The stocks of the cryptocurrency exchange platform Bakkt escalated on 25th October, 2021. The stocks rose after Bakkt sealed a deal with Mastercard (MA) to bring out cryptocurrency-enabled credit and debit cards for users, enhancing their payment facilities. Customers will now be able to use cryptocurrency like Bitcoin for payments, apart from fiat currency.
From now on, enterprises that avail of the services of Mastercard and Bakkt can create their own branded line of crypto-enabled plastic money, that is, credit and debit cards for the increasing base of crypto user clients. Shareholders can use these cards to purchase Bitcoin through Bakkt, which they can invest in, or connect the purchased Bitcoins to a funding pool based on fiat currency. This will help them to reap rewards in the form of more Bitcoins.
On 18th October, Bakkt’s shares soared by a whopping 175 percent. This was due to another deal with Fiserv, through which it promised to promote transactions in cryptocurrency-based assets. On Monday, Gavin Mitchel, the Chief Executive Officer of Bakkt, said at the All Markets Summit that the company wants to widen the options for consumers by providing them with the choice. They aim to increase the utility of cryptocurrencies in daily transactions.
Now that they have collaborated with Mastercard, companies can offer cryptocurrency to their customers for the Bakkt supported loyalty reward programs. For instance, fine dining places can allow customers to transform their loyalty points into crypto.
Bakkht conducted a survey among its 2000 consumers in early 2021. It revealed that almost 50 percent of the participants had bought cryptocurrency. Following the survey, it partnered with Google pay and then with Mastercard to facilitate users who can opt for cryptocurrency to make transactions.