Coinbase, a San Francisco startup that allows people to buy and sell digital currency, became the first major cryptocurrency company to go public when it made its stock market debut on Wednesday.
Trading began around $381 a share, pushing the company's valuation close to $100 billion. That's about what Facebook was worth when it had its initial public offering in 2012.
Coinbase's listing on the Nasdaq under the ticker symbol "COIN" was heralded by enthusiasts as a turning point for once-obscure digital currencies.
"Today was a landmark moment," said cryptocurrency investor Ian Lee. "Crypto is the future of finance."
Bradley Tusk, a political consultant and venture capitalist who financially backed Coinbase, said the company's public offering shows that more Wall Street banks and other traditional investors are warming up to the idea of cryptocurrency.
Read more at mainepublic.org