• Coinbase recently announced its Crypto435 initiative, which is a nationwide pro-cryptocurrency campaign.
• Following the announcement, COIN shares jumped 10% and reached a multi-week high of $65.
• The goal of Crypto435 is to expand crypto-advocacy across American citizens and to reduce existing skepticism around the blockchain sector.
Coinbase Unveils Crypto435 Initiative
Coinbase has recently revealed its nationwide pro-cryptocurrency campaign called Crypto435, aiming to expand crypto-advocacy among US citizens and reduce existing skepticism around the blockchain sector. Following the announcement, COIN shares jumped by 10%, tapping a multi-week high above $65.
The Goals of Crypto 435
The primary objective of this initiative is to influence politicians to have a friendly view towards cryptocurrencies and outline the advantages of the blockchain sector in order to diminish any negative perception that may arise from previous events such as FTX’s collapse or multiple catastrophic events in 2022.
Coinbase’s Response To Economic Downturn
Due to the economic downturn last summer, Coinbase had no choice but to dismiss some members from their team in an effort to cut costs. Moreover, earlier this year they further reduced their workforce size by 950 people in order to make up for some losses.
Price Surge After Announcement
COIN stocks soared above $66 shortly after the exchange disclosed its Crypto435 initiative yesterday during trading session at 13-day high before settling down at $64.80 when markets closed.
Overall, Coinbase’s new initiative could be one factor behind COIN’s daily price surge as it signals optimism towards cryptocurrencies amongst American citizens and government officials alike while also creating awareness on blockchain technology benefits despite recent market downturns due to past events like FTX’s collapse or other catastrophic events in 2022.
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