Marqeta (NASDAQ:MQ) stock is rising higher on Tuesday following news that it will power crypto spending for Coinbase (NASDAQ:COIN) and Bakkt (NYSE:BKKT).
Here’s everything investors need to know about MQ stock and today’s crypt spending news.
- Marqeta is a car issuing platform that allows “customers to create customized and innovative payment cards.”
- This allows customers to fine-tune the types of cards that they put out for users.
- That has product development moving fast to keep up with modern trends, such as crypto.
- Here’s where Coinbase and Bakkt, as well as Fold and Shakepay, come into play.
- Marqeta will be powering cryptocurrency spending and rewards products for these exchanges.
- This will let holders of cryptocurrencies use them at point-of-sale terminals.
- It also has them collecting crypto rewards when they use the cards.
- The release of these cards is in response to demand from crypto traders.
- A survey found that 68% of cryptocurrency owners are interested in cards that offer Bitcoin (CCC:BTC-USD) based debit or credit rewards.
Muneeb Imtiaz, product manager leading Card at Coinbase, said this about the news.
“Coinbase set out to allow our customers to seamlessly spend cryptocurrency anywhere, and Marqeta enabled us to turn our vision of a crypto-backed debit card into reality. Marqeta’s flexible APIs and Gateway JIT Funding feature facilitates the creation of customizable debit cards and oversees transaction approvals, allowing our customers fast access to their currencies.”
Today’s news has MQ stock experiencing heavier-than-normal trading. This has some 3.5 million shares having been traded as of this writing. That’s above its daily average trading volume of 1.8 million shares.
MQ stock is up 8.8% as of Tuesday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
