Bakkt Shares Rise 25% After Partnership With Mastercard
October 25 2021 - 9:28AM
Dow Jones News
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 chris.wack@wsj.com
(END) Dow Jones Newswires
October 25, 2021 10:13 ET (14:13 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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