Coinbase makes seismic stock exchange debut, valued at $86B

Cryptocurrency company Coinbase had a strong debut on Wall Street Wednesday with its shares hitting a high of $429. This briefly valued the company at $100 billion before closing at an $86 billion valuation for the day.

Cryptocurrency has exploded in recent years as more companies, such as Tesla, PayPal and Visa, accept digital currency as payment.

NBA’s Kevin Durant invested in Coinbase in 2017 and his investment is up 54-fold based on Wednesday’s closing price of $28, according to Yahoo Sports.

Durant’s company, Thirty-Five Ventures, made between a $250,000 to $1 million investment to Coinbase.

According to Yahoo, “a $250,000 investment in Coinbase in 2017 would be worth $13.5 million at Wednesday’s closing price.”

Coinbase Global Inc.’s initial public offering makes it one the most valuable publicly traded U.S. companies, according to the Associated Press.

The company allows those with cryptocurrency to exchange shares of digital currencies, including the very popular Bitcoin.

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