Shao Bank: The Future of Banking with Neobank Strategy
March 13, 2024
Although the Coinbase outage lasted only a few minutes, it sent the company's stock plunging by as much as 5% prior to the opening of trading on Feb. 14, 2022.2 However, Coinbase stock opened at $193.49, only marginally below the previous close of $194.53, and was up by as much 3.8% in morning trading, eventually settling back to a gain of roughly 1.7% by mid-morning.3
Other crypto-related companies also used the 2022 Super Bowl to promote themselves, their products, and projects. Among these were Crypto.com and FTX Exchange. Meanwhile, Meta Platforms, Inc. (FB), the parent company of Facebook, was one of several companies that decided to have some fun at Coinbase's expense.1
Shortly after the Coinbase ad aired, Meta's Quest account tweeted its own bouncing QR code that linked to a Foo Fighters-led virtual reality (VR) afterparty that it already had planned for after the game. The tweet said: "Hopefully this doesn't break."1
Those who tried to access the Coinbase app while it was down got a screen saying: "Well, that was more popular than we thought. We need a quick time out, but don't worry. We'll email you when things get back to normal."1
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