The Bakkt stock price more than doubled on Monday after the company announced a new strategic relationship with MoneyGram and Fiserve. The BKKT stock jumped to an all-time high of $31, giving the company a market capitalization of more than $793 million.
Bakkt and MoneyGram and Fiserve partnership
Bakkt is a relatively small but fast-growing blockchain company that went public last week. The SPAC deal valued the company at less than $300 million.
The company offers several blockchain services. Initially, the company was known for its custodial services for large investors. Today, it is best known for its consumer and business solutions. For consumers, it offers solutions like crypto gift cards, payments, and wallets.
At the same time, the company offers several services for businesses. These include custodial, rewards, and derivatives.
The Bakkt stock price surged on Monday after it first announced a deal with MoneyGram. The deal means that customers using Mastercard cards can be able to buy, sell, and hold cryptocurrencies in Bakkt. The goal of this deal will be to make cryptocurrencies more mainstream in the US and around the world.
At the same time, Mastercard will also integrate digital currencies offered by Bakkt into its reward solutions. This means that its partners will be able to offer these rewards for their customers.
The Bakkt stock price also rose after the company announced a partnership with Fiserv. Fiserv is a major payment company that is valued at more than $73 billion. It offers payment solutions to most businesses in the US.
The new deal between Bakkt and Fiserv will see Bakkt being integrated into the company’s Carat omnichannel system. As a result, it will allow companies to offer loyalty programs and other services using the Bakkt ecosystem. In a statement, the head of digital commerce at Fiserv said:
“Bakkt will be leveraging these capabilities while also working with us to build emerging merchant experiences that help bring crypto-assets into the mainstream.”
Bakkt stock price forecast
As a company that went public last week, it is relatively difficult to carry out a technical analysis on the Bakkt stock price. This is because there is no enough data to predict the future movement of the stock.However, in my view, I suspect that the stock will keep rising as long as Bitcoin and other cryptocurrencies are doing well. Also, it will keep rising towards the company’s first earnings as a public company. It could then drop after these results.
