DeFi News: Why SHOP and COIN Stock Are Surging Today

Shopify (NYSE:SHOP) stock and Coinbase Global (NASDAQ:COIN) stock are rising higher on Monday as the two companies further cement their relationship.

Shopify CEO Tobias Lutke has joined the Board of Directors at Coinbase Global. The two companies already work together with Shopify supporting crypto transactions on its platform with the help of Coinbase and other exchanges.

With the announcement of Lutke joining the Coinbase Board, investors are only expecting that relationship to grow stronger. Lutke supports as much with the following statement about the change, as collected from Seeking Alpha.

“The concepts of decentralized finance and entrepreneurship exemplify the promise of Web3 where opportunity exists for the many, not the few. Coinbase and Shopify share this like-minded vision, and I am excited to join the Board to support the future that Brian and the Coinbase team are building.”

It’s also worth highlighting that the price of Bitcoin (CCC:BTC-USD) is on the rise today too. That comes after recent weakness from cryptocurrencies. Considering the close relation between crypto, Shopify, and Coinbase, this could also be helping shares out today.

SHOP stock, in particular, is seeing heavy trading today following the Coinbase news. As of this writing, about 1.5 million shares of the stock have changed hands. That’s roughly in line with the company’s daily average trading volume.

SHOP is up 8.9% and COIN is up 7.9% as of Monday afternoon. BTC is rising 1.4% over a 24-hour period as of this writing.

There’s more stock market news that investors will want to read about below!

InvestorPlace has all the latest stock news for traders to dive into today. That includes Netflix (NASDAQ:NFLX) shares soaring, Skillz (NYSE:SKLZ) stock running higher, as well as gains for Telos (CCC:TLOS-USD). You can learn more about these matters at the links below!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.