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- 1 Data shows, Coinbase Global Inc (NASDAQ: COIN) holds about 75% of US’ crypto market.
- 2 The concerns of unclarity on crypto regulations made the company look for international expansion.
- 3 COIN stock is up by over 85% YTD following the crypto market recovery this year.
Coinbase Global Inc (NASDAQ: COIN) has managed to secure a position as the leading crypto exchange company in the United States, on the back of blockchain technology-powered cryptocurrencies.
It provides services including trades of crypto assets, staking services, self-custody wallets, and recently added crypto derivatives. Along with these, it also provides financial infrastructure products such as wallets, staking, payments, identity, etc. Its wallet extension lets the users on the platform explore the decentralized apps, conduct trades on decentralized exchanges, and collect non-fungible tokens (NFTs).
Coinbase Offering Crypto Assets Services
The company had been through the tough phase in tandem with the crypto industry-wide crypto winter situations for most of the time. However, with the crypto assets witnessing a recovery in their trading prices and the global cryptocurrency market cap rising, Coinbase stock followed the surge.
Being a crypto assets company, Coinbase Global (NASDAQ: COIN), had advocated cryptocurrencies and their importance as a potential financial system, apparently decentralized. As an open supporter of the burgeoning asset class, It had to face even the regulatory tussle from agencies. A recent one could include one over the issue of crypto assets staking services.
Vocal For Clear Crypto Regulations in the US
The United States Securities and Exchange Commission tightened scrutiny over the crypto assets industry in the wake of multiple chaotic events in the past months. The scorching heat of enforcement actions of the financial regulator reached several crypto-powered technologies as well. Crypto firms including exchanges, stablecoin issuers, other crypto-related services providers, etc.
It took a proactive approach and made efforts to deal with the agency following the legal procedures, asking for clarity on crypto regulations through petitions, and even letters for rulemaking clarity on crypto assets staking. However, the efforts possibly did not result in the expected results as in the late days, Coinbase reportedly received a Wells notice in March this year.
Coinbase Global Earnings Push COIN Stock
Recently Coinbase released its Q1 2023 earnings report, which showcased beating revenue expectations. The company’s better performance in terms of revenue resulted in surging Coinbase (COIN) stock price. The exchange reported revenue of 772.53 Million USD, beating the expected revenue of 653.85 Million USD by over 18%.
The COIN stock price reportedly surged over 30% since the earning release depicting the company’s performance. NASDAQ data shows the recent short interest stands at over 37 Million, which is expected to take 2.6 days to cover.
Coinbase does not limit itself to cryptocurrency offerings only but also offers crypto-powered technologies. Its Ethereum-based Layer-2 (L2) chain, Base, is a recent example where the solution aims to act as a safer, cheap, and developer-supportive platform for on-chain development.
Since communication across the community results in bolstering any advancement of any technology like crypto and blockchain, Coinbase Global also provides open community engagement platforms citing its importance.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
