Coinbase stock price remains in a strong downward trend today, April 2nd, even after the company received a conditional approval for a national bank charter, joining other top companies like Ripple Labs, Paxos, and Circle.
COIN stock was trading at $171, down by over 62% from its highest point in July last year. As we wrote earlier this week, technicals suggest the stock may continue to fall in the foreseeable future, potentially to below $100.
In a statement, the company said it had received conditional approval for a national bank charter from the Office of the Comptroller of the Currency (OCC). That approval will make it possible for the company to offer more services, including a cryptocurrency custodian on a national basis and launch stablecoins.
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The company has been working hard to diversify its business over the past few years, a move that will help it make more money in areas beyond transactions.
This approach has been highly successful, with the transaction revenue rising to $4.05 billion last year from $3.98 billion in the previous year. Its subscription and services revenue came in at over $2.8 billion, with stablecoins accounting for $1.3 billion. Its other services are blockchain rewards, subscriptions, and interest.
The company has also launched more services in the past few months. For example, it has entered the booming prediction markets business and has launched tokenized stocks and exchange-traded funds (ETFs).
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