By
Temitope Olatunji
April 26th, 2024
With about 425 million owning crypto and more than 80 percent of G20 countries moving towards enabling digital assets, Coinbase is confident the industry will unlock economic freedom to billions of users.
The cryptocurrency industry has continued to evolve with the market needs and the fast-changing global regulatory landscape. The trillion-dollar industry is preparing for mass adoption with about 425 million global investors owning various crypto assets. Moreover, more governments around the world have been perpetuating poor monetary policies that weigh heavily on ordinary investors over the years. With Bitcoin (BTC) already at the tipping point where no government in the world can stop its mainstream adoption, experts believe the digital asset is on the cusp of historical wealth transfer.
As a result, leading United States-based cryptocurrency exchange Coinbase Global Inc (NASDAQ: COIN) has been busy building the necessary infrastructure to seamlessly onboard billions of new users in the coming years.
“Today in the US, half or more of key consumers and voters are actively seeking alternatives to the current system, including 52 percent of adults aged 18-40, six in 10 Black Americans, and nearly half, representing about 47 percent, of Hispanic Americans. Crypto is helping to create a more open, more global system,” Coinbase noted.
Closer Look at Coinbase Crypto Products
As a veteran cryptocurrency exchange that has been in operation since 2012 and obtained regulatory approval in dozens of global jurisdictions, Coinbase has developed the necessary infrastructure to enable the seamless adoption of blockchain technology and crypto assets. Furthermore, the cryptocurrency exchange has an average quarterly traded volume of about $76 billion and over $114 billion in assets safeguarded.
One of the most prominent recent products of Coinbase is the Ethereum-based layer two scaling solution dubbed Base, which has grown to over $418 million in Total Value Locked (TVL), and more than $315 million in stablecoins market cap.
The Coinbase Wallet is an important platform that enables both retail traders and institutional investors to store funds safely and seamlessly access the company’s deep crypto liquidity. Amid the heightened crypto regulatory crackdown in the United States, Coinbase has accelerated its strategy to offer its services to the international markets. Notably, the company’s International Exchange, which offers both spot and perpetual futures trading, has recorded notable growth in the past year. Already, Coinbase has received operating licenses in Canada, Spain, and Bermuda, and established Ireland as its European Union MiCA entity location.
Other notable products developed by Coinbase include Coinbase Card, Coinbase Pay, Coinbase Cloud, and Coinbase Earn, among many others.
Market Outlook
Having strategically organized itself for mass adoption of crypto assets and Web 3.0 products, Coinbase stock has rallied more than 355 percent year to date to trade around $159.84 on Wednesday. The company anticipates gaining more value after the United States Securities and Exchange Commission (SEC) approves the dozen spot BTC exchange-traded funds (ETFs) and the fourth halving takes place in April.
