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In its stock market debut, cryptocurrency company Coinbase, which operates a top platform for Bitcoin and other digital currencies, reached a market cap of approximately $100 billion (£72.5 billion).

The stock opened at $381 on the Nasdaq, but later fell below $330.

Coinbase’s initial valuation placed it ahead of a number of well-known companies, including oil giant BP and major stock exchanges.

The listing was hailed as the latest move toward conventional investors’ embrace of cryptocurrencies.

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