Interest in Coinbase Spikes Upon Direct Listing; Now a Top Finance App
The interest in the major crypto exchange Coinbase has spiked on the day of the direct listing of its shares, while it's now among the top financial apps in the US - also standing relatively high among all apps as well.
As it's well-known by now throughout the Cryptoverse and beyond, Coinbase went public on the Nasdaq stock exchange via a direct public offering (DPO) of its shares under the symbol 'COIN' yesterday.
The interest in this much-expected event has been reflected in the Google Trends data, which show the searches for the term 'coinbase' peaking in the afternoon of April 14 (UTC time). That's the point when the interest in the term reached the highest value of 100 in the past seven days.
But Google Trends is not the only place that shows the interest in the company rising. Per appfigures.com and per App Annie Intelligence, Coinbase now sits on the third spot among the top 1,000 finance apps in the iOS app store in the United States. It's preceded by Robinhood and Square's Cash App, and is followed by Venmo and PayPal - all objectively massive companies.
It's also in the third place among the top Google Play Finance apps, but Google Play is in the first place (Robinhood in the 7th), Cash App is next, while PayPal and Crypto.com follow Coinbase.
Looking at the top 1,000 apps in general, Coinbase still ranks high, at the 12th place in the iOS store and the 20th on Google Play. Before it are apps such as Robinhood, Cash App, TikTok, Instagram, YouTube, Facebook, Snapchat, Zoom, Gmail, WhatsApp, The Walking Dead: Survivors, Animal Transform Race - Epic Race 3D, and a few others.
Of course, the jump in interest didn't go unnoticed by the crypto industry insiders. "Coinbase’s direct listing is an important milestone for the industry, putting it on the map for capital markets," said Crypto.com CEO Kris Marszalek. "It also drove tremendous amount of user activity: Crypto.com posted all-time-high numbers across the board yesterday," he said.
Crypto.com further added that Coinbase's DPO will be a reference for Crypto.com's own valuation as the first publicly traded comparable, and that while Coinbase has some five times more users than Crypto.com, the latter is "growing faster and aim[s] to close the gap in the next 18-24 months."
Major crypto exchange Binance congratulated their competitor as well:
The listing may be beneficial for other crypto businesses in a variety of ways, including via native coins. As reported last year, speaking about new customers, Coinbase claimed that, although most of its users initially favor bitcoin (BTC), the majority, “over three quarters” of them, also go on to trade altcoins and other digital assets. "Among customers with at least five purchases, 60% start with bitcoin but just 24% stick exclusively to BTC," they said.
At 09:25 UTC, BTC trades at USD 62,647 and is down by 2%, while ethereum (ETH) jumped by 5%, reaching USD 2,451.
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