Ran Neuner usually does his routine updates on the cryptocurrency scene through Crypto Trader show on CNBC Africa. However this time an announcement was made through his Twitter. According to Neuner popular US cryptocurrency exchange Coinbase will soon announce 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
Neuner’s tweet further stated that more would be explained on the Crypto Trader Show on October 26th. The tweet also contained statistics on Coinbase’s user growth to 25 million people, with 600,000 active traders. It revealed the last quarter revenue to be a whopping $90 million, with expected revenue of $450 million in the 4th and last quarter of 2018. According to the statistics, 80% of the revenue is from consumers, 15% from institutional accounts and the remaining 5% were not disclosed.
On October 23rd Coinbase Custoday Trust Company LLC was approved by New York State Department of Financial Services (NYDFS) to operate as ‘a limited purpose trust company.’ The approval helps Coinbase operate similarly to a bank. Coinbase is upgrading and improving itself to be the best cryptocurrency exchange in the world today.
There have been numerous hints about Coinbase going public ever since the end of 2017. For example, Asiff Hirji, the president of Coinbase said in December 2017-
“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.”
Coinbase has been a favorite for cryptocurrency enthusiasts and has succeeded in high amount in funding at very little time.
If Coinbase does succeed in an IPO, it will join the likes of Bitmain which reported to be the first cryptocurrency IPO on the 26th of September. As it is willing to file for an IPO, it had to disclose it’s financial history publicly in a prospectus. Hence Coinbase will need to be ready in revealing what it holds in fiat and cryptocurrencies along with the companies it has invested.
Image Source – Flickr
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