Coinbase investigating transaction delays on its financial platform

Coinbase Global Inc, the largest U.S. cryptocurrency exchange, said on Tuesday it was investigating issues that are causing delays in deposits and withdrawals on its Stellar platform.

Stellar is its secure platform that connects banks, payments systems and users in a network and has its own cryptocurrency called Stellar Lumen, according to its website.

Users can turn traditional assets and currencies into tokens, which can then be transferred to other users of the platform.

Last week, the exchange said it had received approval from the U.S. Securities and Exchange Commission to list on the Nasdaq, marking a tacit regulatory approval for the cryptocurrencies traded on its platform and a victory for advocates of digital currencies.

We’re seeing some issues on https://t.co/ohqDivCZYw and are investigating what’s going on right now. Some features may not be functioning completely normal. As soon as we know more, we’ll let you know. https://t.co/paEVIntpwQ

— Coinbase Support (@CoinbaseSupport) April 2, 2021

The San Francisco-based company, which opted for a direct listing instead of an initial public offering, plans to start trading on April 14.

Coinbase was valued at around $68 billion in the private market, thanks to a surge in mainstream acceptance of Bitcoin, the world’s largest virtual currency.

(Reporting by Niket Nishant in Bengaluru; Editing by Arun Koyyur)

Coinbase gets all-clear from SEC, setting stage for landmark crypto listing

Coinbase Global Inc, the largest U.S. cryptocurrency exchange, has received approval from the U.S. Securities and Exchange Commission (SEC) to list its shares on the Nasdaq, paving the way for what will be a landmark victory for cryptocurrency advocates.

The company, which plans to go public through a so-called direct listing, expects to list its shares on the Nasdaq under the ticker ‘COIN’ on April 14.

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In a direct listing, no shares are sold in advance, as is the case with an initial public offering (IPO). The company’s share price is determined by orders coming into the stock exchange. Advocates argue it is a better way to price new stock rather than an IPO.

In a regulatory filing last month, Coinbase said its stock in the private market traded at a weighted average price of $343.58 in the first quarter of 2021 through March 15, a nearly 13-fold jump in its valuation to around $68 billion in the space of a few months.

(Reporting by Dania Nadeem in Bengaluru; Editing by Krishna Chandra Eluri)