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Coinbase Stirs Outrage With Sponsorship Of Military Parade In Washington D.C.
- Coinbase, a US-based crypto exchange, faced backlash for sponsoring a military parade in Washington, D.C. marking the 250th anniversary of the US.
- The event organized by America250 had various corporate sponsors, including Coinbase, Palantir, Lockheed Martin, Walmart, Coca-Cola, and Chrysler.
- Coinbase's participation sparked a debate within the crypto community about the alignment of the industry with a display of military power.
- Critics argue that sponsoring the parade goes against the ethos of crypto independence from centralized power.
- Adam Cochran from Cinneamhain Ventures announced selling his Coinbase shares over the sponsorship, citing the company's policy against unrelated political causes.
- Despite criticism, some supporters defended Coinbase, stating that supporting the military doesn't imply political affiliation.
- Coinbase shares surged by 11% following the parade, despite the controversy surrounding its sponsorship.
- On Monday, COIN shares opened at $235, increased to $261 during the day, but still trade below the yearly high of $310.
- The market reaction to Coinbase's sponsorship remains positive.
- It's unclear how much Coinbase invested in the sponsorship or if top executives like CEO Brian Armstrong attended the event.
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