That puts Coinbase's market value at $85.78 billion. Shares of Coinbase are listed on the Nasdaq under the ticker “COIN,” and closed at $328.28, up 31% from the $250 reference price set by Nasdaq ahead of the first trade. Bitcoin’s price topped $64,000 on Wednesday, up from $29,000 at the start of the year, and Coinbase said recently that first-quarter revenue should total around $1.8 billion, exceeding its revenue for all of 2020. The San Francisco-based company’s listing on a public stock exchange is seen by some as an inflection point for digital currencies, as Coinbase’s fortunes are closely tied to Bitcoin, the most popular cryptocurrency. Digital currencies are being incorporated into business plans and accepted for payment by major corporations like Tesla, PayPal and Visa. Updated to show OP performance after announcement.Coinbase made a rousing debut on Wall Street Wednesday, with shares of the digital currency exchange rising as high as $429, briefly giving it a market value over $100 billion.Ĭoinbase Global Inc.‘s initial public offering happened with cryptocurrency chatter seemingly everywhere, even at the U.S. "Since we're the gateway to Web3, investing in that underlying infrastructure to make it easier for developers to build the applications that users will use fits directly into our narrative of where we're going long term," Pollak added. Without offering a firm date Pollak said Coinbase is working towards the protocol's mainnet launch over the next few months. With the announcement, the rehearsal stage, or so-called testnet, for Base is now available to any software developer in the world. “We feel like this is really a statement about Coinbase not just being an exchange, but really being the gateway to Web3,” said Pollak. Pollak said Coinbase will earn revenue from Base, though the amount is expected to be "relatively small" as the company's primary goal is making Layer 2 blockchain transactions "as cheap as possible." The company also will reinvest some of the revenue back into Optimism. Layer 2 blockchains are often more experimental, next generation protocols typically focused on scaling while deriving security and decentralization from one or multiple Layer 1 blockchains. The stock has lost more than 60% from a year ago still, it has nearly doubled year-to-date. Shares of Coinbase spiked more than 5% at Thursday's open. Wall Street's reactions were mixed, however, with some analysts arguing the surprise boost was ancillary to the company's core business. In recent weeks Coinbase opened its blockchain to 48 other crypto collabortators in DeFi, NFTs, gaming, and infrastructure, including Chainlink, Animoca Brands, Nansen, Magic Eden, Ribbon Finance, and Wormhole.Ĭoinbase's announcement comes two days after the company reported a surprise fourth quarter revenue beat and a narrower than expected loss for 2022. Within the hour following the announcement, the native token for Optimism - OP - jumped 7%. The company has no plans for issuing a token related to the new protocol. The Base protocol has been built using open source software created by the Layer 2 blockchain Optimism. "But we haven't seen the really useful applications emerge yet." "We've done a really great job doing that on trading and speculation," Jesse Pollak, the project lead and Coinbase's senior director of engineering, told Yahoo Finance. Building new and better applications is the crucial next step for attracting crypto's next wave of users, Coinbase said.
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