Crypto exchange Coinbase has announced a significant growth milestone, surpassing a market cap of over $100 billion. This event attracts attention from both investors and analysts towards its long-term prospects.
Growth of Coinbase Capitalization
Recent data shows that Coinbase shares (COIN) hit an all-time high of $398.50 during trading on July 14, closing at around $394, which is a 2% increase compared to previous trades.
Future Prospects
Kyle Reidhead, co-owner of the specialized media Milk Road, compared Coinbase's success to companies like Amazon and Netflix, suggesting it might become a trillion-dollar company in the coming years. Notably, confidence in Coinbase's future is bolstered by the growing interest of institutional investors in cryptocurrencies.
Coinbase's Role in the Financial System
Coinbase CEO Brian Armstrong stated that cryptocurrencies can help address key issues in today’s financial system, such as rising debt and distrust in banks. Coinbase aims to expand its services, transitioning from a trading platform to a full-fledged financial services provider.
Coinbase's $100 billion market capitalization underscores its significance in the cryptocurrency market and presents new challenges and opportunities in transforming the global financial system.
