Coinbase and OpenSea in Top 10 Breakthrough Companies for 2022


US 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 round out the top 5, with Coinbase ranking fourth and OpenSea fifth.

The pair were only beaten by payment company Stripe, which took first place, and delivery companies InstaCart and DoorDash, second and third respectively.

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

Coinbase prepares for merger

The US-based cryptocurrency exchange recently announced several developments it will undertake in light of the upcoming Ethereum merger. Coinbase said it will add support for Coinbase Wrapped Staked ETH (cbETH) on the Ethereum network (ERC-20 token).

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

Previously, Coinbase announced that they would suspend transactions of ETH and other ERC-20 tokens during the next Ethereum merger as a precaution, to ensure that their systems correctly reflect all changes introduced by the merger.

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

Shipwreck at sea

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

Later, the company was forced to cut its workforce by 20%, which OpenSea co-founder Devin Finzer announcement on his Twitter account. Although the company still retains relative dominance in NFT markets, trading volumes have declined significantly over the past year.

Source: The Block

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