Why Coinbase Global Inc. Stock surged today?

The Shares of cryptocurrency trading platform Coinbase Global (COIN) popped on Monday after the company announced it was bolstering its board of directors with a top-tier CEO Tobias Lütke of Shopify. As of noon ET today, Coinbase stock was up 6%.

Chart for Coinbase Global Inc.

The powerful e-commerce player ‘Shopify’ is joining the future of finance ‘Coinbase’ board of directors, per an official blog post from the crypto exchange this morning.

According to Lütke, Shopify and Coinbase share a common vision to bring Web 3.0, the next iteration of the internet, to life. Both share the like-minded vision of decentralized finance and entrepreneurship.

Brian Armstrong, the Coinbase founder said in a release that Lütke brings experience as an entrepreneur, and as an early adopter of crypto including through Shopify’s integration with Coinbase’s crypto payment platform.

Written by Maryam Nawaz

MPhil International Relations (Specialization in International Politics and Economy)

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