnering with Mastercard and FiservVisit Website

This article is excerpted from CoinTelegraph

The share price of the Intercontinental Exchange-backed crypto services company Bakkt ($BKKT) has surged as it unveiled two partnerships with major global payments firms.

On Monday 25 Oct., Mastercard announced it would be working with digital asset platform Bakkt to allow its customers based in the United States to buy, sell and hold digital assets through custodial wallets. On the same day, global payment provider Fiserv also announced a strategic collaboration with Bakkt to offer merchant-facing digital asset services.

The news drove a bullish day of trading for BKKT, with the stock rallying by more than 50% outside of regular trading hours from Friday Oct. 22’s closing price of $9.15, before surging a further 120% to close out Monday Oct. 25 at $30.60.

While Bakkt’s debut on the New York Stock Exchange saw its share price pull back by 6% to close out its first day of trading, BKKT has since rallied more than 236% from $9.09 to $30.60 over the past five days.

'BKKT/USD: TradingView'

Bakkt went public on Oct. 18 through a Special Purpose Acquisition Company deal that valued the company at $2.1 billion. Bakkt’s market capitalization currently sits at more than $4 billion.

Related: Mastercard plans to allow US partners to offer crypto loyalty rewards

In August 2018, Coinbase investor and New York Stock Exchange owner Intercontinental Exchange announced it would launch a digital asset platform dubbed Bakkt.

The following year, Bakkt launched its highly anticipated physically "deliverable" Bitcoin futures contracts for institutional investors.

After initially claiming to pioneer physically-delivered Bitcoin futures contracts, the firm received criticism over their cash settled product design. In response, Bakkt fully collateralized its daily futures contracts.

The firm launched a retail crypto asset payments app in April of this year, while its futures contracts posted record volume earlier this month.

Visit Website
0 Comment