Coinbase pre-IPO contract, strong volatility on FTX exchange

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[Blockchain Today Reporter Kim So-yeon] Investors exposed to coinbase (COIN) stocks through tokenization experienced extreme volatility in which the stock price plummeted in minutes on the 13th (local time).

According to Cointelegraph reports, the sale was made at FTX, a major derivatives exchange, and the COIN-USD stablecoin transaction rate fell from over $640 to about $420. Three giant red candles highlight the sale, according to screenshots by Joe Weisenthal of the Bloomberg Podcast.

Currently, tokenized Coinbase shares are valued at $445 on FTX. Despite rapid fluctuations, the value of tokenized stocks was valued much higher than the Nasdaq-based market price of $250 before direct listing.

As recently reported by Cointelegraph, FTX joined Binance to list Coinbase stock tokens on the 13th, ahead of Coinbase’s NASDAQ debut. FTX listing, described as’pre-IPO contract’, is described as’coinbase’s market cap divided by 261,300,000′.

The exchange said, “The CBSE balance will be converted to the same amount of Coinbase split share tokens at the end of the coinbase’s first stock trading day.”

Tokenized stocks are synthetic versions of real shares. In FTX, tokenized stocks act as spot tokens that can be used as an auxiliary material for futures trading.

Coinbase disclosures provided through direct listing, not IPOs, are described by the cryptocurrency community as “spawning”. The listing allows existing investors to be exposed directly to the cryptocurrency market without owning digital assets that are considered to be much more volatile than stocks.

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