Published , by Chris Jarrard
Published , by Chris Jarrard
If you frequently use Coinbase (COIN) to handle your cryptocurrency transactions and you’ve been frustrated by the lack of support for your precious Dogecoin, good news is headed your way, The popular cryptocurrency trading platform revealed during its Q1 2021 earnings call that it has plans to offer support for Dogecoin within the next six to eight weeks.
Coinbase’s Q1 earnings report was seen as a positive by the finance industry as it experienced high revenue and net income after its recent direct listing on the Nasdaq exchange. Eschewing the traditional IPO process, Coinbase listed its stock directly, allowing employees and existing shareholders to sell shares immediately at a market-based price. With their direct listing, Coinbase followed the path laid out by companies such as Spotify and Slack.
Following last month’s direct listing, Coinbase opened at $381 per share and was briefly valued at as much as $100 billion. The stock price has fallen around thirty percent since the April 14 listing date.
Strong demand for cryptocurrencies like Bitcoin and Dogecoin will be critical for Coinbase moving forward as more than ninety percent of its revenue comes from crypto trade transaction fees. Dogecoin experienced a dip this past weekend after enjoying unprecedented growth during the opening months of 2021.
You can learn more about the story behind Dogecoin, how direct listings differ from traditional IPOs, and more here at Shacknews.