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You are here: Home / News / Binance Adds Support For Coinbase Stock Token Hours Before NASDAQ Listing
binance-support-for-coinbase-stock-token

Binance Adds Support For Coinbase Stock Token Hours Before NASDAQ Listing

April 14, 2021 by Chayanika Deka

Coinbase’s IPO is a big moment for the entire cryptocurrency industry. Its decision to enter the market through a direct listing sparked enough curiosity and has generated high expectations.

Taking the opportunity, its counterpart, Binance has announced support for Coinbase Stock Token [COIN] on the 14th of April which will market the beginning of the COIN/BUSD trading pair. According to the official press release by Binance, the stock tokens are zero-commission digital tokens that are completely backed by a depository portfolio of underlying securities representing the outstanding tokens.

COIN holders would qualify for economic returns on the underlying shares, which includes dividends. This is the second such listing by Binance which had announced zero-commission, tradable stock tokens on the 13th of April starting with Tesla.

Coinbase happens to be one of the most valuable companies and the first-ever in the crypto industry to enter the US stock exchange.

Things To Expect After Coinbase Debut

The highly-anticipated development has triggered Bitcoin and the cryptocurrency industry to go for a record-breaking surge. The market expects to see dramatic, and potentially protracted, swings in the days to come as the space strives for mainstream adoption.

Coming back to Coinbase’s D-Day, Nasdaq had set a reference price for the firm at $250 per share.

If the shares in circulation, coupled with stock options and restricted shares, are taken into consideration, it can be found that the cryptocurrency exchange’s overall valuation will start a little above $65 billion. In addition, of the SF-based exchange hits the public market around its latest private market valuation of $100 billion, it would straight away be one of the 85 most valuable US companies.

It is safe to say that with a figure as huge as this, Coinbase not only has more users and revenues than many of the largest Wall Street biggies but also becomes the biggest US stock market entrant since ride-hailing business company Uber back in 2019.

Kraken’s Head of Growth Dan Held tweeted about about potential spillover effect into other crypto sectors following Coinbase’s big debut:

“Exchange valuations will likely be surging post-Coinbase IPO. That + general organic upswell of users could cause a spillover into other types of Crypto companies like wallets, custodians, etc.”

Filed Under: News Tagged With: Binance, Coinbase, Coinbase Listing on Stock exchange, Nasdaq

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