As Bitcoin and other cryptocurrencies strengthened, the share price of cryptocurrency exchange Coinbase soared. In less than two weeks, Coinbase shares have risen by around 56 percent, exceeding more than USD 83 or the equivalent of IDR 1.2 million (assuming an exchange rate of IDR 15,301 per US dollar) per share, the highest in six months.
Reporting from Yahoo Finance, Wednesday (22/3/2023), Coinbase’s recent resurgence reflects a broader rally in the crypto market. On Sunday, 19 March 2023, Bitcoin crossed USD 28,000 or equivalent to IDR 428.4 million for the first time since June 2022, as investors turned to digital assets amid fears of a banking crisis.
Other cryptocurrencies are also up, including Ether, the second largest cryptocurrency by market capitalization and the native token for the Ethereum blockchain, which has gained 20 percent in less than two weeks. The rise in share price is welcome news after a difficult year for Coinbase, which reported fourth-quarter earnings that include a net loss of USD 2.6 billion in 2022.
Amidst the prolonged crypto winter, cryptocurrency exchanges are reporting a 50 percent drop in total trading volume compared to 2021.
The company, led by founder and CEO Brian Armstrong, has also been battling an increasingly hostile regulatory landscape as the US Securities and Exchange Commission (SEC) and federal government have mounted a widespread crypto crackdown following the sudden collapse of FTX.
Coinbase Meets Australian Regulators, Green Lights Local Crypto Rules
Previously, the Reserve Bank of Australia (RBA) held a private meeting with Coinbase executives. The meeting of the parties discussed the future of crypto regulation in Australia. Coinbase vice president of international policy, Tom Duff Gordon, who is reported to have flown in for the meeting, confirmed to Cointelegraph that the meetings took place with the Treasury Departments in Canberra and Sydney.
Gordon said the meeting discussed government token mapping efforts, and Coinbase also shared insights on global best practices regarding licensing and storage of such instruments.
Launching Cointelegraph, Friday (17/3/2023), token mapping by the Australian Department of Finance was announced on August 22, and is intended to categorize digital assets by incorporating them into the existing regulatory framework. The consultation paper was released by the Ministry of Finance on February 3, in which the Ministry of Finance asked for feedback from the crypto industry.
Gordon commended the efforts of the Department of Finance. He expressed his wish to see the rule finalized by the end of this year
“The Australian Department of Finance team continues to impress us with their high level of sophistication and active engagement. The Australian Department of Finance token mapping exercise provided one of the most detailed and thoughtful papers we have come across on this topic, setting a solid foundation for their upcoming draft of regulations for crypto exchanges and custodians,” said Gordon
In contrast, Coinbase co-founder and CEO Brian Armstrong criticized the approach to crypto regulation in the United States. He echoes the notion that the Securities and Exchange Commission (SEC) deliberately regulates enforcement and claims that the SEC wants companies to register with them, even though there is no way to register.
Get to Know What Coinbase Is, A Crypto Exchange Company
Previously, Coinbase was currently busy being a public conversation everywhere. Coinbase itself turns out to be a company name that is engaged in crypto exchange and is located in the United States. Coinbase user customers trust this company in exchanging cryptocurrencies because they are very trusted. Even so, services from Coinbase are currently not usable in Indonesia.
Coinbase recently decided to suspend trading of the stablecoin Binance USD (BUSD). This news has also been announced on their official social media and the suspension starts March 13, 2023.
What is Coinbase?
Even though it is not accessible in Indonesia, the Coinbase company is already a trusted crypto exchange company. As for launching from the official website, this company is a platform for buying, selling, transferring, and storing cryptocurrency.
The presence of Coinbase is a trading platform that is a cryptocurrency container or wallet. The creators of Coinbase itself were founded by Brian Armstrong and Fred Ehrsam where Brian was a former Airbnb engineer and Fred was a former trader at US investment bank Goldman Sachs.
This company is increasingly popular among the public, especially after the crypto trend is growing. Not only that, users can also buy this cryptocurrency with a bank account or debit card. Not only as a forum for Crypto exchange, Coinbase can also help investors learn about the types of Crypto. In fact, you can also see the value of Crypto assets owned by these customers at any time.
This company not only has an official website, but also offers applications to its customers. The application can be downloaded using either an iOS or Android based mobile phone.