Instead of tearing the ground asunder and swallowing Wall Street whole, Coinbase’s direct listing on Wednesday was a conventional, though thoroughly successful, affair. Seen as a litmus test for cryptocurrencies in mainstream finance, investors snapped up the shares and sent the price soaring more than 50% higher directly after launching on the Nasdaq. Briefly topping out at $100 billion, the valuation of the cryptocurrency exchange was not far off Facebook’s back in 2012, and easily dwarfed some of the biggest exchange companies in the world, including Nasdaq itself. Advocates of Bitcoin, Ether and a broad range of other cryptocurrencies traded on Coinbase’s exchange would like to tell you the listing is a vindication of the digital tokens, and proof of their ascent toward becoming a mainstream asset class alongside fiat currencies or commodities. But cryptocurrencies still have a long way to go. The issue of volatility Companies like Coinbase are forced to bare all when going public. A quick flick through the paperwork reveals what keeps its bosses up at night: volatility. This is at once the greatest strength and weakness of both Coinbase and crypto. DW business writer Daniel Winter thinks cryptocurries aren’t mainstream … yet High trading volumes are… Read full this story
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