Riding on the wave of a broader market rally, Coinbase stock has rallied upward by more than 60% within the last two weeks exceeding more than $84 per share.

The increase in the stock value of the crypto exchange company is coming amid the banking crises in the United States. 

Investors King understands that Coinbase in the past few months has been on an expansion spree, extending its presence in Asia and South America. Recently, the company signed a partnership with MasterCard to ease crypto adoption in Hong Kong. 

Coinbase is clearly looking overseas to expand: just last week, the San Francisco-based company said it was accelerating its “Go Broad, Go Deep” strategy to grow its presence on every continent except for Antarctica.

Similarly, the company also revealed an integration plan with the Central Bank of Brazil-led payment platform Pix to “localize” its app allowing customers in the country to buy and sell crypto with Brazilian currency, “Reals”.

Coinbase even added that it would also provide customers with 24/7 chat support in Brazilian Portuguese.  The company’s Vice President of International and Business Development Nana Murugesan said Coinbase’s investment arm, “Coinbase Ventures”, had been focusing on Brazil by investing in crypto companies in the country such as Hashdex and Ledn.

“We established a technology hub in the country in 2021, with engineering talent developing crypto and Web3 technologies using Brazilian expertise for Brazil and beyond.”

The recent surge is not so surprising as several factors including those above significantly boosted the value of Coinbase stock. The company’s stock surged by more than 12% during the opening of the market Tuesday. 

About Coinbase 

Coinbase, which went public in 2021 and trades under ticker COIN on the Nasdaq. Founded by Brian Armstrong in 2012, Coinbase is a distributed company; all employees operate via remote work and the company lacks a physical headquarters. It is the largest cryptocurrency exchange in the United States by trading volume. 

After a period of bearish trends, the Nigerian Exchange Limited (NGX) rebounded on Tuesday to post a N10 billion gain.

The market capitalisation of all the listed equities grew by 0.03% to close the day at N29.909 trillion while the NGX All-Share Index expanded by the same 0.03% to 54,906.65.

Market sentiments were even as both gainers and losers had 12 equities each on their charts at the close of the day’s trading. However, Linkage Assurance, Wapic, and Champion led the gainers’ table, gaining 9.76 per cent, 7.89 per cent, and 4.26 per cent, respectively.

On the other hand, Ikeja Hotel, Cadbury, and UPL topped the losers’ table with 9.65 per cent, 5.83 per cent, and 4.76 per cent loss, respectively, in their share values.

In terms of the most traded stocks, Zenith Bank led with 11,964,640 shares worth N298.835m exchanged in 255 deals, followed by GTCO with 10,472,370 million shares worth N258.239m traded in 252 deals. MTN Nigeria was the third most traded stock with 421,619 of its shares valued at N98.138m.

The rebound of the Nigerian Exchange Limited signifies a positive outlook for investors. As Nigeria’s economy continues to recover from the pandemic’s effects, the stock market is poised to bounce back, providing lucrative investment opportunities for local and foreign investors alike.

It is important to note that investing in the stock market comes with risks and rewards, and it is advisable to seek professional advice before making investment decisions.

American financial services company that facilitates commission-free trading of stocks and exchange-traded funds via mobile app Robinhood has been called out by users over refusal to pay out profits made on Silicon Valley Bank stock (SBNY) following the collapse of the bank.

Several Robinhood users who predicted a possible slump in the bank stock price, swiftly purchased put options on the stocks before it collapsed.

The problem is, according to users of the trading app, Robinhood isn’t allowing them to sell their contracts or get paid, while a slew of the contracts is set to expire on Friday which has left them frustrated.

Several users of the platform who have taken to Twitter to express their grievances disclosed that their trades on SBNY stock were halted by the firm after it disclosed that they won’t be able to cash out their profit as the stock is no longer trading.

Users have continued to ask the all-important question of why they were allowed to buy put contracts on stocks they didn’t own in the first place if that was a condition for getting paid if a situation like this played out. On the request to know if the stock is going to trade again, the company revealed that it doesn’t know yet.

A Twitter user @OmniBubblebear, took to his Twitter handle to share the message he received from Robinhood after trading on SBNY stock, the message reads,

“Per your request, I’ve included some additional details about your SBNY puts. As discussed, you are currently unable to exercise the long puts because you currently do not hold shares of SBNY. As you may know, Robinhood does not allow short positions.

“I also looked into the possibility of transferring the position out of Robinhood, however, ACAT transfers take 5-7 business days to complete, and your options expire on 03/17/2023. There is no way for us to expedite a transfer, so the contracts would most likely expire before the transfer completes.

“I know this is not the outcome you were expecting, but I hope I was able to clarify why we are unable to exercise your long puts. If you have any additional questions regarding the stock or the halt, I recommend reaching out to SBNY investor relations.”

Following the incessant complaints that have seen users call out the company, Robinhood CEO Vlad Tenev took to his Twitter handle to tweet that the firm was working to resolve the issue as soon as possible.

Investors King understands that about three months ago, Robinhood was hit with a huge fine of $70 million for misleading customers and encouraging potentially ruinous trades. The app reportedly used push alerts that encouraged users to make trades that could potentially put them in debt.

The company lost users after federal regulators fined them for several misleading practices. In a bid to lure users back on its platform, it introduced fee-free individual retirement accounts aimed at gig workers, who don’t always have access to retirement savings plans. 

According to the Wall Street Journal, roughly 80% of Robinhood’s customers are millennials and the average customer age is just 26. Robinhood typically only supports trading stocks and ETFs listed on the Nasdaq and New York Stock Exchange, and normally does not support over-the-counter securities such as those traded on OTC Markets.