1:28
- ABC News
- April 14, 2021
Cryptocurrency platform Coinbase goes public
The crypto platform went public via direct listing on the Nasdaq Wednesday.
Coinbase users primarily trade Bitcoin and Ethereum. Both cryptocurrencies were trading at new all-time highs ahead of Coinbase's public debut.
Analyst Daniel Ives of Wedbush Securities called the listing \"potentially a watershed event for the crypto industry\" and something Wall Street \"will be laser focused on to gauge investor appetite.\"
\"Coinbase is a foundational piece of the crypto ecosystem and is a barometer for the growing mainstream adoption of Bitcoin and crypto for the coming years in our opinion,\" Ives wrote in a note Tuesday.
As cryptocurrency goes mainstream, more companies are jumping on the bandwagon.
PayPal said late last month that it was giving its users the option to pay with cryptocurrency at the millions of online retailers that accept its payment service. Just a week before PayPal's announcement, Tesla CEO Elon Musk said his electric vehicle company was now accepting Bitcoin as a form of payment.
Bitcoin has skyrocketed in value over the past year. It went from trading at less than $10,000 in April 2020 to over $63,000 in April 2021.
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