Benzinga | Oct 25, 2021 05:03PM EDT

Why Did Bakkt Shares More Than Triple Today?

* Mastercard Inc (NYSE:MA) and Bakkt Holdings Inc (NYSE:BKKT) collaborated to make it easier for merchants, banks, and fintech in the U.S. to embrace and offer a broad set of cryptocurrency solutions and services.

* Consumers will experience expanded access to the digital asset ecosystem. Bakkt extends Mastercard's ecosystem of cryptocurrency partners, enabling Crypto-as-a-Service, which provides quick access to cryptocurrency capabilities.

* Mastercard partners will offer cryptocurrency solutions through the Mastercard network and Bakkt's digital asset platform.

* "Together with Bakkt and grounded by our principled approach to innovation, we'll not only empower our partners to offer a dynamic mix of digital assets options but also deliver differentiated and relevant consumer experiences," Mastercard EVP Sherri Haymond said.

* "As brands and merchants look to appeal to younger consumers and their transaction preferences, these new offerings represent a unique opportunity to satisfy the increasing demand for crypto, payment and rewards flexibility," Bakkt EVP Nancy Gordon said.

* Price Action: BKKT shares closed higher by 234.43% at $30.60 on Monday.