If it is already a scarecrow within cryptocurrency exchanges, Coinbase is determined to enter a higher dimension. With its current status and the daily volumes it generates, Coinbase to go public. Although no official announcement has yet been made, the news has come to the public following the announcement of a filing for registration with the Securities and Exchange Commission (SEC). It will now decide whether or not to validate one of the most anticipated IPOs in the crypto space.
A first in the cryptocurrency buying and selling platform industry
Thanks to its presence in 190 countries around the world, Coinbase can boast of having 35 million users in 2020. It will soon be able to count on the latter by opening its capital to the public thanks to its next IPO. Pending that date, the exchange said the case was in the hands of the SEC for further consideration. ” Form S-1 is expected to come into effect after the SEC completes its review process, subject to market and other conditions. “Says the announcement.
Known for good relations with US regulators, Coinbase shouldn’t be a cause for concern. If this were confirmed, the exchange would become the first in its sector to be publicly traded with good prospects for cryptocurrencies, especially bitcoin. However, the price of Bitcoin fell by more than $ 600 within two hours of this announcement received with enthusiasm in the cryptosphere. Although the two events cannot be formally linked, it will be necessary to monitor the evolution of prices, the validation of the SEC may fall at any time.
A long-standing project
If the timing of the announcement may disturb the spirits in the community as the cryptocurrency has surpassed $ 23,000, it would only be pure coincidence. Indeed, the exchange project dates from July, according to Reuters who seems to be a little more informed of the details of the maneuver. The news agency claims that Coinbase would favor the option of a direct listing for its entry on Wall Street.
Since this period, the rigors of the SEC registration process and the lobby of private investors slowed down the process. It only remains to hope that this will have a favorable outcome and be followed by a better start unlike Canaan Creative. The manufacturer of ASIC, which went public a little over a year ago, has indeed recorded hitherto mediocre performance.
With its entry into the cryptocurrency market, PayPal had notably contributed to accelerating the upward movement in bitcoin prices. Everyone is now waiting to see how the market reacts when the payment platform is joined by Coinbase on the stock exchange.