Coinbase (NASDAQ:COIN), a major cryptocurrency exchange, has announced plans to delist the Moss Carbon Credit (MCO2) altcoin due to asset-related issues and non-compliance with listing standards. The decision, set to take effect on November 14, 2023, comes as the token is trading at a significant 92% below its all-time high of $21.23, with a market cap of $4.55 million.
MCO2 is unique to Coinbase and is not listed on other major exchanges such as Binance. It operates on an Ethereum-based platform and aims to tokenize companies' carbon credits.
The creators of MCO2 have defended their token's distinctive purpose, emphasizing that they purchase carbon credits from environmental initiatives like the Amazon (NASDAQ:AMZN) Forest. Despite this unique approach, the token's performance and compliance issues have led to its upcoming delisting from Coinbase.
InvestingPro Insights
As we delve deeper into the financials of Coinbase, the InvestingPro data reveals a market cap of $17.46B, with a negative P/E ratio of -13.78, indicating that the company is currently not profitable. The data also shows a revenue of $2580.23M over the last twelve months as of Q2 2023, with a significant drop in revenue growth of -55.34%.
Looking at the InvestingPro Tips, it's clear that the company's stock has faced some challenges recently. The stock has taken a significant hit over the last week, and the price has fallen notably over the last three months. Analysts do not anticipate the company will be profitable this year, and it has not been profitable over the last twelve months.
These insights are crucial for potential investors considering Coinbase. It's worth noting that there are more tips and data available on the InvestingPro platform, which could provide a more comprehensive understanding of the company's performance.
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