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Seeking Alpha 2022-04-26 15:26:48

Bakkt stock rises after new partnership with Apple Pay, Google Pay

Cryptocurrency platform Bakkt (NYSE:BKKT) shares briefly jumped as much as 10% Monday morning after it teamed up with Apple's (NASDAQ:AAPL) Apple Pay and Alphabet's (NASDAQ:GOOG) (NASDAQ:GOOGL) Google Pay in a move that accelerates its broader efforts to make digital assets more accessible, according to a blog post. It didn't take long before BKKT stock erased most of its earlier gains, now changing hands just above breakeven levels. Bakkt's (BKKT) partnership with loyalty program Wyndham Rewards now lets Wyndham Rewards Members use their points to pay anywhere Apple Pay and Google Pay are accepted, the blog read. Note that "the longer rewards sit in the customer’s account, the more they are subject to expiration, changing values, changing terms or abandonment," which "can lead to a less rewarding outcome for the customer," Bakkt explained. In the beginning of April, Bakkt enabled American Bank customers to access Bitcoin and Ether.

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