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Crypto firm Coinbase valued at more than oil giant BP

April 15, 2021 10:56 am
Coinbase staff in New York ahead of the crypto firm's listing on the Nasdaq. [Source: BBC]

Cryptocurrency firm Coinbase, which runs a top exchange for Bitcoin and other digital currency trading, hit a market value of nearly $100bn (£72.5bn) in its stock market listing.

Shares debuted on the Nasdaq at a price of $381 but later closed below $330.

The initial valuation put Coinbase ahead of many well-known firms, such as oil giant BP and key stock exchanges.

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The listing was seen as the latest step toward cryptocurrencies gaining wider acceptance among traditional investors.

The price of Bitcoin surged more than 300% last year – and has climbed even higher in 2021 – as firms including Tesla, Mastercard and BlackRock unveiled plans to incorporate digital currencies into their businesses.

It hit a record of more than $63,000 on Tuesday, ahead of the Coinbase listing.

Less well-known digital currencies have also made gains with Dogecoin, which was created as a joke, rising more than 70% to more than 13 cents.

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