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Cryptocurrencies To Veer Into WeWork’s Balance Sheet

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Cryptocurrencies have landed a prominent spot on several platforms across the globe. Tesla made news after it included Bitcoin [BTC] in its balance sheet. This not only spruced up the price of the king coin but also paved the way for an array of companies following the footsteps of Tesla. Now, WeWork seemed to have jumped onto the bandwagon.

Prominent co-working space, WeWork, in a recent announcement revealed that it would soon have cryptocurrencies on its balance sheet.

Cryptocurrencies Continue To Emerge

WeWork progressed as a significant platform across the globe. Now the platform seemed to take things up a notch by including crypto into their system. The firm pointed out that its customers would reportedly be able to pay in crypto. Cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Paxos (PAX), along with a few others would be used for payments. WeWork will be employing the services of BitPay to carry out payments in crypto.

Sandeep Mathrani, the CEO of WeWork suggested that the platform was upholding evolution while meeting the “diverse needs” of WeWork’s customers across the world. He added,

“As our member base continues to grow in the fintech sector, so will our ability to adapt to their needs and service a new economy. WeWork has always been at the forefront of innovative technologies, finding new ways to support our members. It only makes sense for us to expand on the optionality we provide by adding cryptocurrency as an accepted form of payment for our members.”

Furthermore, the announcement also disclosed that the prominent cryptocurrency exchange, Coinbase would be the first platform to pay in crypto for the WeWork membership. Highlighting the importance of the inclusion of crypto in WeWork, Chairman, Marcelo Claure said,

“Cryptocurrency helps build a stronger global economy and WeWork’s announcement demonstrates the company’s commitment not only to innovation but also to being a globally-focused business. WeWork’s ability to provide members with an additional convenient means of payment is hugely exciting.”

Crypto is growing without a stop and prominent platforms like WeWork was seen aiding this growth.

Coinbase Global Now Has Options Trading, Affirms Nasdaq

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Prominent cryptocurrency exchange, Coinbase, raised eyebrows when it announced that it was going public. The exchange ditched the IPO path and decided to Direct List the exchange under the ticker symbol, ‘COIN’. Nasdaq and Coinbase, both witnessed a massive plunge as the asset surged from $381 to $424. While this debut proved to be successful, the exchange has reportedly decided to roll out options trading on Nasdaq.

Reuters, in its latest report, revealed that Coinbase Global would enable COIN.O options further allowing its trading on Nasdaq.

Coinbase Expands Its Features On Nasdaq

Coinbase is touted as the largest crypto exchange in the United States. Despite its popularity, the exchange faced widespread criticism for its untimely downtime. Nonetheless, the exchange bounced back with its direct Nasdaq listing. Regardless of the fact that the first day appeared to be extremely beneficial for the exchange, users expressed concern about volatility. This did not stop the crypto platform from expanding.

Users will now be able to make a bet on the fortunes of the crypto platform with the latest equity options feature. Furthermore, it was revealed that the exchange would allow its users to trade options under, COIN,O starting from 20 April 2021.

Additionally, volatility seemed to be a grave problem for the exchange’s latest venture. The world’s largest cryptocurrency exchange, Binance was quick enough to announce the listing of the Coinbase Stock Token [COIN], however, the exchange went on to later assert that the listing would be postponed citing volatility concerns.

At the time of writing, COIN was trading for $333 and continued to emerge as a promising asset. The exchange decided to lure in several indiviuals with a Bitcoin giveaway. The exchange tweeted,

“To celebrate $COIN, we’re giving away $1.5M in bitcoin. Sign up for a new Coinbase account before April 22 for a chance to win. Contest rules and details are at https://bit.ly/2QwFGdm Void where prohibited. No purchase necessary. Restrictions apply.”

Binance Adds Support For Coinbase Stock Token Hours Before NASDAQ Listing

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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.”

NFT: Coinbase CEO Is Set To Launch Collection Of Electronic Music Non-fungible Tokens

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The NFT realm is blessed with the embrace of institutions and high-profile celebrities alike which has helped the sector to steal the spotlight this bull season. In the latest development. Brian Armstrong, the CEO of the soon-to-be public crypto exchange Coinbase, is all set to release a collection of electronic music non-fungible tokens or NFTs that he created with DJ David Khanjian over the next few days.

According to his latest Twitter thread, Armstrong revealed that creating the songs as a “fun way” to learn digital audio workstation, Ableton Live. He went on to add,

“I listened to a lot of electronic music with no vocals as I was coding up the early versions of Coinbase, and always enjoyed David’s music. (no vocals because I couldn’t concentrate with other words in my head). Last year during COVID I decided I wanted to learn a little bit of electronic music composition as a hobby, and David was kind enough to take me under his wing and give me some free music lessons.”

The Coinbase exec also noted that all proceeds from the sale of the NFTs will be directed to David Khanjian. The three songs created by the CEO and the DJ will be released over the coming days as NFTs on Zora, the platform behind an Ethereum-based marketplace for tokenized product drops.

NFTs are surely having the moment

The latest development comes a little less than a week after two employees of the crypto exchange reportedly exchanged vows on the Ethereum blockchain. Peter Kacherginsky and Rebecca Rose, exchanged NFT rings with their wedding vows.

More Recently, American lifestyle brand Playboy announced teaming up with Winklevoss-owned NFT marketplace Nifty Gateway, to launch digital collectibles in the form of non-fungible tokens.

The space of non-fungible tokens have seek massive inflow of capital over the past few months. According to Dapp Radar’s February 2021 Industry Report, the sector has reached all-time high sales with the top three NFT marketplaces registering a combined trading volume of $342 million in February alone.

Coinbase Estimates $1.8B In First Quarter Revenue Ahead Of Equity Market Debut

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US cryptocurrency exchange, Coinbase revealed amassing a revenue of $1.8 billion in just the first quarter of 2021. According to the preliminary report, the platform estimated to report net income somewhere close to $730 million and $800 million on revenue of $1.8 billion in contrast to a dwarf of just $190.6 million revenue from the same time last year.

In fact, the first quarter financial have surpassed for all of 2020 when the company earned $322 million on revenue of $1.3 billion. In short, Coinbase did more revenue in the first quarter of this year than in all of 2020. With this, the latest revenue surged by more than nine-fold from a year earlier. This news comes a week prior to the cryptocurrency exchange’s public listing on the Nasdaq under the ticker COIN.

In the second quarter of 2021, Coinbase expects nearly $35 million of one-time expenses related to its direct listing. The company revealed that it intends to “augment” historically strong organic growth with customer acquisition and engagement by meaningfully increasing its investment in sales and marketing.

What drove Coinbase’s earnings and revenues?

Coinbase’s fortunes are tied closely to the swings of the crypto market and hence the meteoric rise of Bitcoin to $60,000 is what led the first-quarter revenue to climb to a record high. While the world’s largest crypto-asset was up by more than 700% over the past year, Ethereum raked in gains of more than 1000% around the same time frame.

This, in turn, catapulted the collective market cap to hit an astonishing $2 trillion and this amplification of the manic rally is what hellped the exchange to profit handsomely.

Coinbase also said,

“We expect meaningful growth in 2021 driven by transaction and custody revenue given the increased institutional interest in the crypto asset class”

According to reports, the company said that it has 56 million verified users which is 4x more than Robinhood. Meanwhile, the monthly active users on the platform has increased to over 6 million, thanks to the bull market. The figure surged from 1.3 million in the first quarter.

Coinbase Amasses Green Signal From SEC For Direct Listing

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Cryptocurrencies have been garnering a lot of attention across the globe. Exchanges like Coinbase, Binance, Bitfinex, and several others have been trying to keep up with the ongoing demand in the existing market.

Amidst this increase in the demand for crypto, prominent San Francisco-based exchange, Coinbase revealed that it was going public with a direct listing. More recently, the exchange announced that it had managed to secure permission from the Securities and Exchange Commission [SEC] of the United States and is all set to make a debut on the Nasdaq Global Select Market in the coming week.

Coinbase was subject to a lot of commotion following the constant glitches in its platform, particularly during peak volatility periods. Despite this, the platform took a plunge into going public. While the platform initially revealed that it would go public with an initial public offering [IPO], it then decided to do a direct listing.

Coinbase Scheduled To Go Public On April 14

In a recent blog post, the cryptocurrency exchange revealed that the SEC had given the platform an all-clear for the registration statement on Form S-1 with regard to its direct listing. The platform is all set to start trading its Class A common stock under the ticker symbol “COIN” on the  Nasdaq Global Select Market. Users would be able to do so starting from 14 April 2021.

The announcement read,

“Coinbase Global, Inc., today announced that its registration statement on Form S-1, as filed with the Securities and Exchange Commission (the “SEC”), relating to a proposed public direct listing of its Class A common stock was declared effective by the SEC on April 1, 2021.”

Additionally, a couple of weeks ago, the exchange went on to publish its financial results for 2020. While this was mandatory following the S-1 regulatory filing required to go public, it was revealed that the platform had bagged profits of over $322 million last year.

Cardano [ADA] Slids To 5th Spot After Fresh Losses

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Cardano [ADA] is no longer the third-largest cryptocurrency by market cap. Following the weekend correction, ADA fell to fifth spot underlining a bearish presence in the market despite a rather stellar performance over the past couple of weeks.

The crypto asset has raked significant profit owing to several milestones that the underlying blockchain network achieved. The recent Coinbase listing significantly pushed its price up even as the positive trend was short-lived with its weekly gains decreasing below 11%.

Cardano [ADA] was valued at $1.20, after a depreciation of 5.39% over the last 24-hours. At the time of writing, the crypto-asset recorded a market cap of $38.4 billion and a 24-hour trading volume of $4.67 billion.

Cardano [ADA] Daily Chart:

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ADA fell after oscillating between an ascending channel on the daily chart. The token initiated a fresh climb shortly before turning down after a local top formation. Its value has not slipped under its immediate support and could potentially consolidate in days to come.

As the volatility took a breather, the moving averages continued to project a bullish macro outlook.

ADA’s Technicals Look Bleak

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ADA has outperformed several assets over the last year. This has reflected in its price action and its position on the cryptocurrency ladder. However, the MACD has failed to flip on the positive side after sustaining yet another bearish crossover in less than a week. This evidenced a weak buying demand in the coin marker.

The red closing bar after successive green bars on the index of the Awesome Oscillator also showed a shift in momentum towards the selling side.

The RSI moved south after being turned down from the overbought zone. Even as it held its fort above the 50-median line, it depicted a bearish divergence by forming lower high that corresponded to a higher highs on the price side.

If the Cardano bulls fail to defend its price, bears could potentially move the price towards its immediate support levels of $1.02 and $$0.844 while its resistance remained unbreached at $1.29 and $1.38 respectively.

Cardano [ADA] Becomes 3rd Largest Crypto After Coinbase Support

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One of the world’s largest cryptocurrency exchanges, Coinbase Pro announced adding support for Cardano [ADA] on the 16th of March. Currently, the platform will roll out trading for four pairs including USD, BTC, EUR, and GBP, which will commence from the 18th of March if sufficient liquidity conditions are met.

The official press release also revealed that the order books will launch in three phases; post-only, limit-only, and full trading. Coinbase Pro further stated,

“If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.”

The San Francisco-based cryptocurrency giant also notified that it will only support withdrawals to Shelley addresses [i.e., addresses that start with addr1]. While full support for all Cardano addresses, including Byron and Shelley, will be launched shortly. However, support for the crypto-asset is not yet available on Coinbase.com or through its Consumer mobile apps.

Shortly after the announcement, IOHK CEO, Charles Hoskinson said,,

“I would like to be the first person to welcome Coinbase to the Cardano family. It has been a great relationship and the team that we work with for Rosetta support amongst other things has been absolutely exemplary and professional. I am so happy to see the announcement today. It has been a long road, a lot of very hard work went into that. It’s the beginning of, I believe, a great relationship which is going to extend throughout the years.”

Cardano’s [ADA] Price Skyrockets

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Over the past couple of months, Cardano [ADA] has climbed significantly in the crypto ladder owing to several notable milestones with respect to the underlying blockchain. However, the latest uptick came in response to the Coinbase Pro listing news, as ADA’s value surged by almost 24% over the past day.

It was trading at $1.26, at the time of writing. The crypto-asset rose to the third position in the leaderboard trailing behind Bitcoin and Ethereum respectively. According to the latest stats, it held a market cap of $40 billion and recorded a trading volume of $10.7 billion over the last 24-hours.

Coinbase Custody Accrued 11% of Collective Crypto Capitalization In 2020

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With nearly 3 million monthly active users and over 40 million verified users, Coinbase has undoubtedly witnessed a period of tremendous growth and innovation since its launch back in 2012.

So much so that the custody wing of the US-headquartered crypto exchange reportedly accounted for 11% of the entire cryptocurrency market capitalization at the end of 2020. This also means that approximately a whopping amount of $90 billion worth of assets are currently being held with Coinbase custody.

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This was revealed by the popular crypto-analytics platform, Messari in its latest report.

Coinbase Custody Figures Poised Even During Market Downturn

As noted in the above chart it can be observed that the value of assets custodied with Coinbase has been on a rise since the first quarter of the year.

Despite the damaging consequences and the market-wide repercussions of Black Thursday in March 2020, the figures remained unfazed and continued the uptrend.

However, it was not until the last quarter of the year which saw an astonishing rise in terms of the quantity of crypto-assets stored in custody on the platform. This can be attributed to the growing interest from retail and institutional investors.

It also found that Bitcoin [BTC] and Ether [ETH] made up for 83% of assets on the platform.

Moreover, Bitcoin alone accounted for nearly 70% of the total crypto-assets within Coinbase’s custody services in 2020, a figure that remained consistent even in the last quarter of 2019.

Ethereum holdings, on the other hand, rose from 9% in 2019 to 13% the next year.

Other crypto-assets on Coinbase represented 13% in 2020, with a decline of 2% from the previous year.

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The exchange giant saw a substantial rise in the custody of digital assets during the last quarter of 2020 which was accompanied by the rising prices of Bitcoin and other crypto-assets and the first phase of the 2020 bull run.

Besides, Messari’s report also revealed that the retail clients on the platform represented a staunching 95% of its trading revenue. This class of clients reportedly paid 30x more than the institutional cohort.

The latest development comes a week after Coinbase filed an S-1 report with the United States Securities and Exchange Commission [SEC], according to which the exchange’s direct revenue for 2020 was found to be at $1.1 billion.

Ethereum 2.0 Finds Shelter On Coinbase Even Before Its Launch

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After delaying several times, Ethereum 2.0 had finally made an entry into the crypto-verse. While only Phase zero of the network-wide upgrade made it to the industry, all the other phases are yet to be rolled out. Just as the network is prepping for its huge transition from proof-of-work [PoW] to proof-of-stake [PoS], prominent cryptocurrency exchange, Coinbase affirmed its support for Eth2, specifically by offering staking rewards.

In a recent blog post, the crypto platform announced the latest addition and joined several other exchanges in onboarding Ethereum 2.0.

Ethereum Can Get Coinbase Users Yield Up to 7.5%

Just a few months prior to the launch of Ethereum 2.0 aka Serenity, Coinbase had revealed that it would aid the staking rewards bit of Eth2. Coinbase seemed to be keeping its word as the exchange now offers a waitlist that can be joined by those who wish to stay on par with the potential rollout of the Ethereum 2.0 staking rewards.

In its most recent blog post, Coinbase pointed out that those holding ETH would be able to earn an annual staking reward of about 7.5% just by holding ETH. While this process can secure the ETH blockchain better, the exchange urged people to get in on the action. Those who make it to the waitlist would be offered an array of services once Ethereum 2.0 is rolled out.

Elaborating on the perks of joining the waitlist, the post further read,

“Once off the waitlist, there are no minimum amounts required to stake, and customers can convert, stake, and earn rewards on a portion of Ethereum instead of their entire balance. They will also be able to see their rewards add up in real-time through the lifetime rewards ticker in the Coinbase app or on Coinbase.com.”

As of now, the crypto exchange offers the staking rewards service to Cosmos as well as Tezos, ETH seems to be the latest in the list.

This feature is available for everyone except for those residing in New York.