Coinbase Stock (COIN) has seen significant momentum over the past month, reaching a new all-time high in stock price. The exchange recently announced the launch of Apple Pay for all fiat-to-crypto purchases via Coinbase Onramp. Users will now be able to easily purchase various cryptocurrencies with fiat using Apple’s payment service. This news sent a positive jolt into the company’s stock, with investors gaining interest in COIN.
“Coinbase Onramp takes the hassle out of fiat-to-crypto conversions with lightweight KYC for eligible purchases, free USDC on and offramping, and access to the most popular payment methods,” Coinbase said in a statement. Apple Pay will allow users to get onchain in seconds granting quick access to some of the world’s leading cryptocurrencies. Users can access Moonshot, an app using Onramp to get Onchain quickly.
COIN stock also took a pump upwards on Friday thanks to a surge by one of the crypto industry’s top assets by market cap. Indeed, Ethereum’s ether (ETH) broke above the $4,000 mark on Friday for the first time since March. The second-largest cryptocurrency is up 6% in the last 24 hours and 12% in the last seven days, outperforming Bitcoin. Additionally, ETH is less than 20% away from its all-time high of $4,868. As a result, the Coinbase premium on ether also continues to expand. This means that ether is trading for a higher price on the exchange than on Binance.
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Furthermore, COIN is set to surpass $2 billion in subscription and services revenue in 2024. The firm witnessed average native unit growth across staking, on-platform USDC, and custody despite softer market conditions in Q3. Combined with this boost in revenue and the rise of Ethereum and other currencies, Coinbase is on the climb, with its stock surging correspondingly.
Coinbase serves as one of the longest-running crypto platforms in the US. Customers haven’t experienced a loss of funds as a result of a security breach either, meaning its a generally trusted exchange platform. With a market-leading share of assets and one of the most trusted platforms for managing crypto globally, Coinbase is a known name in the crypto industry, and COIN stock is expected to continue growing in 2025.
