Coinbase goes live with Nasdaq on Wednesday Coinbase goes live with Nasdaq on Wednesday 15th April 2021 “The Coinbase listing is seen as a landmark moment for the cryptocurrency industry”
C oinbase , the biggest US cryptocurrency exchange, went live with its direct listing on Nasdaq , on Wednesday.
The share fluctuated in the first hours of trading starting at $381 and initially jumping above $400 but dropping as of press time to about $378 .
Trade analysts and economists characterized the share sale as a milestone for cryptocurrencies.
The event has also been identified as a catalyst that might drive the adoption of digital assets .
Based on the latest trading price, Coinbase would have a market capitalization of $76 billion .
The initial trading price was 52% above the reference price of $250 a share published late Tuesday by the Nasdaq.
Instead of the conventional IPO process, Coinbase chose to go for a direct listing, where existing shareholders can sell their shares directly on the exchange.
New investors including those from India, can start purchasing shares of the company as soon as the listing place.Tags : Facebook’s Libra cryptocurrency attacked at Court hearing 9th April 2021 “Senators are concerned about the issues regarding how Facebook is planning to prevent money laundering ”
L ast month, Facebook unveiled the plans of releasing their own cryptocurrency named Libra along side Calibra, wallet for Libra.But now Facebook’s plan for a cryptocurrency has come under attack at a US hearing, with politicians calling the company “delusional” and not trust worthy.senator Sherrod Brown said, The company had showed “through scandal after scandal that it doesn’t deserve our trust.”
Facebook last month announced plans to launch a digital currency, possibly next year.But to do so it needs to get Washington lawmakers on its side.
Since it unveiled the plan, critics have lined up to voice skepticism, including US president Donald Trump.
The Senate Banking Committee is questioning Facebook executive David Marcus over the tech giant’s intention to launch its Libra digital currency.Martha McSally a Republican senator said “I don’t trust you guys, instead of cleaning up your house you are launching into a new business model.” Facebook was told to clean up its house before launching a new business model.
David Marcus who was president of PayPal from 2012 to 2014 said “We know we need to take the time to get this right.” He tried to assure concerns in his opening remarks by promising that Facebook will not begin offering Libra until regulatory issues are addressed.
Senators are concerned about the issues regarding how Facebook is planning to prevent money laundering through the new payment system and how consumers’ data and funds will be protected.
For that Facebook pledged that the Libra Association – the supposedly independent body tasked with managing the currency – will only share customer data with Facebook and external third parties if it has consent, or in “limited cases”, where it is necessary.
David Marcus told the hearing: “The way we’ve built this is to separate social and financial data because we’ve heard loud and clear that they don’t want those two types of data streams connected, so this is the way the system is designed.”Facebook will only have one vote and will not be in a position to control the association, nor will Facebook or the Libra Association position themselves to compete with sovereign currencies or interfere with monetary policy,”
Even though, Libra is a democratic, open system over which Facebook does not have control.On the other hand, Calibra very much is Facebook’s product meaning it will be backed by the world’s biggest and most powerful social network which might become the dominant force in global cryptocurrency..
