“That’s a valuation of $66.5 billion, assuming an estimated 266.2 million shares outstanding.
The reference price is discovered using public financial information along with market sentiment and is usually a conservative estimate. This figure came is 27% lower than what Coinbase last traded at in the private secondary market, $343.58 per share.“
“Coinbase’s listing on Nasdaq sends a powerful signal of legitimacy to the U.S. cryptocurrency community, as well as to the crypto-curious in the traditional financial world.
Coinbase going public is possibly a model for other crypto companies looking to navigate U.S. federal securities laws, and Coinbase’s status as a Securities and Exchange Commission-regulated company might make it more attractive to investors on the fence about the digital asset space. Coinbase’s sheer size and role in the sector might be the tipping point for some investors who were previously cautious about entering the space.
Coinbase will now be a publicly traded company, apparently at a very high valuation and that will make people think a bit more seriously about companies in general in the space.”
“Prices for bitcoin rose 6% on the day, reaching as high as $63,661. Ether set a new high water mark of $2,271. Analysts had signaled that the extra publicity and investor-relations chatter surrounding the Coinbase listing might lead to an uptick in the pace of cryptocurrency adoption, or at the very least, speculation.
The dynamics have changed quite dramatically this year. Demand is flooding the market from institutions just as large amounts of bitcoin and ethereum are increasingly being taken offline and holders are transferring them to their own wallets. There is only one outcome from that, and investors should expect higher highs and higher lows throughout the year.
Chart patterns suggest that bitcoin prices have broken out of their recent trend and aren’t expected to hit price resistance until it rises to $68,000-$70,000.“
“The ConsenSys chief could not go into detail at this time about what was being built with the large financial institutions that invested in the round, but said:
We have multi-year commercial arrangements with JPMorgan and Mastercard, and have commercial activity with UBS.
Having toughed it out through the crypto winter of 2018-19, Tuesday’s bullish fundraising announcement is further evidence ConsenSys has found its footing. The firm has now been successfully restructured into two parts: a core software business (CSI) and an investment and incubation arm known as ConsenSys Mesh.
The general tightening of the ship has seen ConsenSys appear to chart a course away from consulting and services, towards being more product- and revenue-focused. For example, with Mastercard as an investor, ConsenSys engineers are using the Quorum blockchain to build a permissioned network for commerce and finance.
With this in mind, Lubin pointed to the Baseline Protocol, a way of enabling organizations to link their systems of record to one another using a global frame of reference: the Ethereum mainnet. As such, ConsenSys is positioned to build the infrastructure needed to make institutional DeFi a reality.”
“Three years in the making (a lifetime in crypto), Thorchain works a lot like other automated market makers (AMMs) such as Bancor and Uniswap, but with an important difference: it enables trades of real cryptocurrencies from completely different blockchains – not “wrapped” or synthetic versions.
If it works as intended, users will be able to make such swaps with real currencies (not an ersatz version like wrapped BTC on the Ethereum network) and without having to trust an intermediary. Thorchain will start by allowing trades of bitcoin (BTC), ether (ETH), litecoin (LTC), bitcoin cash (BCH) and Binance Chain’s BNB.
You’ll be able to swap freely from one chain to another, one asset to another. If you want to swap layer-1 real bitcoin with layer-1 real ETH, you can do it.
Bringing trustless trading to many of the biggest chains while skipping the friction of making a copy of a coin on one chain seems likely to drive a lot of activity. The Thorchain launch is also a reminder of the long-term competitive threat DEXs pose to centralized venues like Coinbase ahead of that company’s hotly-anticipated stock listing.”
“A Switzerland-based cryptocurrency custody company is expanding its offering so that clients can get exposure to more esoteric areas of public blockchain such as decentralized finance (DeFi) and proof-of-stake (PoS) mining. Its clients include several large banks such as Standard Chartered Bank, BBVA and Gazprom Bank’s Swiss division.
Adrien Treccani, CEO and Founder of METACO said the first wave of demand for exposure to DeFi, staking and the like is coming from Swiss private banks that serve high-net-worth consumers.“
“U.S. headline inflation rose to a 12-month pace of 2.6% in March, the Labor Department’s Bureau of Labor Statistics reported in its latest CPI report, accelerating from the 1.7% increase reported last month. The pace exceeded economists’ average estimate for a 2.5% increase.
The gauge of consumer prices is now rising at its fastest since August 2018. Powell has said he views higher inflation as temporary and not enough for the U.S. central bank to alter its record-low interest rate policies.”
“The New York Stock Exchange (NYSE) minted its first set of non-fungible tokens (NFTs) on Monday with six homages to hot tech stocks that debuted on the world’s largest bourse. The NFTs memorialize first trade metadata for Unity, Coupang, Snowflake, Spotify, Roblox and DoorDash. They appear to live atop Crypto.com’s native blockchain.
The NFTs were gifted to their respective companies. The source explained NYSE has no plans to sell NFTs – not now, not ever – though Cunningham has announced that more are on the way.“
“The European Union’s lending wing is reportedly planning to trade, settle and sell digital bonds using blockchain technology.
The European Investment Bank (EIB) tasked Goldman Sachs, Banco Santander SA and Societe Generale AG with assessing the feasibility of settling and registering the bonds using the nascent tech. No date was given for the initial sale.”
“Potential money launderers aren’t really using bitcoin – and of those who are, many are likely to move away from the cryptocurrency due to the fact every transaction is recorded and visible to all. That’s one conclusion of a report published by the Crypto Council for Innovation, a new lobbying group hoping to inform and influence regulatory actions around the cryptocurrency sector.
As more seizures and arrests are made, we believe illicit actors – who are technology agnostic – will continue to move away from using Bitcoin for money laundering purposes to other avenues that make it easier for them to hide their activities.”