Coinbase will land on the Nasdaq market today, and the first cryptocurrency exchange will be listed on the mainstream financial market. This is indeed a milestone node for the entire cryptocurrency industry.Cryptocurrency exchanges are the most important part of the cryptocurrency ecology. As the largest compliant cryptocurrency exchange in the United States and the fourth largest cryptocurrency exchange in the world, the listing of Coinbase is undoubtedly an injection into the entire cryptocurrency field. Stimulus, the successful listing of Coinbase will bring greater exposure, mainstream interest and more realistic valuations to the cryptocurrency industry.
Affected by the listing of Coinbase, the platform currencies of major exchanges recently: BNB, OKB, and HT have ushered in a sharp rise, constantly setting new historical highs; ETH broke through $2,300, and the entire market created a good atmosphere for the Coinbase listing.
Coinbase was co-founded in June 2012 by former Airbnb software engineer Brian Armstrong, former Goldman Sachs trader Fred Ehrsam and Blockchain.info co-founder Ben Reeves. Coinbases original mission is to build a global, open financial system that promotes innovation and freedom.
When Coinbase was founded, the Bitcoin network had only been online for more than three years. At that time, there were few people who knew about Bitcoin, and even fewer exchanges, including a few such as Mt.Gox and Bitstamp. Coinbase can be called a trading platform. Veterans of the industry.
The early development does not necessarily mean the best development. As one of the oldest exchanges, Coinbase is indeed unable to keep up with the rising stars Binance, OKEX, and Huobi in terms of profitability. Binance has 1,065 trading pairs, OKEX has 721 trading pairs, Huobi has 1,047 trading pairs, and Coinbase only has 162 trading pairs; 4.14 24h transaction volume comparison, Binance is 124.3 billion US dollars, OKEX is 37.4 billion US dollars , Huobi is $47 billion, while Coinbase is $4.3 billion; in this comparison, we can actually see that Coinbase is completely inferior to Binance, OKEX, and Huobi in terms of transaction volume and number of trading pairs.
However, Coinbase did become the most successful one, Coinbase became the first cryptocurrency exchange to land on the Nasdaq market. The success of Coinbase is multifaceted and influenced by national policies. Compared with the domestic heavy chain suppression of currency, the United States policies in this area require various policies to supervise and rectify the entire market. As an obedient cryptocurrency exchange, Coinbase is a product and policy of the United States in the field of encryption.
Compared with other exchanges, Coinbases biggest hole card is compliance, which is also one of the main reasons for its successful listing on Nasdaq. One thing we can intuitively feel is that in the currency circle, if a coin can be listed on Binance, generally speaking, it will rise sharply; if it is rumored to be listed on Coinbase, then this coin will definitely skyrocket. Coinbase is a symbol of quality, and Behind this quality assurance is compliance. This currency is compliant, so there are so few currencies on Coinbase, but it is indeed a high-quality and guaranteed currency. The success of Coinbase comes from this kind of compliance, and this kind of compliance Coinbase is from beginning to end.
On March 18, 2013, the U.S. Financial Crimes Enforcement Agency (FinCEN) issued an Interpretive Guidance stating that institutions that manage or trade virtual currencies such as Bitcoin should be considered money transmitter agencies subject to state licensing, Bound under the Federal Registration and Bank Secrecy Act. At that time, not many people paid attention to this, because the crypto exchange was too niche. However, Brian Armstrong and Fred Ehrsam had such an in-depth communication that night, and they always believed that building the Coinbase brand will allow more users to participate. Come in, compliance will be the way out for Coinbase, and Coinbase has also registered for compliance at a cost of millions of dollars.
Coinbase also spares no effort and spends a lot of money on the road to compliance. In January 2015, Coinbase became the first licensed exchange in the United States, and in January 2017, it became the third Bitcoin license holder in New York State. At present, Coinbase has the Money Transmitter License of 50 states in the United States. At the same time, it has become one of the few exchanges that has a BitLicense issued by the State of New York for digital currency exchanges, and has obtained legal trading licenses in 33 countries. And open up payment channels.
Coinbases compliance path has provided conditions for it to enter the Nasdaq market; the success of Coinbase marks that the cryptocurrency industry has also begun to receive the attention of the mainstream market, bringing new development opportunities for the entire cryptocurrency industry.
