Coinbase made a historic trading debut on Wednesday, becoming the first US based crypto exchange platform to have its shares publicly traded on NASDAQ through direct listing. The exchange debut was much anticipated by the crypto community and fintech community alike. Here is how the crypto community is reacting to the news.….
Coinbase’s opening share price was around 52% higher than the expected reference price of $250 set by NASDAQ. COIN started officially trading on NASDAQ at an opening price of around $400, creating a market valuation of around $100 Billion for the company. The jump reflects how investors are eager to scrape a piece of a booming digital currency space.
Coinbase is a crypto exchange platform which enables people to buy, sell and trade cryptocurrency like Bitcoin, Ethereum, Ripple(XRP) amongst others. The company makes its revenue from transaction fees. As the demand for cryptocurrency has surged in the past years, so has the profitability of Coinbase.
Coinbase’s direct listing on NASDAQ will now enable traditional investors to get exposure to cryptocurrency , who previously were unable or unwilling to invest in digital currencies directly. The accessibility may now positively influence cryptocurrency acceptance.
On the other hand, cryptocurrencies have also positively reacted to the exciting debut marked by Coinbase. Breaching the resistance of $60,000 the original cryptocurrency has set a new All Time High (ATH) at $65000. Altcoins have surged even more.. With Ethereum rallying upto $24000 and XRP closing at $2 on Wednesday.
XcelPay Wallet is a blockchain wallet that provides great flexibility and security. Use this secure and decentralized multi-coin wallet to keep your investment in cryptocurrency safely.