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Marqeta Inc (NASDAQ: MQ) shares are trading lower possibly on profit-taking. The stock rallied roughly 23% over the past 5 days. Also, Jim Cramer said he prefers Square to Marqueta, which could be impacting price action.
Marqeta shares were trading higher this week after the company highlighted it is 'powering cryptocurrency spending and rewards products' for Coinbase, Fold, Shakepay and Bakkt and is seeing 'rising interest' in new card products in the cryptocurrency category.
"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," said Randy Kern, Chief Technology Officer at Marqeta.
"This is one of the bleeding edges of innovation in fintech and these new cards are providing even more points of access to and utility for cryptocurrencies. We're excited to see that our platform can help these companies build out full service digital banking capabilities alongside the card itself," Kern stated.
Marqeta provides its clients with a card issuing platform that offers the infrastructure and tools necessary to offer digital, physical, and tokenized payment options without the need for a traditional bank.
Marqeta has a 52-week high of $32.75 and a 52-week low of $19.78.
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