Media: Coinbase Cryptocurrency Exchange May Go To Stock Market By Year End
Coinbase cryptocurrency exchange is preparing to enter the stock market. Reuters writes about this, citing sources, noting that the listing could take place before the end of the year. In this case, Coinbase will become the first major US cryptocurrency exchange to be listed on the stock market..
A potential listing of Coinbase shares is still pending approval from the US Securities and Exchange Commission (SEC). If she manages to get permission, it will mark an important achievement for the entire cryptocurrency industry, Reuters notes..
During the last round of fundraising in 2018, Coinbase was valued at $ 8 billion. Then it managed to raise $ 300 million. The exchange noted that it did not need funding, but wanted to enlist the support of large investors who wanted to “invest in the best representatives of the cryptocurrency space.”.
It is expected to use direct listing to go public, abandoning the traditional initial public offering (IPO) model, one source said..
Speculation that Coinbase might hold an IPO featured in late 2018. COO and President of Coinbase Asif Khirji then said that this issue is one of the last priorities of the company, while diversification of revenue sources and ensuring financial stability remain the main ones for it..
“Although there will be no IPO in the near future, our main goal remains to change the structure of income. Now all income comes from transactions, but this will change soon, “he said then.
During this time, in addition to cryptocurrency trading, Coinbase has successfully developed several other areas of its business. It offers safe custody services for digital assets through Coinbase Custody, payment services through Coinbase Commerce, and participates in the USDC stablecoin issuance. In addition, the company is working to create its own primary brokerage service for institutional investors..