Coinbase, widely recognized for its global presence and diverse services, recently came under the spotlight with the news of withdrawing its pre-application for the Turkish market.
Coinbase Withdraws from Turkish Market
The latest list of national regulators indicates that Coinbase has withdrawn its application to enter the Turkish market. The reasons for this decision remain unclear at this point, with speculated causes being the unclear rules and regulations in the nation. An official statement from the company is awaited. Despite this, companies like Bitfinex and Rain Software continue to explore the growing market of Turkey.
Partnerships and Operations of Coinbase
Coinbase continues to strengthen its position on the global market. In June 2024, the company announced a partnership with Stripe to promote the use of cryptocurrencies. As part of this collaboration, Coinbase integrated the Stripe's fiat-to-crypto onramp into its Coinbase Wallet, enabling users to purchase cryptocurrencies using credit cards or Apple Pay. In October 2024, Coinbase announced an alliance with Visa to enhance real-time account funding for its customers.
Financial Outlook of Coinbase
At the time of writing, Coinbase's stock was trading at $296.20, representing a 4.75% decline over the last 24 hours, yet a significant 132.32% growth in the year-to-date frame. The company boasts a market capitalization of $73.43 billion, marking an increase of over 70% this year. In the third quarter of 2024, Coinbase reported $1.21 billion in revenue with $75.45 million in net income. It is expected that the company will report $1.33 billion in revenue for the upcoming period, with an annual revenue expectation of $5.55 billion.
Coinbase remains a leading player among cryptocurrency exchanges, fostering international partnerships and showcasing impressive financial results.
