Breaking: Intel Injects Funds into Coinbase with New Shares Purchase

By Mansi Singh
August 14, 2021 Updated August 14, 2021
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American technology giant, Intel Corp disclosed on Friday that it now holds a stake worth nearly a million dollars in the Nasdaq-listed cryptocurrency exchange Coinbase Global Inc.  As per a regulatory filing, 13F, Intel acquired 3,014 shares of Coinbase, all valued at $788,191, based on the current trading price of $261.51 per share.

The Leading Industry Player of Global Blockchain Market: Intel 

The global cryptocurrency landscape has been divided by distinct processes, components, types and end-user industries. Some of the key players operating to boost the day-to-day operations of the crypto marketplace include huge names like Ripple Labs Inc., Intel Corporation, Coinbase. among others. 

Notably, Intel has proved itself utterly helpful in developing bitcoin mining chips. In 2019, the firm launched a system-on-a-chip (SOC) that included hardware that accelerated bitcoin mining and reduced power consumption. And, at present, the hardware is widely utilised by miners in Bitcoin mining.

To be noted, since the inception of Bitcoin in December 2008 digital assets have immensely boomed from being ‘just technological innovations’ to ‘financial instruments’ used by billions of people worldwide. The mining activities have also immensely surged after the ‘crypto boom.’ Such a scenario has steered tech giants like Intel, Microsoft into the blockchain space.

Furthermore, market giants are also filling up their accounts with massive crypto buyings. The chipmaker Intel also seemed to follow the trend, and ultimately has entered into the digital asset trading through one of the leading exchanges in the ecosystem.

Coinbase Global And Intel Corp Q2 2021 Earnings Roundup

Market Giant Coinbase Global (COIN) announced its second-quarter revenue earlier this week, which handily exceeded what analysts predicted. According to the official press release, Q2 comes across as a stronger quarter for both Coinbase and Intel with massive growth and diversification across their platforms. While the American exchange posted an earning of $2.23 billion, denoting an upsurge of nearly 1098% Y/Y from the first-quarter earnings, Intel generated $19.6 billion, up 2% Y/Y, exceeding Q1 earnings by $700 million. 

This is a breaking news, and will be updated shortly

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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