Is Coinbase Effect Dead? Crypto Assets Show Minimal Movement After Listing
In a continuation of good news for crypto asset Stellar, Coinbase recently announced the listing of XLM on its platform. Markets reacted positively to the news, with a 4% increase against the Dollar, but similar to XRPs recent listing on the platform; investors were left feeling somewhat disappointed.
Is this further confirmation of Coinbases diminishing influence? Or, were past pumps the result of market manipulation?
To be fair, a good amount of altcoins followed similar movements…
Also, the Coinbase listing pump appears basically dead. $XLM initially jumped 7%, now sitting around 5% above the announcement level. Nothing to write home about in crypto land
— Crypto Bobby (@crypto_bobby) March 13, 2019
Coinbase Making All The Right Moves
2018 proved to be an outstanding year for Coinbase. For instance, rumors of an imminent IPO circulated when they announced a successful round of investment fundraising to the tune of $300 million – which puts a valuation of $8 billion on the company. They said the money would be spent on building out fiat to crypto infrastructure. But were quick to quash suggestions of a public offering by saying:
we would always remain a crypto-first company.
Coinbase Ventures, their investment division, also invested in several startups last year. This move brought Nomics, Securitize, Starkware, and Abacus on board, adding data and API specialism to their portfolio. But perhaps most significant was their collaboration with technology company Circle to develop the USDC stablecoin. USDC has since made great strides in a short amount of time. Circle CEO, Jeremy Allaire celebrated its achievements at the end of last year by signaling his ambition to overtake Tether. And with leading exchanges including Bitfinex, KuCoin, Binance, Poloniex, and Korbit listing the coin, 2019 holds great promise.
— Jeremy Allaire (@jerallaire) December 31, 2018
Retail Investors Not Forgotten
Aside from the corporate goings-on, retail investors can now make instant withdrawals to PayPal. Also, with the introduction ofRead full story on NewsBTC