Marqeta inventory climbed Tuesday after it rolled out a brand new debit and credit score card-issuing companies geared toward Bitcoin and different digital cryptocurrencies. Marqeta (MQ) mentioned it is working with Coinbase International (COIN) and others to make it simpler for cryptocurrency homeowners to purchase issues with Bitcoin.
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Shares in Marqeta popped 8% to 24.82 in afternoon buying and selling on the stock market today. MQ inventory is one among many financial technology stocks to watch.
By way of Marqeta, Coinbase plans to supply a Visa debit card permitting customers to spend their cryptocurrency balances at any institution that accepts Visa debit playing cards. As well as, customers will earn further crypto rewards on eligible purchases.
Along with Coinbase, Marqeta mentioned it really works with crypto corporations Bakkt, Fold and Shakepay.
Marqeta Inventory: Sq. Largest Buyer
Marqeta’s main clients embody Sq. (SQ), Instacart, and DoorDash (DASH). Its fee platform allows clients to situation bodily and digital credit score and debit playing cards.
Marqeta’s expertise authorizes and settles transactions. Oakland, Calif.-based Marqeta earns volume-related charges generated with card use and processed transactions.
Marqeta launched its preliminary public providing in June, with shares priced at 27. The Marqeta IPO raised $1.2 billion. However MQ inventory floundered shortly after, hitting a low of 21.84 on Oct. 11.
Sq. is the most important buyer of Marqeta inventory. Sq. accounted for 70% of its web income in 2020.
Huge Bets For Sq.
As well as, Square stock is also making massive bets on cryptocurrencies. Additionally, Coinbase stock is the most important crypto change.
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Observe Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wi-fi, synthetic intelligence, cybersecurity and cloud computing.
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