Coinbase Rises on Apple Pay and Google Pay Integration

Coinbase Global's integrated its Visa Coinbase Card with both Apple Pay and Google Pay.
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Coinbase Global  (COIN)  rose after the the largest U.S. cryptocurrency exchange said it integrated its Visa Coinbase Card with both Apple Pay  (AAPL) - Get Report and Google Pay.  (GOOGL) - Get Report

Shares of the Wilmington, Del., company at last check were up 1.9% to $241.13.

The Coinbase card can now be added to both of the payment services, the company said in a blog post, enabling crypto to be used at any location that accepts Apple Pay or Google Pay. The feature makes it easier to spend crypto for real-world items. 

"Millions of people around the world use Apple Pay or Google Pay for everyday purchases, from grocery deliveries to pet supplies to home office goods," the company said. "Now, you can earn up to 4% back in crypto rewards on this shopping when you use your Coinbase Card with Apple Pay or Google Pay."

The card automatically converts the cryptocurrency of choice to U.S. dollars upon purchase. A growing number of companies are accepting cryptocurrency as a form of payment. 

While the Coinbase card is already out, many are still on the waitlist for applications. Coinbase said that it plans to invite more people from the waitlist for applications starting this week in a broader rollout. 

Coinbase also said that users who have finished the application process will not need to wait for their cards to arrive. As soon as a customer has been approved, they can add them to Apple Pay and Google Pay and start spending. 

Cryptocurrency prices were battered last month and were marginally higher on Tuesday.

Last month, Wedbush initiated coverage of Coinbase Global with an outperform rating and a $275 price target.

Coinbase also reported its first quarterly results as a public company last month, posting net income of $771 million, or $3.05 a share, up from $32 million a year earlier. Revenue totaled $1.8 billion, up from $191 million.