Coinbase’s latest announcement has given Bitcoin a massive boost

These past few months have been abysmal for Bitcoin, but thanks Coinbase the cryptocurrency might be making a bit of a comeback. Coinbase manages a mobile wallet service for Bitcoin that allows users to store the digital currency and make purchases with it and the startup announced today that it was opening its first licensed exchange in the US, which prompted a surge in the price of Bitcoin. 

Bitcoin may be getting some of its groove back. Coinbase, a startup that develops a mobile wallet to buy and store the digital currency, announced Monday that it is launching the first licensed Bitcoin exchange in the United States with the goal to provide a more “reliable and secure platform” for trading bitcoins. “We believe Coinbase Exchange will bring stability and trust to the exchange space,” the startup wrote in a blog post. Coinbase has been at the forefront of legitimizing — or attempting to legitimize — the Bitcoin space in part by raising more than $100 million in funding from major VC firms and even The New York Stock Exchange.