Benzinga | Oct 19, 2021 01:31PM EDT

Marqeta To Power Crypto Spend, Reward Products For Coinbase, Fold, Shakepay, Bakkt

* Modern card issuing platform Marqeta Inc (NASDAQ:MQ) announced it is powering cryptocurrency spending and rewards products for Coinbase Global Inc (NASDAQ:COIN), Fold, Shakepay, and Bakkt Holdings Inc (NYSE:BKKT), to tap the growing interest in new card products in the rapidly evolving category.

* Marqeta has opened up new applications of its platform to allow cryptocurrency to be spent at the point of sale or allow consumers to earn rewards in cryptocurrency from debit and credit card spending.

* "To see such an impressive list of innovators turn to Marqeta to build out new crypto cards and reward programs shows the flexibility of our modern card issuing platform and our unique modern architecture, which can support entirely new card constructs and power their launch at scale," stated Randy Kern, Chief Technology Officer, Marqeta.

* Price Action: MQ shares traded higher by 9.26% at $25.12 on the last check Tuesday.