Coinbase is expected to open its new office in New York. By the time of reporting, there haven’t been any official comments from the company.
With growth comes expansion. Having a valuation of over $85 billion, Coinbase Global Inc (NASDAQ: COIN) is expanding its operations to New York. The cryptocurrency and digital assets company has primarily been operating from San Fransisco. But now Coinbase is planning to extend operations to other viable states, New York being its main focus.
The blockchain startup whose outstanding shares are valued at $85.7 billion, was the first cryptocurrency firm to be publicly listed in April 2020. Now things are looking good for the company. According to a reliable source, Coinbase has already leased space- 30,000 sq. ft.- from Point72 Asset Management at Hudson Yards, owned by Steve A. Cohen. Though the space may sound small, considering that Point72’s tower covers an area of 339,000 square feet, the move is a big step forward for Coinbase.
As gains, interest, from digital assets soar, Coinbase’s customer base has also grown hence, the need for more space to accommodate operations and expansions. Interestingly, Hudson yards is famous for hosting law, corporate, and media tenants, but this time round, Coinbase which is a tech firm has joined the bandwagon. One market watcher was actually quoted saying that the new brand of users is for the whole of Westside area and not for Hudson Yards alone. Representatives for Coinbase and the leasing company couldn’t be reached for further comment over the weekend.
About Coinbase before Its Expansion to New York
Coinbase simplifies activities related to digital assets and cryptocurrencies by making it easier for cryptocurrency traders transact via a digital wallet while charging a negligible fee on each successful transaction.
Previously, the operations were flagged due to security issues that had affected a couple of their customers. However, the company said that it was rectifying the problem with the necessary measures. Since the public listing, the market has not been performing as expected. Simpy put, trading has been generally choppy.
Coinbase (COIN) Stock Performance
Initially, when Coinbase was publicly listed, the shares soared and each share was valued at over $341 in April 2020. Also, Bitcoin reached $65,000, its all-time high. However, the prices of both Bitcoin and Coinbase’s stock began expiriencing a free fall, and by the close of Friday, each Coinbase share was going for $223.93.
Since April, many things that have had a negative impact on the cryptocurrency market have occurred. China threatened to ban cryptocurrency activities in its jurisdiction, making the price of Bitcoin and other major cryptos fall.
Market influencers are also to blame for the poor performance of the cryptocurrency market. Elon Musk in particular is one market influencer who has impacted negatively on the price of Bitcoin. Since the launch of Dogecoin, Elon has been in the forefront campaigning for the new digital coin but on the other hand bashing other digital coins, particularly Bitcoin, by claiming that Dogecoin, the new digital coin, is the new kid on the block that’s set to dethrone all others.
Patrick is an accounting & economics graduate, a Cryptocurrency enthusiast, and a Blockchain technology fanatic. When not crafting informative pieces on any of the above subjects, he will be researching on how the Blockchain technology can transform the world, particularly the financial space.