konex on crypto: The Coinbase IPO

Written by konex on 16 April 2021

Coinbase's Brian Armstrong

The big news in the crypto space this week was the listing of Coinbase on the NASDAQ exchange. Coinbase was initially founded in 2012 with the goal of simplifying the buying and selling of bitcoin and has since gone on to become one of the most popular cryptocurrency exchange in America with 56 million customers offering its client base access to various cryptocurrencies.

Many see the listing as crypto’s gateway into the mainstream world. On Wednesday, records were set as Coinbase was the largest ever direct listing with the valuation almost touching USD $100bn at its peak. The shares opened for trading at USD $381, and many analysts are predicting the stockprice to go over USD $600 over the next few weeks.

In regards to the listing, the Coinbase CEO Brian Armstrong said “by going public I hope it is going to be seen as a landmark moment for the crypto space. This technology is here to stay and it’s creating a ton of value in the world. People no longer need to be scared of it like in the early days, and now there is so many legitimate use cases and it’s a regulated financial service business. The focus will be on how to leverage this opportunity to create jobs and economic growth for countries that embrace this”.

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