Why Is Coinbase (COIN) Stock Up Today?

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The second-largest cryptocurrency exchange by volume, Coinbase (NASDAQ:COIN), is enjoying a strong start to the day on rumors of a new major deal. Reportedly, the crypto platform is approaching an agreement to acquire 2TM, the holding company of Brazilian exchange Mercado Bitcoin. COIN stock is up nearly 7% so far today.

Flags of Coinbase and NYSE flying in the wind.
Source: rarrarorro / Shutterstock.com

What’s going on with Coinbase lately?

Well, as per reports from the Brazilian local newspaper O Estado de S. Paulo, Coinbase is hoping to acquire 2TM by the end of April. The company is best-known as the operating force behind Latin America’s largest crypto platform, Mercado Bitcoin. The deal — which first started making the rounds in 2021 — will enhance Coinbase’s expansion into developing markets. Soon enough, Brazil’s crypto market is expected to reach $25.3 billion.

In addition to running Mercado Bitcoin, 2TM owns a number of major crypto-related properties such as Bitrust and Blockchain Academy. The company is valued at roughly $2.2 billion.

That isn’t the only news boosting Coinbase this morning, however.

COIN Stock Soars on Consumer Ratings

This morning, Investor’s Business Daily released a report detailing the best-surveyed crypto exchanges. While the list may simply reflect the popularity of crypto brokerages, Coinbase was the consensus second place exchange, just behind Binance (BNB-USD).

This may be unsurprising, given that Binance and Coinbase make up the top two crypto platforms by volume. However, the survey was actually based on five criteria — not just volume — with feedback from 6,000 U.S. consumers.

As per the report, Binance scored an Overall Customer Experience rating of 70.7. Coinbase received a rating of 55.1. Finally, Crypto.com proved the unexpecting winner, landing the third place spot on the list with a rating of 53.7. Crypto.com is the ninth largest exchange by volume, making this a big win for the platform.

It seems the wave of good news has now spread to cryptos themselves. The top 100 digital assets are nearly all in the green today.

On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2022/03/why-is-coinbase-coin-stock-up-today-2/.

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