Coinbase listing could push cryptos into the mainstream

Today Coinbase will list on Nasdaq, marking another key step towards cryptocurrencies becoming a mainstream medium of exchange.

Last month the US cryptocurrency exchange said private market transactions had pushed the company’s value up to $68 billion, compared to just $5.8 billion in September 2020. The listing will represent the biggest yet in the cryptocurrency space.

The move comes after nearly ten years after the company was first established.

“We’ve had a number of ups and downs on our way here,” said Coinbase chief executive Brian Armstrong. “Through luck and skill, Coinbase succeeded where many predicted it would fail.”

Last month Coinbase, Square, Fidelity Investments and Paradigm founded a lobbying group aimed at correcting “wrong impressions” around cryptocurrency and influencing future regulation.

Coinbase's platform is already used by 56 million people and financial institutions seem to be warming to Bitcoin in particular. Goldman Sachs, Morgan Stanley, and Tesla have all invested in the digital asset, which hit a new record valuation of over $63,000 yesterday.

“We weathered the ups and downs through innovation and keeping our eye on the long term,” added Armstrong. “And along the way, we made cryptocurrency easier to use, introducing millions of people to this new technology. I’m proud of what we have accomplished so far. But we certainly didn’t do all this work just for one day.”

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