After a few weeks of delay the public listing of the cryptocurrency exchange Nasdaq is now a reality. And what an impressive reality it is – Coinbase hit a market value close to 100 billion US dollars in its very first day of trading on Nasdaq.
Trading of Coinbase shares began at 381 USD per share and closed a little below 330 USD per share. The initial public valuation of the exchange set it far ahead of companies such as the oil giant BP and CME Group Inc., which is the largest derivatives exchange in the world.
The effect of Bitcoin’s incredible rally for the past year – the cryptocurrency rose with a staggering 800% - as well as Ethereum’s rally has been undeniably beneficial for Coinbase.
Last week the exchange reported a revenue increase of 847% for the first quarter to some 1.8 billion US dollars, which is more than the exchange’s total revenue for the entirety of 2020!
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This is truly a turning point for the cryptocurrency industry, I have no doubt about it.