Coinbase has launched stock and ETF trading for users in the United States. The move expands its platform beyond digital assets and advances its goal of becoming an “Everything Exchange.” The rollout adds traditional equities alongside cryptocurrencies inside one application.
Coinbase Rolls Out 8,000 Stocks, ETFs With 24/5 Trading
The feature has been live since Tuesday. According to Coinbase’s recent blog post, they have announced that more than 8,000 stocks and ETFs are live on the exchange. U.S. users can trade these stocks and ETFs through the existing application. Trading is possible 24 hours a day and five days a week.
Users can also trade equities and ETFs in fractions. The prices of fractions are from $1. Users can also trade instantly using U.S. dollars and USDC. According to Coinbase, users can trade and manage their unified portfolio of equities and digital assets.
This is not the first recent announcement from Coinbase about their product expansion. Earlier, the platform announced the expansion of prediction markets. According to Coinbase, this is a significant step in connecting traditional finance and the digital asset economy. “The traditional financial system shouldn’t stop just because the sun goes down.”
Revenue Falls as Global Trading Expansion Plans Continue
The announcement comes after the weaker than expected results for the Coinbase Q4 earning. As CoinGape reported, Coinbase had a total revenue of $1.8 billion for the quarter. The figure represents a 5% decline from the previous quarter. The transaction revenue also decreased by 6% to $982.7 million. The subscription and services also decreased by 3% to $727 million. Coinbase also had a net loss of $666.7 million for the quarter.
However, Coinbase also announced that the exchange will soon be adding thousands of stocks to the exchange. The exchange will also soon be offering 24/7 trading for US equities to users outside the US.
Coinbase will also be offering tokenized stocks. The exchange also announced that users will soon be able to trade the stocks globally. The exchange also announced that equity holdings will soon be used as collateral and for instant payments using the value of the stock.
COIN stock price has been falling from the high of $443 seen last year. The shares have fallen to $155.24. The shares fell due to the decline seen in the crypto market. COIN stock may also continue falling due to the rise in geopolitical tensions.
Yahoo Finance Deal Adds Direct Trading Access
In addition to the equities launch, Coinbase announced a partnership with Yahoo Finance. According to Yahoo said in a blog post that this partnership enables users to explore and trade stocks, ETFs, and cryptocurrencies on Coinbase. A blue button appears on the page above equity and crypto charts, enabling users to trade directly.
Coinbase Head of Consumer and Business Products Max Branzburg said that the partnership enables users to explore stock and crypto information. He said, his partnership enables users to pursue their investment strategies across asset classes.”