Crypto startup is eyeing an IPO: Report

7, a crypto exchange that has handled over $1 trillion in transactions since its inception, is reportedly eyeing a public listing in the US.

According to a Bloomberg report published Tuesday, the team behind the exchange is currently engaging banks in the country with a view to launching an initial public offering (IPO).

Sources privy to the developments told Bloomberg that is looking at the possibility of going public as soon as possible, the report added.

However, it’s also noted that the crypto company’s engagements around the topic currently constitute groundwork moves only. As such, the IPO might not happen till 2023. It’s also possible the Miami-based crypto firm could yet take a different outlook on the whole issue.

One of crypto’s largest exchanges launched in 2011, expanding beyond being a Bitcoin (BTC) block explorer to offer a crypto wallet and exchange platform. The platform is available across 200 countries, with 37 million users able to trade, earn interest on holdings or lend crypto.

The company’s growth now puts it among the largest in the industry- it had a valuation of $14 billion at the time of its series D funding round in March.

Bidding to join Coinbase

The IPO, if it happens, would see the crypto platform join Coinbase (and probably Binance US) as the first three publicly traded crypto exchange companies.

Coinbase Inc. (NASDAQ: COIN) was listed on the US stock market on 14 April 2021. The COIN stock’s reference price after the direct listing was $250 a share and rose to highs of $368.

The Coinbase stock has traded lower alongside the cryptocurrency market and the broader stock market. The declines have come amid an extended drawdown that sees COIN currently trade at $146 a share.

Meanwhile, Binance US is also looking to go the IPO way. The firm, a US arm of leading crypto exchange Binance, recently raised over $200 million during its seed funding round. The financing was contributed to by, among others, RRE Ventures, VanEck, Foundation Capital, and Circle Ventures.

The firm’s valuation at the time was $4.5 billion, reportedly the first step as the company sought to prepare for an IPO.

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