Coinbase Stock Trades Higher After-Hours Amid Partnership With League Of Legends, Valorant Developer Riot Games

Coinbase Global Inc. COIN has teamed up with leading video game developer Riot Games to become the exclusive cryptocurrency exchange for Valorant and League of Legends esports global events, according to a Tuesday announcement.

What Happened: The collaboration is set to commence with the VCT Masters Toronto, Riot Games confirmed on its website.

Coinbase is expected to bring a range of fan-facing enhancements, including custom segments, event activations, hospitality promotions and giveaways for Valorant and LoL Esports fans.

Riot Games runs LoL esports leagues and the Valorant Champions Tour, selling corporate sponsorships, goods, and streaming rights for its leagues. The company is wholly owned by Chinese conglomerate Tencent Holdings ADR TCEHY.

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Price Action: Shares of Coinbase were up 1.58% in after-hours trading after closing 1.26% lower at $196.89 during Tuesday’s regular trading session, according to data from Benzinga Pro. The stock’s price has plummeted 20.70% year-to-date.

Meanwhile, Tencent shares rose 0.09% in after-hours trading after closing 1.47% higher at $64.89 on Tuesday.

COIN scored very high on growth score—a measure of a stock’s combined historical expansion in earnings and revenue across multiple time periods. Benzinga Edge Stock Rankings will help you locate similar high-growth stocks for your portfolio.