Cryptoexchange Coinbase confidentially files for IPO

By:

Add as a preferred source on Google
Due to its simplified user experience and credibility within the space, Coinbase was the first stop for many of these users’ crypto journey.
Due to its simplified user experience and credibility within the space, Coinbase was the first stop for many of these users’ crypto journey.

Coinbase, one of the world’s largest cryptocurrency exchanges, has said it has submitted the necessary paperwork to officially go public in an IPO. 

The company said it had “confidentially submitted our draft registration (Form S1) with the Securities and Exchange Commission.” 

There had been rumblings of a float over the summer according to Reuters reports. 

Should the application be approved by US regulators, Coinbase would be the first major US cryptocurrency exchange to go public. 

It would make a significant step forward for those advocating for cryptocurrencies to be recognised as securities by officials. The SEC has said some coins may be recognised as securities, but most cryptocurrencies remain unregulated. 

There has been a renewed interest in cryptocurrency amid the meteoric rise of Bitcoin in recent weeks, having recently surpassed $23,000, an intraday high. 

Direct listings have become a popular choice for tech firms with Airbnb recently going public with shares priced at a staggering $68. 

Some estimations place Coinbase with a valuation exceeding $8bn, boasting more than 35m users who trade in various coins such as bitcoin, ethereum and XRP.