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Coinbase (NASDAQ:COIN) stock is rising higher on Tuesday after announcing its working with Facebook (NASDAQ:FB) for its Novi digital wallet.

The Coinbase (COIN stock) logo on a smartphone screen with a BTC token.

Source: Primakov /

Novi is a digital wallet in the works at Facebook that will allow for the easy transfer of funds around the world. The company is seeking out the help of Coinbase to power the digital wallet.

Novi is currently in the pilot stage and Coinbase Custody is powering it. Those taking part in the pilot will be able to acquire Pax Dollar (CCC:PAX-USD). Novi will hold this on deposit and traders will be able to transfer it.

Facebook’s Novi is looking to become a major player in the digital wallet space. To achieve this, FB is promising that the service will offer instant and secure transfers that won’t include any fees.

Coinbase said the following in a blog post about the news boosting COIN stock higher today.

“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.”

Today’s news has COIN stock seeing heavy trading. As of this writing, more than 10 million shares of the stock have changed hands. That’s well above the company’s daily average trading volume of 4 million shares.

COIN stock was up 4.2% as of Tuesday afternoon.

Investors looking for more crypto news are in luck!