On Tuesday (22 November 2022), The Japanese subsidiary of crypto exchange Coinbase had a great announcement for Japan-based $ADA holders.
Coinbase Japan says that it has finally listed $ADA:
— Coinbase Japan (@CoinbaseJapan) November 22, 2022
On 18 August 2021, Coinbase announced that it had launched operations in Japan, which it described as “one of the first countries to embrace crypto and one of the largest markets by crypto trading volumes in the world.” Coinbase’s blog post went on to say:
“In line with our global strategy, we will aim to be the easiest to use and most trusted exchange in Japan that’s fully compliant with local regulations. That’s why we are also excited to announce our partnership with Mitsubishi UFJ Financial Group (MUFG) — one of the largest banks in Japan serving 40 million Japanese customers. Our partnership with MUFG will help millions of people in Japan access our platform quickly and begin trading on our exchange by offering MUFG Quick Deposit for all customers in Japan from day one.
“Today’s launch is just the beginning. Coinbase is committed to increasing the use of crypto in Japan by bringing a best-in-class product offering to Japanese customers. We will be launching retail products first including a suite of five top assets based on trading volume, and will add more assets and products in the coming months. We also plan to introduce more localized versions of globally popular services such as advanced trading, Coinbase for Institutions, and more in the future.“
On Monday (21 November 2022), the price of Coinbase Global Inc. stock (Nasdaq: COIN) fell to an all-time low of $40.68 by 1:00 p.m. ET on 21 November 2022 before recovering slightly to close at $41.23 (down 8.9% today and down 87.94% since its market debut on 16 April 2021).
CNBC says that “Bank of America downgraded Coinbase on Friday, citing ‘contagion risk’ for the cryptocurrency exchange platform, even if it is not ‘another FTX’, with Senior Equity Research Analyst Jason Kupferberg writing “That does not make them immune from the broader fallout within the crypto ecosystem.”
According to Bloomberg, “Wall Street’s waning conviction in Coinbase Global Inc. has done little to deter Cathie Wood,” with Ark funds increasing their holding by 19% this month, and Ark now holding “roughly 4.7% of Coinbase’s outstanding shares.”
Investor Cathie Wood has been scooping up shares of crypto exchange Coinbase in the wake of FTX’s collapse, ignoring Wall Street’s waning conviction in the stock https://t.co/VWHwwQpAQo
— Bloomberg (@business) November 21, 2022