Coinbase Stock Pops After Google Announces Partnership
Shares of cryptocurrency exchange Coinbase Global (NASDAQ: COIN) were up 5% as of 2:40 p.m. ET on Tuesday, although the stock had been up as much as 8% earlier in the session. The jump is notable considering the overall market is flat, as of this writing. And Coinbase stock's jump likely has everything to do with a partnership with Google, which is part of Alphabet.
According to an official press release from Google Cloud, Coinbase has been chosen to help the company "drive Web3 innovation." Web3 refers to internet application infrastructure that's based on blockchain technology, but it can be a nebulous term. Fortunately, the press release details what exactly the two companies have in mind.
Google Cloud customers will be able to pay for these services with cryptocurrency through Coinbase's Coinbase Commerce product. This is a product that already integrates with Shopify and WooCommerce and allows Coinbase to generate revenue by charging transaction fees each time cryptocurrency is used as a payment option.
Source Fool.com
