Coinbase Global (COIN 7.22 percent) jumped as much as 11 percent and was trading 10.6 percent higher.
Tuesday saw the crypto market turn bullish as investors returned to riskier assets. On Monday after the market closed and on Tuesday morning, earnings were very favorable, and this is propelling risky assets higher today.
Coinbase Prime subscribers, who are often institutional investors, now have the opportunity to stake their coins. This may provide passive revenue to investors via blockchain transaction fees.
Coinbase Prime subscribers, who are often institutional investors, now have the opportunity to stake their coins.
Coinbase also allows staking for the cryptocurrencies Solana, Polkadot, Cosmos, Tezos, and Celo. This may be a fantastic new income source for Coinbase, and as investors place a greater emphasis on security, this platform might create substantial money for the firm.
The significant increase this morning seems to be nothing more than market turbulence. Positive earnings reports encouraged investors to reinvest in riskier assets, which cryptocurrencies unquestionably represent.
When Coinbase publishes results the next week, further significant information will become available. Keep in mind that income streams from staking, cloud services, and other goods will play a significant role in the company’s future. Investors will want to see how well trading volumes are holding up. I wouldn’t anticipate a profit for the quarter, but investors may be satisfied with a strategy to survive till the market swings back.
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