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Coinbase soars in market debut, valued near $100 billion

Coinbase made a rousing debut on Wall Street Wednesday, with the digital currency exchange’s stock rising as high as $429, briefly giving it a market value over $100 billion.

Coinbase Global Inc.’s initial public offering comes with cryptocurrency chatter seemingly everywhere, even at the U.S. Federal Reserve. Digital currencies are being incorporated into business plans and accepted by major corporations like Tesla, PayPal and Visa.

The San Francisco-based company’s listing on a public stock exchange is seen by some as an inflection point for digital currencies, as Coinbase’s fortunes are closely tied to Bitcoin, the most popular cryptocurrency. Bitcoin’s price has topped $63,000, up from $29,000 at the start of the year, and Coinbase said recently that first-quarter revenue should total around $1.8 billion, exceeding its revenue for all of 2020.

Shares of Coinbase are listed on the Nasdaq under the ticker “COIN,” and were trading around $376 after about 40 minutes of trading, putting its market value around $98.2 billion.

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