COIN - This Is Good News for Coinbase and Nobody Is Talking About It
There are plenty of problems these days for cryptocurrency company Coinbase Global (NASDAQ: COIN) . Top cryptocurrencies, including Bitcoin , have dropped substantially from highs, investors are trading less, and rival platforms have gone bankrupt. Coinbase's own operations are challenged right now as well, as evidenced by recent layoffs and the company's decision to shut operations in Japan.
You've likely already heard about Coinbase's challenges. But if you're wondering if there's anything promising happening at Coinbase, I'm here to say that there is. And the good news right now relates to stablecoin USD Coin (CRYPTO: USDC) .
Coinbase co-created USD Coin with Circle, a crypto and fintech company. Those who open an account with Circle can deposit funds in U.S. dollars. Those dollars are then held in reserve and new USD Coins are minted at a 1-to-1 ratio. When you withdraw dollars from your account, the same amount of USD Coin is burned, or taken out of circulation.
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This Is Good News for Coinbase and Nobody Is Talking About It