Friday, April 19, 2024

Coinbase valuation surpasses oil giant BP

Cryptocurrency exchange firm Coinbase hit a market value of nearly $100 billion in its stock market listing, higher than many blue-chip companies including BP. Shares debuted on Nasdaq at $381 but closed below $330. The listing was seen as the latest step toward cryptocurrencies gaining wider acceptance among traditional investors, the BBC reports. The price of Bitcoin hit a record high of more than $63,000 today ahead of the Coinbase listing. Coinbase, which makes money primarily by charging transaction fees, had more than 56 million users across more than 100 countries and held some $223 billion in users’ assets at the end of March.

 

https://www.bbc.com/news/business-56750102

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