Marqeta stock rose to prominence on Tuesday after it rolled out new debit and credit card issuance services targeting Bitcoin and other cryptocurrencies. market (MQ) said she works with Coinbase Global (COIN) and others to make it easier for cryptocurrency holders to buy things with Bitcoin.
Marketa shares jumped 7.1% to close at 24.63 on the stock exchange today. MQ stock is one of the many fintech stocks to watch.
Through Marqeta, Coinbase plans to offer a Visa debit card that will allow users to spend their cryptocurrency balances at any institution that accepts Visa debit cards. In addition, users will earn additional crypto rewards on eligible purchases.
In addition to Coinbase, Marqeta said it is working with crypto firms Bakkt, Fold and Shakepay.
Marketa Share: Biggest Square Customer
Marqeta’s primary clients include Square (SQ), Instacart, by dash (dash). Its payment platform allows customers to issue physical and virtual credit and debit cards.
Marqeta technology authorizes and clears transactions. Marqeta, based in Oakland, California, earns fees related to amounts generated from card use and transactions processed.
Marqeta launched its initial public offering in June, priced at 27 shares. Marqeta’s initial public offering raised $1.2 billion. But MQ stock faltered soon after, reaching a low of 21.84 on October 11.
Square is Marqeta’s largest stock client. Square accounted for 70% of its net revenue in 2020.
Big Bets on Square
In addition, Square stock is also making big bets on cryptocurrencies. Also, Coinbase stock is the largest crypto exchange.
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