Last week the big story was the Crypto Market Cap reaching the $2 trillion milestone. This week the big story is how Coinbase is faring after becoming a publicly traded company on the stock exchange.
As reported by CNBC the debut of Coinbase shares started at $381 and reached a peak of $429.54 before finally closing at $328.28. Unlike standard IPOs Coinbase listed their stock directly, following a pattern recently set by the likes of Roblox, Slack, and Spotify.
The symbolism behind the day is what dominated. It’s seen as a great leap forward for crypto currency in terms of gaining public legitimacy. Coinbase itself being a bitcoin exchange pioneer, setting up shop for the first time in 2012. Over the rest of the decade it provided a gateway for newcomer speculators to enter the crypto currency market.
Fast forward to last week and the company confirmed in a press release that their revenue skyrocketed from $190.6 million to $1.8 billion in a one year period. It’s all thanks to the increased attention on the crypto currency market overall.
“It’s a huge step forward for the industry and the legitimacy it brings in the eyes of investors and regulators,” Mati Greenspan of Quantum Economics told Bloomberg TV.
Along with a heightened public awareness comes an inevitable wave of scrutiny from regulators. Odyssey CEO Jeremy Kauffman last week speculated the SEC litigation facing LBRY is meant to attack crypto currency trading in general. Elsewhere, Ripple recently scored a win in the SEC battle over XRP, as the company’s executives will not be required to hand over financial documents in that case.
The only surprise twist to watch out for is Coinbase warns that the market could crash if Bitcoin's anonymous creator ever sold their stake.
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