Coinbase Global Inc COIN is trading higher after Facebook Inc FB selected the company as its custody partner for its digital wallet pilot.
Facebook's new digital wallet, Novi, will enable people to send and receive money abroad instantly, securely and without fees.
During the pilot, Coinbase said it will be supporting Novi via Coinbase Custody, which keeps user funds secure with proprietary, fully segregated cold storage capability for managing private keys.
"We believe that in the future, every company will be a crypto company, including fintech platforms, banks, social media, gaming companies, and consumer brands. Our goal is to arm them with the best tools possible so their own users have a first-class experience and participate in the cryptoeconomy," Coinbase said via blog post.
Coinbase is a provider of end-to-end financial infrastructure and technology for the crypto-economy.
COIN Price Action: Coinbase has traded as high as $429.54 and as low as $208 over a 52-week period.
The stock was up 4.28% at $305.93 at time of publication.
Photo: courtesy of Coinbase.
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