Cryptocurrency exchange Coinbase Global's value soars past LSE and Nasdaq

The market value of cryptocurrency exchange Coinbase Global has outpaced those of many traditional stock exchanges. On Wednesday, the company became the biggest and first US cryptocurrency exchange to list following an initial public offering (IPO).

The exchange’s market capitalisation rose to as much as $112 billion before settling at $65.4 billion.

At present, the world’s biggest stock exchange in terms of market cap is the Hong Kong Exchanges and Clearing, valued at$75.6 billion, followed by American bourse CME Group, valued at $74 billion, according to Bloomberg data.

The value of Coinbase Global, founded less than a decade ago, is more than twice that of Nasdaq, where it got listed. Its market cap also exceeds that of established bourses such as the London Stock Exchange, which was founded in 1801.

The market value of India’s biggest bourse, the National Stock Exchange (NSE), although not listed is pegged at $11 billion, according to quotes provided by firms that deal in shares of unlisted companies.

Market experts say the rich valuation assigned to Coinbase is a wager that tra­ding in crypto currencies will soon beco­me widespread and mainstream. At pre­sent, the value of digital currencies is pegged at $2 trillion. The value of Bitcoin, the first and the largest of the lot, alone is more than $1 trillion.