Coinbase Inc. in Preparation for a Stock Market Listing: Report
Coinbase Inc., one of the most popular cryptocurrency exchanges is reportedly readying a direct listing on the stock market, according to sources.
An independent researcher, *Walter Bloomberg, tweeted about the news first. Reuters also published a similar report a while back, further confirming the reports.
EXCLUSIVE-
COINBASE INC KICKS OFF PREPARATIONS FOR A STOCK MARKET DEBUT-SOURCES— *Walter Bloomberg (@DeItaOne) July 9, 2020
This will be the first instance of an exchange offering public shares of its’ company. Until now, mining hardware manufacturers like Bitman, Canaan and so on were the only ones in the clear for a public share offering.
The listing on stock market exchanges would require approval from the SEC (Securities Exchange Commission) in the U.S. Moreover, due to a lot of scrutiny of cryptocurrency exchange business, the intervention of agencies like New York State Department of Financial Services (NYDFS) is also possible.
Coinbase, recently, strengthened its legal team with the appointment of Paul Grewal, former US Magistrate Judge, as Chief Legal Officer.
The firm offers a variety of institutional-grade services apart from a cryptocurrency exchange via Coinbase Pro and Coinbase Custody. Reportedly, the total venture backing until 2019 in Coinbase in over $525 million, with a valuation of $8 billion (in 2018). The firm has expanded profoundly since then with the listing of new cryptocurrencies and provision of custody to funds like Grayscale Trust Fund.
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The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com
Published at Thu, 09 Jul 2020 14:28:44 +0000
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