Thursday, 30 May 2024
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CryptoCrypto Exchange

12% Growth in Coinbase Stock on Brazil Expansion News

Following the bitcoin exchange’s announcement that it was expanding to Brazil, Coinbase shares are up 12% today. The largest digital asset exchange in the United States announced on Tuesday that it would provide consumers with a platform enabling them to buy and sell cryptocurrencies using Brazilian reais.

Customers can also use the Brazilian quick payment system Pix to withdraw reais from the exchange. The Brazilian Portuguese-language 24/7 chat service and an app are also available to consumers, according to Coinbase.

Expanding the CoinBase

The COIN stock reached a high of $84.79 on Tuesday at lunchtime. Since then, it has steadied at $83.99. While we are currently expanding our product offerings, we have a long history in Brazil, according to Nana Murugesan, vice president of international and business development at Coinbase.

In 2021, we built a technological cluster in the nation, where engineering talent is building crypto and Web3 technologies with Brazilian knowledge for Brazil and beyond.

  • Coinbase shares are up 12% today after the announcement that it was expanding to Brazil.
  • The Brazilian Portuguese-language 24/7 chat service is available to consumers.
  • Several of its major banks provide investors with some sort of exposure to digital assets.

He continued by saying that Coinbase Ventures, the company’s investment arm, had been investing in Brazilian crypto firms like Hashdex and Ledn to concentrate on that market.

The share price of Coinbase, which went public in 2021 and trades under the ticker COIN on the Nasdaq, is currently $84.19, up 12% over the previous day. Its price increase coincides with an up day for U.S. tech equities, with the Nasdaq, which is heavily weighted toward technology, up 184.57 points, or 1.58%, today.

Coinbase has made it obvious that it wants to develop internationally: just last week, the San Francisco-based business said that it was stepping up its “Go Broad, Go Deep” strategy to increase its footprint on all continents, with the exception of Antarctica.

After the United States and Canada, Brazil has the largest economy in the Americas and in Latin America.

It is also quite interested in cryptocurrencies; it has more Bitcoin ETFs than any other country in Latin America, and several of its major banks provide investors with some sort of exposure to digital assets.

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