It’s been over two months since the US-based cryptocurrency exchange, Coinbase, unveiled its intent to become the first major direct crypto exchange to be listed on the Nasdaq stock exchange market.

The planned event saw anticipations springing forth among the public as the initial date that was set to happen in March was reportedly pushed back to April.

Meanwhile, it appears that the wait is almost over as Coinbase announced in a recent blog post that its registration statement filed with SEC has finally been declared effective.

Moreso, it announced that the anticipated listing date of its Class A Common Stock on the Nasdaq Global Select Market has been confirmed for April 14, 2021.

The tweeted announcement reads;

“We’re happy to announce that earlier today, the SEC declared our S-1 registration statement effective and that we expect our direct listing to occur on April 14, 2021, with our Class A common stock trading on the @NASDAQ under the ticker symbol COIN.”

The proposed listing has been under review by the SEC, thus suggested to be the reason for the delay.  

Therefore, Coinbase’s Class A common stock will begin trading on NASDAQ, an American multinational financial services corporation, on April 14 with the ticker symbol “COIN”.

A Big Win For The Crypto Ecosystem

As planned by Coinbase, the direct listing will be the first major listing to take place on Nasdaq Inc.

The event is undeniably a big win for the crypto ecosystem as it suggests irrefutable progress for cryptocurrencies to reach wide adoption all around the globe.

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XRP the native token of the San Francisco based technology giant Ripple came into the news after it was listed Coinbase, in the largest cryptocurrency exchange in the U.S.

In 2018, the Ripple team had tried to encourage Coinbase to list the token which they believed was not a security, and also promised the exchange a fund worth $100 million of XRP.

The exchange persisted that they will adhere to their policy in listing coins. However, many cryptocurrency users are of the belief that this listing could bring to a surge in the price of the coin which attained its highest value of $3.84 in mid Jan 2018.

XRP will still find it hard to attain a $1 value by the end of this year because:

1) Its change in price after the announcement was speculative: after the announcement, XRP surged in price by more than 6% and was the best performing coin among the top ten coins in terms of market capitalization. Presently, it is trading below $0.32 and has a negative price change of 1.08%.

2) Binance introduction of XRP pairs could not push the price: the Ethereum community were worried after Binance exchange introduced XRP trading pairs, changed Ethereum market to ALTS market and also placed XRP ahead of ETH even though its trading pairs was lower. That could not surge the price of XRP even though the exchange is the largest in the world.

3) The XRapid experience: in Sept 2018, after it was announced that XRapid will be launched within a few months. The price of the coin increased by more than 100% in 1 week and was tending towards $0.6. That was monumental even after the product was launched in October.

4) The non-performance of other coins listed: other coins had been listed in Coinbase especially ERC-10 tokens. The presence of these coins in Coinbase had not really brought an observable increase in their price. From this, one could really say that XRP might not attain $1 value by the end of 2019.

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Users of the largest cryptocurrency exchange in the US, Coinbase can now withdraw their Bitcoin SV [BSV] after about 3 months of the hark forking of Bitcoin Cash (BCH) to Bitcoin Cash ABC (BCHABC) and Bitcoin Satoshi Vision (BSV) on Nov 15, 2018.

This announcement was made by the exchange in a statement that reads:

“The competing chain, known as Bitcoin SV, resulted in a forked coin now commonly referred to as BSV. When the hard fork occurred, the BSV blockchain used the amount of BCH associated with an address at the time of the fork to determine the amount of BSV that would be allocated to the parallel address on the BSV blockchain. As such, the amount of BSV now available in your Coinbase.com account is the same as the amount of BCH that was in your Coinbase (Coinbase.com and Coinbase Pro) account at the time of the hard fork.”

However, the exchange has been in loggerhead with some of its traders and users who alleged that the delay could be deliberate considering the duration it had taken for them to receive the coin when most exchanges that partook in the hark forking had already released equivalent BSV to the holders of BCH at the time of the fork.

Traders and users of Coinbase only received equivalent number of BSV for the BCH they are holding not minding that the coin had reduced in price by more than 150% considering its present value of $62.90 at the time of writing when it traded at $176.28 on the day of the hard fork according to data available on CoinMarketCap.

Coinbase added that they will not be allowing the coin for trading on the platform due to the unstable nature of its major proponent Craig Wright who is known to always make lawsuits against exchanges.

This will actually tell on the price of BSV since hundreds of towards of Coinbase users out of more than 13 million of the exchange could not be able to trade on the coin. BSV is presently on the 11th position in market capitalization of cryptocurrencies.

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