Coinbase Stock Jumps After Pilot Deal With Facebook Digital Wallet Novi

Coinbase Global  (COIN)  shares jumped higher Tuesday after it said Facebook  (FB) – Get Facebook, Inc. Class A Report will store funds from its new digital wallet with the cryptocurrency exchange group.Coinbase said that Facebook has chosen it as the custody partner for Novi, a new digital wallet that the social media giant says will allow users to convert local currencies into crypto via a stand-alone app that plugs into other Facebook products such as Instagram. Facebook will roll out a small pilot project, using the stablecoin Pax Dollar, in both the U.S. and Guatemala, allowing users to buy Pax through their Novi accounts. Coinbase will store the funds within its custody trust company, which manages around $180 billion of crypto assets and is regulated by the New York Department of Financial Services. Stock Market Today: Dow Gains On Earnings Strength; Housing Starts Disappoint”We have an opportunity to help change the game for so many people who have been left behind by the current financial system,” said David Marcus, who leads Facebook’s ‘F2’ financial division. “I believe we should take that opportunity and I’m eager for us to start the journey.”Coinbase Global shares on Tuesday closed 4.2% higher at $305.63, a move that would still…
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