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      Home Featured

      Coinbase tops $100-billion value, then slips in landmark cryptocurrency listing.

      by Editorial
      April 20, 2021
      in Featured, News-Curated
      Reading Time: 3 mins read
      0
      Coinbase is an online platform that allows merchants, consumers, and traders to transact with digital currency.

      Coinbase is an online platform that allows merchants, consumers, and traders to transact with digital currency.

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      Table of Contents

      • Highlights:
      • Coinbase shares opened at $381 each, traded as high as $429.54.
      • Coinbase’s $100 Billion Total Valuation.
      • High Valuation Compared to Stock Exchanges
      • Competition Could Drive Down Transaction Fee
      • Coinbase’s Increase in Marketing Spend

      Highlights:

      • The $100 billion valuation is more than that of the two largest stock exchanges.
      • Coinbase shares opened at $381 each, traded as high as $429.54.
      • Offering the COIN ticker helped Nasdaq score first big listing.
      • Coinbase is radically increasing marketing spend to hold on to its market share.

      Coinbase is an online platform that allows merchants, consumers, and traders to transact with digital currency.

      It allows its users to create their own bitcoin wallets and start buying or selling bitcoins by connecting with their bank accounts.

      Also, it provides a series of merchant payment processing systems and tools that support many highly-trafficked websites on the internet.

      Coinbase was launched in 2012 with a mission to create an open financial system for the world. It is operated from San Francisco, California.

      Coinbase shares opened at $381 each, traded as high as $429.54.

      Cryptocurrency exchange Coinbase had a strong debut on Nasdaq on Wednesday, closing at $328.28 per share, according to CNBC.

      Shares initially opened at $381 and went up to as much as $429.54 before dipping below their original price. Still, Coinbase’s strong showing was reflected in its initial market cap of $85.8 billion, making the cryptocurrency exchange more valuable than General Motors ($84 billion), FedEx ($76 billion) and Twitter ($56 billion).

      Founded in 2012 to facilitate cryptocurrency transactions, Coinbase filed for a listing on Feb. 25. The SEC gave the exchange approval earlier this month to list its Class A common stock on the Nasdaq Global Select Market yesterday, which happened to be the day after Bitcoin hit an all-time high of approximately $63,000.

      Coinbase’s $100 Billion Total Valuation.

      Founded in 2012, the cryptocurrency exchange Coinbase is expected to go public in a direct listing on April 14 at a $100 billion valuation.

      Coinbase takes a piece of every bitcoin transaction on its platform. In 2020, its revenues totaled $1.28 billion — 86% of which came from those transaction fees. Specifically, Coinbase nabbed about 0.57% of the $193 billion in crypto trading volume in 2020.

      Coinbase revenues rose 139% in 2020 from $534 million in 2019, according to its prospectus. The trading volume on Coinbase soared nearly 142% in 2020 from about $80 billion in 2019.

      In addition to the rapid growth, Coinbase made a $322 million profit in 2020 (compared to a $30 million loss in 2019).

      High Valuation Compared to Stock Exchanges

      Coinbase should be worth less than its $100 billion, according to MarketWatch. Its valuation “implies that its revenue will be 1.5 times the combined 2020 revenues of Nasdaq and NYSE parent, Intercontinental Exchange — two of the most established exchanges in the marketplace.”

      Competition Could Drive Down Transaction Fee

      Coinbase took in a transaction fee of 0.46% in the first quarter — that is 46 times higher than the fee charged by those two stock exchanges. Crypto trading rivals such as Gemini, Bitstamp, Kraken, Binance, and others, MarketWatch notes, could drive down transaction fees to zero — which would cut into Coinbase’s revenue.

      Coinbase’s Increase in Marketing Spend

      Coinbase may be concerned about competition and is substantially increasing how much it spends on marketing. Coinbase’s first-quarter update anticipated sales and marketing expense in the range of 12% to 15% of net sales. This is nearly three times what it spent in 2020.

      mm

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      Mobile App Development | Design | Marketing Magazine: Appedus

      Appedus is a mobile app ecosystem focused news publishing platform which covers various topics like app design, app development, app marketing and other relevant news, views or opinions. We also publish industry insights, e-books, developer interviews and e-magazines. You can get in touch with us on hola@appedus.com or you can snail mail us at

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