Coinbase, the leading crypto exchange in the United States, is likely to come with something new again. Ran Neuner, the most popular figure in the space of crypto-related news and the host of the show ‘CryptoTrader’ on CNBC, has claimed that the exchange is going to launch an Initial Public Offering (IPO).
CNBC Cryptotrader exposes details of the Coinbase IPO raise tomorrow on a Cryptotrader exclusive. pic.twitter.com/YG4UOP3ju8
— Ran NeuNer (@cryptomanran) October 25, 2018
The original source of the news is unknown, but the announcement is great, as Coinbase is the biggest and the most popular name when it comes to the world of cryptocurrencies. The company is believed to be worth about $8 billion USD. According to the statistics revealed by Neuner, Coinbase now has 25 Million registered members, with 600,000 people trading every day on their platform.
The California-based crypto exchange had $90 million in revenue last quarter, with expectations to earn $450 million in the last quarter of 2018. 80% of Coinbase’s revenue comes from the consumer services, 15% comes via Coinbase’s rapidly expanding institutional arm, and the remaining 5% iss sourced from additional services.
Coinbase has gained a reputation of a trustworthy exchange. The exchange has reached some important milestones, that’s why IPO is possible and even necessary now. Neuner promised to reveal further details of the Coinbase’s IPO. However, some investors are quite sceptical of Neuner’s claim, among them is Larry Cermak, the president of Branick Consulting, Inc.
The fact that this tweet only got 35 retweets is a testament of people finally waking up to @cryptomanran being a fraud. If he had any credibility whatsoever, leaking Coinbase's financials and intention to IPO would go viral. Giving bad financial advice eventually catches up bro https://t.co/QHuyQpk9fu
— Larry Cermak (@lawmaster) October 25, 2018
Coinbase has not commented on IPO yet, but previous statements made by Coinbase President Asiff Hirji give some hints on possible taking the company public. In late 2017, he said:
“It is certainly in the interest of our investors…and the most obvious path of Coinbase is to go public at some point, but there’s a lot for us to do between now and then, whenever that date is.”
If the information is true, Coinbase’s IPO will be launched in the US. The IPO would have a significant impact on the cryptocurrency markets. Bringing a lot of mainstream attention to the exchange, the launch of IPO would also help the firm raise large amounts of funds for future projects.
Steps Towards Creating an Open Financial System for the World
Coinbase is on the news all the time. The exchange makes a lot of efforts to achieve its goal of creating an open financial system for the world. And for the time being, these efforts are successful.
This autumn, the company opened some new offices, implemented some changes to its listing policy and introduced new products. Recently, Coinbase developed a new automated security tool which is now available to the public through an open source code. By utilizing a combination of human code reviews and automated scans, the Salus secutity tool is able to run and manage different security scanners automatically.
On October 23, Coinbase Custody Trust Company LLC was approved by New York State Department of Financial Services (NYDFS) to operate as “a limited purpose trust company”, which is another milestone for the exchange. Now, as a qualified custodian, Coinbase will function similar to a bank.