Coinbase Inc., one of the most popular cryptocurrency exchanges is reportedly readying an IPO (Initial Public Offering) launch, 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.
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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