Marqeta (NASDAQ: MQ) stock entered Tuesday market trading holding onto gains of 9.5% – a spike that followed a company announcement regarding the expansion of its card issuing services, making particular reference to the rapidly expanding category of cryptocurrency products.
Crypto seems to be becoming more and more of a buzzword. As its popularity continues to balloon and its practicality and application become more feasible, heads are turning to follow the new-age movement. In this instance, the global payment solution specialist Marqeta has noticed a significant increase in not just the exposure to cryptocurrency, but the need for product diversification such as crypto-based debit and credit card rewards.
Why is this significant? Well, the way we are heading, cryptocurrencies have a firm place in the future economy – most investors know this, and hence tend to seek out companies who are already adapting their growth plans to the possibility of a more crypto-orientated marketplace.
Investors jumped on Marqeta stock this morning after the announcement stated that the company has been working with the likes of Bakkt, Coinbase, Fold and Shakepay to develop innovative card solutions for their customers; including debit cards that facilitate crypto payments and cashback solutions offering Bitcoin rewards.
With 14% of the US owning some form of crypto, this development from Marqeta isn’t surprising in the slightest. At the time of writing, Marqeta stock has lost some of its premarket momentum but still holds gains of over 5% – currently trading at $24.30.
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