Crypto exchange Coinbase to join S&P 500

SAN FRANCISCO (KRON) — Coinbase is set to join the S&P 500, the company announced on Monday. The crypto exchange will reportedly replace Discover Financial Service in the benchmark index.

Coinbase Chief Financial Officer Alesia Haas called the move “another summit scaled on Coinbase’s drive towards economic freedom,” in a blog post on the company website.

“It’s been a monumental few months for crypto, with the election of a pro-crypto federal government, BTC and USDC reaching new all-time highs, and now the inclusion of COIN as the first and only crypto company in the S&P 500, a well-respected benchmark for the U.S. economy,” Hass said.

The CFO called it a major milestone, “not just for Coinbase, but also for the entire crypto industry.”

“I’m proud of everyone at Coinbase who put in the hard work to help us get there — it has been a journey,” Haas said. “But, this milestone wouldn’t be possible without the unwavering support of our customers, partners, builders, and employees carrying this industry forward.”

Coinbase was founded in San Francisco in 2012. While it has no physical headquarters, Coinbase maintains several offices around the world, including two in San Francisco.

Shares in the crypto exchange soared in extended trading following Monday’s announcement.

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