Shares of Coinbase Global are up more than 91 percent to trade around $69.72 on Tuesday amid bitcoin’s 2023 pump.
Coinbase Global Inc (NASDAQ: COIN) was served a Wells notice from the US Securities and Exchange Commission (seconds) for an undefined portion of its listed digital assets, Coinbase Earn, Coinbase Prime and Coinbase Wallet. along with many other top centralized exchanges including bittrex And binance Under the SEC’s radar, Coinbase Global has begun exploring global options, particularly in the United Kingdom and the European market.
Coinbase Expands Operations Outside the US
According to a series of tweets by the CEO of Coinbase Global Brian Armstrong, a meeting with the United Kingdom’s Economic Secretary and City Minister Andrew Griffiths assured the crypto market of sensible regulations to drive consumer protection and economic growth. As a result, Armstrong said the exchange is excited to continue investing in the United Kingdom’s crypto market.
“In short, there are things happening in Europe that are propelling the region forward and the region is preparing for a seismic shift in the way it thinks about and uses money when it comes to embracing the digital economy.” is,” coinbase wrote in a blog post.
Nevertheless, Armstrong disapproved of actions by some banks in the United Kingdom to block fiat payments to crypto companies. The crypto executive stressed that banking institutions in the United Kingdom should only focus on proper fraud controls, but not an outright ban on all transactions. Furthermore, such actions hinder the utility of the real case that Armstrong and the rest of the crypto community are advocating.
United Kingdom Prime Minister Rishi Sunak has previously announced that the country is open to emerging technologies including the blockchain and cryptocurrency industry. As a result, a study revealed that around 22 percent of adults in the United Kingdom currently own cryptocurrencies. Interestingly, Coinbase research shows that around 28 percent of the adult population of the United Kingdom are likely to buy crypto assets in the next 12 months.
Specifically, Coinbase Global is banking on a report that found 84 percent of United Kingdom adults believe the global financial system unfairly favors powerful interests. Interestingly, 65 percent of adults in the United Kingdom agree that inclusivity requires significant changes to the financial system.
The exchange is also exploring market options in African countries, where adoption is growing rapidly, to hedge against inflation.
If you are using crypto in Africa, reply with a short video (<30 seconds) or photo of how you are using it. Some of the best examples fetch up to $100 in crypto. use hashtags #cryptoafrica
And if you haven’t already, try the Self-Custody Coinbase Wallet – send feedback https://t.co/zWvaH1nerF
— Brian Armstrong (@brian_armstrong) April 7, 2023
market Outlook
Shares of Coinbase Global are up more than 91 percent to trade around $69.72 on Tuesday amid bitcoin’s 2023 pump. Coinbase Global holds BTC balances of approximately 484,486 bitcoin, according to aggregated data provided by CoinGlass. With a market capitalization of approximately $16.19 billion, Coinbase Global is well positioned to explore global markets amid increasing mainstream adoption.
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