Coinbase Files cryptocurrency exchange platform to go public

Coinbase Inc said Thursday that it has made a confidential request with the U.S. Securities and Exchange Commission to go public in a move that would make it the first major U.S. cryptocurrency exchange to be listed on the stock market.

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Coinbase’s announcement comes as Bitcoin hit a record high on Thursday, just days after passing the $ 20,000 milestone for the first time, amid growing interest from larger investors.

Reuters reported in July that Coinbase had begun plans for a stock market listing and was exploring going public through a direct listing instead of a traditional initial public offering (IPO).

Direct listing allows immigrants to sell immediately and without the support of traditional underwriters – a recipe for potentially high volatility in early trading.

Coinbase did not specify in its statement whether it would pursue an IPO or a direct listing.

If the SEC approves Coinbase’s listing plans, it would represent a landmark victory for cryptocurrency advocates competing for mainstream certification.

Many cryptocurrencies have struggled to gain the trust of mainstream investors and the public because of their speculative nature and money laundering potential.

Founded in 2012, Coinbase is one of the most well-known cryptocurrency platforms globally and has more than 35 million users in more than 100 countries.

Its CEO, Brian Armstrong, in September offered a severance package to employees who were unwilling to cope with the cryptocurrency exchange’s new policy of not entertaining discussions on social and political issues.

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Last Update: Friday, 18 December 2020 KSA 23:21 – GMT 20:21