Two days ago, the focus of all crypto enthusiasts was on NASDAQ as it listed Coinbase’s $COIN stocks for trading for the first time. However, the leading digital currency exchange is choosing to celebrate this milestone achievement in grand style.
Coinbase to Give Away Massive Cash
The Coinbase team through a press release has revealed that it would gift some of its new customers U.S. dollars’ worth of BTC.
Coinbase announcement. Source: Twitter
Potential winners must register with Coinbase to be qualified as a participant in the airdrop. Then, they must verify their accounts before the last day of this month. Anyone who has completed his verification will be entered instantly into the airdrop lottery prize. While Coinbase will give the winning contestant $500K worth of BTC, ten other contestants will receive $50K each. Finally, Coinbase will give $1K worth of BTC to 500 participants each. However, some existing customers have questioned the motive behind only allowing new users to be eligible to participate in the giveaway. Some opine that existing users should also participate in the giveaway, while others suggest a different reward for Coinbase customers who have been with them well before they got listed on the NASDAQ stock exchange.
$COIN Price On a Decline Over the Past Two Days
Coinbase continues to warn users to safeguard their accounts properly and inform their security department of any suspicious activity on their accounts. This announcement comes on account of fake airdrops happening everywhere, and even some of them were posing as Brian Armstrong, the CEO of Coinbase. It would be recalled that the NASDAQ exchange listed Coinbase stocks with the coin sticker two days ago, and its price rose sharply to over $390 a little period after being listed. However, the excitement didn’t last long as the $COIN experienced a price decline. As of this writing, it is priced at almost $319. However, it is still higher than its reference price of $250 set by the NASDAQ stock exchange before its listing two days ago. Its market cap of more than $83 billion makes it the largest crypto exchange in the U.S. Even though it enhanced the reputation and popularity of digital currencies such as BTC and ETH, Coinbase‘s listing on a stock exchange is its greatest accomplishment yet.
What Does This Listing Mean For The Crypto Market?
Also, its valuation portrays the crypto market in another light partly because its performance is market-related. Coinbase earns profits through commissions on any trade deals that happen on its platform. The exchange makes more money with a larger volume of transactions which often happens when BTC and other virtual currencies cause a market frenzy as it has been doing in recent months. So far, this quarter is the best for Coinbase as it has earned more profits this past quarter than it did in the whole of last year. Before Coinbase was listed, several altcoins and stablecoins have experienced a steady price rise.