The largest crypto-based enterprise and exchange platform Coinbase, has joined the ranks of public listed companies at NASDAQ. The COIN ticker is not just a new face on the block, but it has managed to make a grand entry into the cut-throat stock market in a manner that it is impossible to ignore its presence. Both populaces who have stakes in digital assets and traditional investors have felt the tremors of the impact that footsteps of COIN have imprinted on the globally recognized souk.

The first reason for the absurdity of Coinbase listing is that it is the first public trading company that is completely dependent on a decentralized finance framework, i.e., digital currencies. The second reason for the eerie feeling around Coinbase listing is that its market capitalization is already overshadowing big players in the market like Goldman Sachs and PayPal.

How is the Newborn Ticker COIN Doing in the Stock Market?

The COIN ticker can be called everything but a green bud in the stock market. On the first day, its opening bid was valued at $381. Within an hour of trading, the number reached $400. Now the total market capitalization of Coinbase has risen to $100 billion. The crypto exchange company made a smart choice to abstain from organizing an IPO and instead went for a direct listing. 

The largest digital asset exchange has now made the history of being the most successful direct listing in the world. The COIN valuation for the opening day was 80 percent higher than the original estimations and preceded all expectations. The benchmark was set at $250 at most for the first day. The COIN ticker also paid homage to the leading coin by opening with a 21-second countdown symbolizing the 21 million Bitcoin volume.

Is Coinbase Going to Become the Next Amazon?

At the moment, Coinbase enterprise is worth more than the largest stock exchange company in the world, the New York Stock Exchange. However, many are speculating that it is to be seen that how the enterprise does during a crypto autumn season. During the 2018 bear market, the company revenue went 44 percent down. Coinbase has come a long way from its $600,000 Y Combinator startup incubator days since 2012. 

To get the SEC approved, the company hired the services of former SEC director Brett Redfearn. The exchange is so confident that it has even started to allow XRP token trading on the platform. However, it is getting tough competition from competitors like Binance and Kraken. It is going to be interesting to see the next move of the company with 6.1 million active users.