Intel Corp Reveals $780K Stake in Coinbase
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Leading chip manufacturer Intel Corp has declared a small stake in cryptocurrency exchange Coinbase.
The corporation, the world’s largest manufacturer of semiconductor chips by revenue, disclosed that it held around 3,014 shares of Coinbase’s Class A common stock. Intel declared this holding in a quarterly regulatory report, issued to the U.S. Securities and Exchange Commission (SEC).
According to reports, these shares are worth in excess of $788,000.
Intel Corp first made their investment in Coinbase during Q2 2021; around the time when the exchange went public through a direct listing back in April. On its first day of trading, Coinbase’s value rose as high as $112 billion. Reports referred to it at the time as the most valuable U.S. exchange.
Coinbase’s latest additions lead to milestones
Coinbase has continued to expand its trading options for its users; most recently introducing another five assets onto its platform on August 12. Those assets, all ETH tokens, included Request (REQ), TrueFi (TRU), Quickswap (QUICK), Wrapped Luna (WLUNA), and Axie Infinity (AXS).
Two of those tokens, REQ and TRU, hit new milestones around the same time. More specifically, TRU reached a new all-time high of $1.04, while REQ hit a yearly high of $0.33 on the same day. Analysis indicated that their listings on Coinbase could have contributed to these achievements.
At time of press, TRU’s price had since slid back down to $0.61, according to data. Meanwhile, REQ continued to grow beyond the $0.33, with data showing a high of $0.41 on Aug 13. Since then, however, it too has declined, with a price of $0.25 at the time of writing.
U.S. government adopts Coinbase software
Coinbase is not only finding its feet among multinational tech corporations like Intel. Add federal law enforcement agencies to that list too. Reports recently revealed that the U.S. Immigration and Customs Enforcement (ICE) agency had purchased computer forensics software that the exchange developed. ICE joins government agencies like the Internal Revenue Service (IRS) in using analysis software developed by and for the crypto space.
The forensics software reportedly cost $29,000, and will come with a one-year estimated performance period.
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