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.