Digital asset platform Bakkt Holdings, Inc. on Friday (Nov. 5) said users and partners will soon be able to buy, sell and hold ether, the cryptocurrency of the Ethereum network, and users can send Ethereum to family and friends through the Bakkt app.
In Bakkt’s recent “U.S. Consumer Crypto Survey,” almost half the respondents had bought some form of cryptocurrency within the last year. Many of those who hadn’t yet bought them expressed some interest in doing so before the end of the year.
“At Bakkt, providing flexible opportunities for users to enjoy their digital assets is a top consideration, and adding Ethereum brings a popular and growing cryptocurrency to our roster,” said Bakkt CEO Gavin Michael in the company announcement.
“Bakkt users have already enjoyed the app’s capabilities to leverage bitcoin, and we are confident that our addition of Ethereum will be a complement to our growing ecosystem of partners and assets,” he said.
Last month, Bakkt stock jumped to more than $25 per share after it announced a partnership with Mastercard that gives cryptocurrency access to its customers. It’s now at about $35 per share.
Mastercard embeds Bakkt’s cryptocurrency offerings across its banking and shopping platforms, which allows users to buy, sell and hold digital currencies in their wallets. Mastercard partners — including restaurants and merchants — can issue cryptocurrency credit and debit cards and offer crypto as loyalty program rewards.
Mastercard and Maestro had 2.9 billion branded cards in circulation as of June 30. Bakkt began publicly trading on the New York Stock Exchange (NYSE) Oct. 18, after a special purpose acquisition company (SPAC) merger in January, putting Bakkt’s value at $2.1 billion.
Meanwhile, digital sports gaming company DraftKings is working with the Ethereum-based scaling platform Polygon on custom NFT drops on the DraftKings marketplace. DraftKings began hosting a series of exclusive NFT drops of famous athletes in August, including Wayne Gretzky and Tom Brady, all of which sold out almost instantly.