Coinbase & OpenSea Ranked in Top 10 Breakthrough Companies for 2022

APvrGJcStJzQDQm4mykQQa0QsscQ5na9anQITW51AWfJcKrAMvhcalJTne tJ98s3jGSKMXf4R8Wmn Ga 1b o58aA0y7xdd63qcX0xGF l 92m46rMGMgzi6lzf7G1Uu61pK q53eFOSfiG9Vja7qM

U.S. cryptocurrency exchange Coinbase and non-fungible token (NFT) marketplace OpenSea are among the top 10 breakthrough companies of 2022, according to startup accelerator Y Combinator.

The top crypto-related companies on the list rounded out the top 5, with Coinbase ranking fourth and OpenSea fifth.

The pair were only beaten by the likes of payments firm Stripe, which claimed the top spot, and delivery companies InstaCart and DoorDash, in second and third place respectively.

According to the startup accelerator, the list is made up of “high-growth companies that have received significant additional investment or more in funding from YC.”

Coinbase prepares for the Merge

The U.S.-based cryptocurrency exchange recently announced several developments it would undertake in light of Ethereum’s upcoming merge. Coinbase said that it would add support for Coinbase Wrapped Staked ETH (cbETH) on the Ethereum network (ERC-20 token). 

In this instance, the key feature is that cbETH can be sold, transferred, and spent, as staked ETH is currently locked until the Shanghai protocol upgrade is complete. The cbETH tokens can be moved to a wallet outside of Coinbase and traded from there.

Earlier, Coinbase said it would pause ETH and other ERC-20 token transactions during the upcoming Ethereum merge as a precautionary measure, to ensure that their systems properly reflect all changes introduced by the merge. 

Notably, Coinbase partnered with the world’s largest asset manager, BlackRock, earlier this month. The collaboration will enable institutional clients of BlackRock to have direct access to cryptocurrencies by bridging its end-to-end investment management platform, Aladdin, with Coinbase Prime.

OpenSea sinking

Meanwhile, the world’s largest NFT market has been sailing in rather choppy waters. In June, one of its former employees was accused of insider trading.

Later, the company was forced to reduce its workforce by 20%, which OpenSea co-founder Devin Finzer announced on his Twitter account. While the company still retains relative dominance among NFT marketplaces, trading volumes have diminished significantly over the course of the past year.

Source: The Block

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article
Nicholas Pongratz

Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage.

Follow Author