While it is no longer news that Coinbase stock is live, the crypto firm stock could be met with one rude awakening by Friday as Germany-based stock exchange, Deutsche Börse, has announced plans to delist its shares from Xetra and Frankfurt systems.
Due to this announcement, the performance of the stock dropped by 2.1% to $313.63, which is a continuation of its earlier drop. Overall, the shares have dropped by 20% from its opening price of $380.
Available information shows that Deutsche Börse was making its decision due to the inability of Coinbase to provide a Legal Entity Identifier (LEI). A LEI is an alphanumeric code that is connected to key reference which allows for the identification of all parties involved in any given transaction.
While Coinbase was able to provide this information when they began trading in Germany, it was later discovered that the provided code does not link properly to the firm.
Per Xetra, the only way the Brian Armstrong led company could resume trading in Germany would be for the firm to apply for a proper LEI from the authorities in the European country. Interestingly, this process will take less than an hour after its submission.