Coinbase (COIN) Shares Are Trading Higher After Announcing Expanded Partnership With PayPal (PYPL)

COIN shares are trading higher on Thursday. Coinbase has announced an expanded partnership with PayPal Holdings PYPL, which aims to increase the adoption

Coinbase Global, Inc. (NASDAQ:COIN) shares are on the move Thursday as the firm announced an expanded partnership with PayPal Holdings, Inc. (NASDAQ:PYPL). The partnership aims to increase the adoption and utility of PayPal’s U.S. dollar-backed stablecoin PYUSD/USD.

Earlier this week, D’Agostino pointed out how Bitcoin has secured its place in today’s markets.

What Happened: Coinbase announced that it is expanding its partnership with PayPal to offer direct access to PayPal’s stablecoin to millions of Coinbase users.

The partnership will also focus on cross-border utility and integration across institutional platforms.

“At PayPal, we’re constantly working to simplify and improve the way people use digital currency,” said Alex Chriss, president and CEO, PayPal. “We look forward to driving new, exciting and innovative use cases together with Coinbase and the entire cryptocurrency community, with PYUSD at the center.”

Coinbase CEO Brian Armstrong added, “We are big fans of the cutting-edge technology and products that the team at PayPal have built over the years. Together, we have a unique opportunity to introduce the benefits of cryptocurrency to billions of people around the world. Their more than 430 million consumer and merchant accounts provide an unprecedented opportunity to massively increase stablecoin adoption.”

Coinbase will offer 1:1 PYUSD to USD conversions with no platform fees as part of the extended agreement. Users will be able to buy, sell and redeem the stablecoin seamlessly on the Coinbase ecosystem.

The firms will also be working together on innovations in global payments, with a focus on stablecoin-based tools that enhance money movement. They are planning to explore potential use cases in decentralized finance (DeFi), which will add an additional layer of functionality to PYUSD in the on-chain economy.

This partnership builds on the collaboration that began in 2021, when Coinbase enabled users to fund their accounts and withdraw fiat currency via PayPal.

See More: Top 40 Biggest Cryptocurrency Influencers on Instagram

Last Count: According to Benzinga Pro, Coinbase stock has a 52-week high of $273.00 and a 52-week low of $90.00. The stock closed Thursday up 1.46% at $177.56.

Investors interested in gaining exposure to the crypto industry can consider the First Trust SkyBridge Crypto Industry and Digital Economy ETF (NYSE:CRPT).