By Chris Wack

 

Bakkt Holdings Inc. shares were down 17% to $25.33 one day 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.

Volume for the stock was 61 million shares at 12:30 p.m. ET, compared to its 65-day average volume of 4.8 million shares. The stock, which has 21 million shares outstanding, closed Monday's session up 234%.

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

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.

Also Monday, Bakkt entered into a partnership with Fiserv for a digital payment platform, allowing for the usage of cryptocurrency as payments.

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 26, 2021 12:52 ET (16:52 GMT)

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