Business
Cryptocurrency Innovators Invest in New Card Solutions, With Marqeta’s Modern Card Issuing Platform Powering Growth of New Category
Category leaders Coinbase, Fold, Shakepay and Bakkt have all leveraged Marqeta to build cutting edge card solutions that drive new engagement through crypto
About this update from Marqeta, Inc.
[{"type":"text","content":"\nCategory leaders Coinbase, Fold, Shakepay and Bakkt have all leveraged Marqeta to build cutting edge card solutions that drive new engagement through crypto spend and rewards cards.\n\n OAKLAND, Calif.--(BUSINESS WIRE)--\nMarqeta (NASDAQ: MQ), the global modern card issuing platform, announced today that it is powering cryptocurrency spending and rewards products for Coinbase, Fold, Shakepay and Bakkt, with the company seeing rising interest in new card products in this rapidly evolving category.\n\nUse of cryptocurrencies has grown considerably in the United States, with data from the Gemini Exchange estimating that 14% of the US currently owns some form of crypto. As a category leader in modern card issuing, 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. According to research from Cornerstone Advisors, 68% of cryptocurrency owners are very interested in Bitcoin based debit or credit-card based rewards.\n\n“Coinbase set out to allow our customers to seamlessly spend cryptocurrency anywhere, and Marqeta enabled us to turn our vision of a crypto-backed debit card into reality,” said Muneeb Imtiaz, Product Manager leading Card at Coinbase. “Marqeta’s flexible APIs and Gateway JIT Funding feature facilitates the creation of customizable debit cards and oversees transaction approvals, allowing our customers fast access to their currencies. The Marqeta team brought a vast amount of payments experience to the table and worked hand in hand with us every step of the way.”\n\n“Fold was looking to bring a unique feature set to market: a card that could deliver gamified bitcoin rewards while incentivizing responsible spending and saving habits. We are proud to have a payments partner like Marqeta to help us navigate this,” said Will Reeves, CEO of Fold. “Marqeta’s open APIs are extremely flexible and its technology is best-in-class, helping us bridge the worlds of digital assets and traditional banking - all the while building out a truly modern consumer experience.”\n\nMarqeta’s cutting edge Just-in-Time Funding innovation allows cryptocurrency wallets to build out card products, making authorization decisions at the point of sale based on a user’s available cryptocurrency balance. ...