Coinbase Stock Soars 100% Since 2022 Low, Reaches $382 High Judge Rejects $50 Million Ripple SEC Settlement, Cites Legal Breaches Kraken Launches Krak App for Instant Global Payments, 10% Yields

Shares of crypto exchange Coinbase surged to $382, marking their highest point since the company’s Nasdaq debut in April 2021. This milestone caps a volatile four-year journey in which the stock lost more than 90% during the 2022 crypto winter before clawing back those losses. The exchange is carving out new business lines beyond trading. Earlier this year, Coinbase launched Coinbase Payments, a service that lets merchants accept USDC stablecoin payments around the clock without having to navigate blockchain complexity. Built on Coinbase’s own Ethereum layer-2 network, Base, the tool already integrates with e-commerce platforms like Shopify.

A federal judge has refused to approve a $50 million settlement between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), insisting that a permanent injunction against the crypto firm remains necessary because of past and potential future legal breaches. In a five-page ruling issued Thursday, District Judge Analisa Torres pushed back against efforts by both the SEC and Ripple to dissolve an injunction that requires Ripple to comply with federal securities laws. “If the Court should not be concerned about Ripple violating the law, why do the parties want to eliminate the injunction that tells Ripple, ‘Follow the law’?” Torres wrote. The proposed settlement would have reduced Ripple’s penalty from $125 million to $50 million, but the judge signaled that money wasn’t the main sticking point.

Crypto exchange Kraken has rolled out Krak, a new global payments app designed to let users send money instantly across borders and earn yields on their holdings. Krak supports transactions in more than 300 assets, including cryptocurrencies, stablecoins and traditional currencies, spanning 110 countries. Unlike many payment apps that rely on bank accounts or wallet addresses, Krak allows users to send money without inputting those details, potentially simplifying global transfers for individuals who find traditional banking systems slow or cumbersome. Alongside payment capabilities, Krak includes spend and earn features where eligible users can collect up to 4.1% rewards on balances of USDG, a dollar-pegged stablecoin issued by the Global Dollar Network, of which Kraken is a member. The app also offers yield opportunities of up to 10% across more than 20 other digital assets.

Coinbase's stock rally to its highest level since 2021 indicates a renewed confidence in the crypto market, despite the volatility experienced in recent years. The launch of Coinbase Payments and its integration with e-commerce platforms like Shopify demonstrates the company's efforts to expand its services beyond traditional trading, potentially attracting more merchants and users to its platform. The rejection of the SEC and Ripple settlement by a federal judge highlights the ongoing regulatory challenges faced by the crypto industry. The judge's insistence on maintaining an injunction against Ripple underscores the need for compliance with federal securities laws, which could have broader implications for other crypto firms. Kraken's launch of the Krak app for global payments represents a significant development in the crypto payments space. The app's ability to support transactions in a wide range of assets and its user-friendly features could make it a popular choice for individuals seeking to send money across borders quickly and easily. The app's yield opportunities on digital assets could also attract users looking to earn returns on their holdings.