Marqeta stock climbed Tuesday after it rolled out a new debit and credit card-issuing services aimed at Bitcoin and other digital cryptocurrencies. Marqeta (MQ) said it’s working with Coinbase Global (COIN) and others to make it easier for cryptocurrency owners to buy things with Bitcoin.
Through Marqeta, Coinbase plans to offer a Visa debit card allowing users to spend their cryptocurrency balances at any establishment that accepts Visa debit cards. In addition, users will earn additional crypto rewards on eligible purchases.
In addition to Coinbase, Marqeta said it works with crypto firms Bakkt, Fold and Shakepay.
Marqeta Stock: Square Biggest Customer
Marqeta’s technology authorizes and settles transactions. Oakland, Calif.-based Marqeta earns volume-related fees generated with card use and processed transactions.
Marqeta launched its initial public offering in June, with shares priced at 27. The Marqeta IPO raised $1.2 billion. But MQ stock floundered shortly after, hitting a low of 21.84 on Oct. 11.
Square is the largest customer of Marqeta stock. Square accounted for 70% of its net revenue in 2020.
Big Bets For Square
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