BREAKINGVIEWS-Coinbase amplifies crypto’s shiny object syndrome
Coinbase, the $60 billion cryptocurrency exchange, will be added to the S&P 500 Index, replacing Discover Financial Services. This move is seen as a step towards legitimizing digital currencies, despite the industry's complexities. Following the announcement, Coinbase shares surged over 15% to $238.80.
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
By Stephen Gandel
NEW YORK, May 13 (Reuters Breakingviews) - The $60 bln cryptocurrency exchange operator will join the S&P 500 Index, putting decentralized finance into far more investment portfolios. It’s a fresh step in legitimizing digital money, following ETFs and lax oversight. The glossy veneer, however, belies a murky industry.
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CONTEXT NEWS
S&P Global Indices said on May 12 that shares of cryptocurrency exchange operator Coinbase would be added to the S&P 500 Index, replacing credit card provider Discover Financial Services, which is being acquired by Capital One Financial.
Coinbase shares jumped more than 15%, to $238.80, at 1015 EDT on May 13.
(Editing by Jeffrey Goldfarb and Maya Nandhini)
((For previous columns by the author, Reuters customers can click on GANDEL/ stephen.gandel@thomsonreuters.com))
