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Bakkt Shares Rise 25% After Partnership With Mastercard

10/25/2021 | 08:13am

By Chris Wack

Bakkt Holdings Inc. shares were up 25% to $11.47 after the company said it was working with Mastercard Inc. to make it easier for merchants, banks and fintechs in the U.S. to use and offer a broad set of cryptocurrency solutions and services.

Bakkt said it was extending Mastercard's ecosystem of cryptocurrency partners, enabling Crypto-as-a-Service, which provides quick access to cryptocurrency capabilities.

Through Mastercard's network and Bakkt's digital asset platform, Mastercard partners will be able to offer cryptocurrency solutions. These include the ability for consumers to buy, sell and hold digital assets through custodial wallets powered by the Bakkt platform and streamlined issuance of branded crypto debit and credit cards.

Mastercard also will integrate crypto into its loyalty solutions, enabling its partners to offer cryptocurrency as rewards and create fungibility between loyalty points and other digital assets.

Bakkt became a publicly listed company on the NYSE last Monday.

Write to Chris Wack at

(END) Dow Jones Newswires

10-25-21 1013ET

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