The successful listing of Coinbase may stimulate the continuation of the cryptocurrency bull market, and compliance is still a major hidden danger to the development of its stock price.

There is one day until the date on which US-based crypto trading platform Coinbase’s Class A common stock will trade on Nasdaq. The listing of Coinbase has long been considered a milestone event in the encryption industry. According to the official article published by Coinbase, the US SEC has announced that Coinbase’s S-1 registration statement has become effective, and Coinbase expects that its Class A common stock will begin trading on the Nasdaq Global Select Market on April 14, 2021, stock code for "COIN". From announcing the direct listing of Coinbase to submitting its S-1 registration statement to the SEC, from the unusual online listing roadshow to being forced to postpone the listing, and finally to the SEC announcing that Coinbase's S-1 registration statement is effective, every step is unique , has attracted much attention. Terence, head of Binance Greater China business, told the researcher of the China Times Financial Research Institute that the listing of Coinbase means that it is recognized and regulated by the SEC, which plays a positive role in promoting the regulatory development of the entire industry; on the other hand, after the listing of Coinbase, It will attract more attention from the traditional financial field to cryptocurrency, and it is believed that more and more institutions and investors will pay attention to and devote themselves to this industry. Therefore, this has a positive effect on the overall market conditions. VC/PE is more important to Coinbase On April 6, Coinbase disclosed its Q1 performance forecast report. The data shows that benefiting from the sharp rise in the prices of cryptocurrencies such as Bitcoin and Ethereum in the first quarter, the revenue in the first quarter of 2021 is higher than that of last year. Over the same period, the growth rate exceeded 9 times, which has exceeded the total revenue of last year. The asset size of the platform reached 223 billion US dollars, accounting for 11.3% of the total encrypted asset market. Coinfirm completes $8 million in Series A financing, led by Six Fintech Ventures and FiveT Fintech: News on September 16, digital currency regulatory technology and blockchain-based financial ecosystem Coinfirm completes $8 million in Series A financing, SIX’s corporate venture The investment departments Six Fintech Ventures and FiveT Fintech led the investment, and MiddleGame Venture, Mission Gate, CoinShares and others participated in the investment. (Finsmes)[2021/9/16 23:30:37]According to forecast data, revenue in the first quarter of 2021 (as of March 31, 2021) jumped from US$190.6 million in the same period last year to US$1.8 billion, with net profit of about 730-800 million US dollars, Coinbase's Monthly Transacting Users (MTU) increased by 117% month-on-month, from 2.8 million in the fourth quarter of 2020 to 6.1 million in the first quarter of 2021. In comparison, Coinbase's full-year revenue in 2020 was $1.23 billion and its net profit was $322 million. It can also be seen from the prospectus of Coinbase that in addition to investment in Bitcoin and Ethereum, Coinbase’s revenue sector includes margin fees, Coinbase Fee, Coinbase Business, Coinbase Card, USD Coin (USDC) and other businesses. However, compared to Binance, the world’s largest bitcoin brokerage, according to data from CoinMarketCap, Binance’s 24-hour trading volume is 13 times that of Coinbase, and its weekly traffic is 6 times that of Coinbase. The gap between the two in terms of transaction volume and user volume is still obvious. The number of KuCoin (KuCoin) platform users has exceeded 8 million, and the cumulative transaction volume has exceeded 190 billion US dollars: According to the latest news from KuCoin (KuCoin) official Twitter, the number of KuCoin (KuCoin) platform users has exceeded 8 million, and its cumulative transaction volume Exceeded 190 billion US dollars. Known as the "exchange for all people", KuCoin (KuCoin) aims to discover global high-quality blockchain projects and provide 6 million users from 207 countries with one-stop services such as currency, legal currency, leverage, contracts, mining pools, and loans service. [2021/4/19 20:35:17] Terence said that in terms of the composition of revenue alone, Binance’s earning power exceeds that of Coinbase. However, there are still many differences between Binance and Coinbase. Coinbase mainly serves users in the United States, while Binance serves users from more than 180 countries and regions around the world, so the traffic and user volume are multiples compared to Coinbase; In addition, Binance is also more comprehensive in terms of product form and ecological layout. In addition, Binance's global layout is more forward-looking, and there is no doubt that the profit exceeds Coinbase. For the listing of Coinbase, it actually took the traditional route of financing and listing. For them, VC/PE is more important, and the color of "fundamentalism" will be relatively light. For example, it does not do Crypto but other industries, and it is likely to apply such a business model. Of course, this does not affect that it is a good company, but it just means that everyone's cultural soil and goals are different, Terence emphasized. The market responded enthusiastically to the listing of Coinbase 58COIN delivery contract 24H market 9:00 broadcast: As of 9:00, according to 58COIN delivery contract market: BTC contract is currently quoted at $11,604.56, a discount of $25.48 compared to the spot price, with a 24h increase or decrease of -0.15%. The trading volume was 10.3023 million lots, the turnover was 239.1804 million US dollars, and the current total position was 1.6092 million lots, a change of -114,800 lots from the previous trading day. The EOS contract is currently quoted at US$3.31, a discount of US$0.0085 compared to the spot price, with a 24h increase or decrease of -0.98%. The trading volume was 1.4706 million lots, the turnover was 9.7114 million US dollars, and the current total position was 4.3580 million lots, a change of 110,200 lots from the previous trading day. The ETH contract is currently quoted at US$389.04, a discount of US$0.86 compared to the spot price, with a 24h increase or decrease of -0.93%. The trading volume was 2.0654 million lots, the turnover was 40.1975 million US dollars, and the current total position was 733,700 lots, a change of -104,200 lots from the previous trading day. [2020/8/24] On December 17, 2020, Coinbase Global announced that it has confidentially submitted a draft S-1 registration statement to the US Securities and Exchange Commission (SEC). On the day when the information was announced, the price of Bitcoin jumped to over $23,000 for the first time in history. BTC responded to Coinbase’s decision with a rise in price. Terence analyzed that, stimulated by the positive news of Coinbase’s listing, superimposed traffic figure Elon Ma Tesla (Tesla CEO), global financial release and other multiple factors, the current BTC price has repeatedly climbed to the peak, the highest point has reached 61,844 US dollars (binance.com price), an increase of nearly 3 times, from the perspective of market value, according to CoinMarketCap data, also nearly tripled. Max Keiser: Coinbase has become a casino and should be regulated: Previous news, Coinbase announced today that it is evaluating the listing of Aave, Aragon, Arweave, Bancor, COMP, DigiByte, Horizen, Livepeer, NuCypher, Numeraire, KEEP Network, Origin Protocol, Ren , Render Network, Siacoin, SKALE Network, Synthetix and VeChain, etc. 18 possible tokens. According to Messari data, a few hours after the announcement, most of the above-mentioned tokens rose in varying degrees, ranging from 8% to 25%, with an average increase of about 17%. However, according to Bitcoin proponent Max Keiser, some cryptocurrencies only exist on Coinbase, which makes the latter "strictly a casino" and should be regulated. (CryptoPotato) [2020/6/11] However, Terence gave a negative answer to whether COIN shares will suck blood into the encryption market after the issuance. He believes that the COIN stock listed on NASDAQ is aimed at investors in the traditional financial field, so it will not have a blood-sucking effect on other cryptocurrencies, but it is likely to attract a lot of traditional funds to the cryptocurrency industry. Coinbase’s The listing also makes more users have higher expectations for the future development of platforms such as Binance. In the long run, there is a high probability that it will be linked to the rise of platform coins on major trading platforms such as BNB. Binance's own user volume and transaction volume Both are far more than Coinbase, so for BNB, whose fundamentals are already good, the positive expectations are even greater. Voice | CoinField CEO: Ripple’s IPO will be good for XRP prices: CoinField’s CEO Bob Ras expressed a positive attitude towards Ripple’s IPO in a recent interview, “If Ripple launches an IPO, it will be good for XRP Ripple will also become more powerful.” (AMBCrypto) [2020/2/19] The enthusiasm of the market is not only reflected in the price, but in the online roadshow before the direct listing of Coinbase, the chief executive of Coinbase Executive and co-founder Brian Armstrong and CFO Alesia Haas responded to the market's most concerned issues in more than 1,300 questions on the overseas forum Reddit. Why do Coinbase, Coinbase Pro, and Coinbase Wallet operate independently? Brian Armstrong said that in the early days we decided to separate and try various ideas. The teams of these applications all operated independently. I think this has created some achievements in a sense. For example, Coinbase Wallet has a completely different architecture and realizes Self-hosting, it's very difficult. Coinbase has a different architecture than Coinbase Pro. If people want to do more professional transactions, they can feel different fees on different platforms. Over time, these products will be better integrated. These products provide a gradient between traders of different levels of knowledge. Regarding stock-related issues, Coinbase also responded. Brian Armstrong said that Coinbase does not provide security tokens. Coinbase is listed on the Nasdaq Global Market Select Platform, which is a traditional listing platform. Coinbase’s stock and tokens are not related. Early Coinbase users did not have stock preemption rights. Coinbase's direct listing allows all investors, institutions, and retail investors to participate in the opening transaction on the Nasdaq platform. It does not have any preferential treatment. "This is a step towards realizing our mission as an open financial system. We hope that Coinbase's transactions will be completely transparent, and that Coinbase shares cannot be purchased on the Coinbase platform." Regarding the mention of Satoshi Nakamoto in the prospectus form Addressing doubts, Brian Armstrong said that as the first cryptocurrency company that is expected to be listed, this is a major moment for Coinbase. "We want to pay tribute to the original founder of the entire encryption economy. This is a recognition of Satoshi Nakamoto, which opened the door to Coinbase's success." Behind such a huge number of trading users, there is also a listed "invisible killer". On March 19, Coinbase reached a settlement with the U.S. Commodity Futures Trading Commission (CFTC) on allegations of improper reporting of trading volume and "self-trading", and was fined 6.5 million yuan. The direct listing plan that was supposed to be listed in March was postponed to April. moon. A researcher at the China Times Financial Research Institute learned that Coinbase, Fidelity Investment Group, and American mobile payment company Square and other companies will jointly establish a Bitcoin trading group called the "Crypto Council for Innovation". The group will lobby policymakers to support the nascent bitcoin and cryptocurrency industry, aiming to ensure policymakers understand the importance of cryptocurrency innovation and create favorable regulatory conditions for the industry to thrive. With the blessing of this lobby group composed of influential companies, the U.S. encryption supervision will be further improved, and more well-known companies will join the encryption industry, and the joining of giants such as Amazon and Apple is just around the corner. As of the end of 2020, the Coinbase encrypted trading platform has obtained electronic currency (VC), money transfer (MT), check transaction (SC), and payment instrument sales (SPI) licenses in 50 states of the United States (52 states in total), and is the global The digital asset exchange with the most complete licenses in China. For example, it has the BitLicens license issued by New York State for digital currency exchanges and the trust bank license issued by New York State for digital asset custody services. Coinbase CEO and co-founder Brian Armstrong mentioned regulation, security and innovation in response to the topic of "Coinbase's biggest threat" during the live broadcast of the online listing roadshow. He said that Coinbase is working hard to engage with the government and regulators, and fortunately there are many people in the US government who are very excited about encryption. Terence, the head of Binance Greater China business, told the researcher of the China Times Financial Research Institute that after Coinbase goes public, compliance issues will be one of the factors that will have a great impact on the stock price. At present, the operation mode and product form of most exchanges in the United States do not have clear legal provisions, and cryptocurrency exchanges are still in the early stage of exploration.

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