Coinbase is known for its diverse services and wide presence all over the globe; most recently it came into the spotlight that the exchange has withdrawn its pre-application to enter the market of Turkey.
The most updated list released by the national regulators quotes that Coinbase has withdrawn its application as of now. Despite its withdrawal, Bitfinex, Rain Software, and others still stand on the list to explore the growing market of the nation.
Total number of firms filing for liquidation in the nation has surpassed the mark of 10 reaching 14, and nearly 77 remain in the process. Coinbase joined the list of firms seeking liquidation applications in January this year.
Yet the reason behind the withdrawal still remains unclear, yet speculated reasons are the unclear rules and regulations in the nation and the official statement of the company is still awaited.
Coinbase to become a leader among crypto exchanges!
In terms of spot trading volume, Binance stands at the top of the list with $42,143,263,919 intraday volume followed by Bybit with $8,775,463,907, Coinbase with $7,294,750,894 and its monthly user visitor 64, 065.
Available data states XRP is the most traded cryptocurrency on Coinbase followed by Bitcoin, Ethereum, Dogecoin, Tether, Hedra, Stellar, Shiba Inu, and Solana.
In June 2024, it was revealed that Coinbase and Stripe partnered to promote the global use of cryptocurrencies. As part of this collaboration, Coinbase integrated Stripe’s fiat-to-crypto onramp into its Coinbase Wallet, enabling users to purchase cryptocurrencies instantly using credit cards or Apple Pay.
Coinbase announced, on October 30th, an alliance with Visa to improve its real-time account funding for its customers. Following the partnership with Visa Direct, the exchange aims to provide customers with faster, more reliable, and more secure money transfer solutions, offering greater convenience and innovative financial tools in the United States and the EU.
Coinbase leads its operations in over a hundred countries, serving millions of users. It offers support to major fiat currencies like USD, EUR, and GBP, and offers trading for more than 150 crypto assets including BTC, ETH, AVAX, SOL, ADA, USDC, DOGE, MATIC, and USDT.
When writing the stock of Coinbase was trading at $296.20 with a decline of 4.75 percent in the past 24 hours, however, the price has shown tremendous growth of 132. 32 percent in the YTD frame. The company has a market capitalization of $73.43 billion which surged more than 70 percent in the ongoing year.
In the third quarter of 2024, Coinbase reported $1.21 billion in revenue with $75.45 million in net income and 6.26 percent in net margin. Despite short-term bearishness in trading price COIN stock succeeded in surpassing its annual price target of $270.25.
Finance experts speculate that the company is expected to report $1.33 billion in revenue and the annual revenue expectation is $5.55 billion.
