Paypal

Crypto exchange Coinbase announced plans to go public

Summary

Crypto exchange Coinbase announced plans to go public Against the background of new records in the value of bitcoin, the most famous cryptocurrency exchange announced its intention to go public.. Its representatives said on Thursday that they had filed a […]

Crypto exchange Coinbase announced plans to go public

Against the background of new records in the value of bitcoin, the most famous cryptocurrency exchange announced its intention to go public..

Its representatives said on Thursday that they had filed a draft registration application with the US Securities and Exchange Commission (SEC), moving closer to a possible IPO. SEC has already started reviewing the application.

This statement was made due to the fact that interest in Bitcoin and other cryptocurrencies has increased dramatically during the coronavirus pandemic.. Investors find such currencies attractive as the US dollar weakens. Notable traders Paul Tudor Jones and Stanley Druckenmiller are among those who noted the potential of cryptocurrency. Major financial companies like PayPal and Fidelity have also taken steps in this direction..

Bitcoin broke its own price records and recently surpassed symbolic milestone of 20 thousand dollars. Since then it has continued to climb higher and higher.

Coinbase was launched in 2012. «More than 35 million people in hundreds of countries trust us to buy, sell, store and use cryptocurrency», – the exchange writes. The company states that it has over $ 25 billion in assets on the platform and over $ 320 billion in total trading volume. Today, the exchange includes custodian and brokerage services, focused, among other things, on serving large institutional level investors.

Crypto exchange Coinbase announced plans to go public

The company representatives noted that they are not yet encouraging investors to participate in the placement. As the regulator reviews the application, Coinbase will begin posting stock offers in accordance with applicable law.

Details of the IPO, as well as the financial data of the exchange, have not yet been disclosed..  In the last investment round in October 2018, Coinbase raised $ 300 million in funding at an estimate of $ 8 billion.

Coinbase declined to provide additional comments.