Coinbase Exchange’s IPO Ambitions Indicate Crypto Assets’ Coming of Age | BTCMANAGER
U.S.-based cryptocurrency exchange Coinbase is reportedly mulling going public later this year, Reuters reports, July 9, 2020.
Coinbase, one of the largest crypto exchanges in the world by reported trading volume is planning to become a publicly listed company in the U.S.
Should the U.S. financial watchdog, the Securities and Exchange Commission (SEC), approve the firm’s application, it could very well prove to be a watershed moment that legitimizes cryptocurrencies.
Three people familiar with the matter told Reuters that Coinbase could apply to go public as early as later this year, although the plans are still subject to change.
The sources added that although Coinbase has not yet approached the SEC with its initial public offering (IPO) plans, it has, however, engaged the services of investment banks and law firms to help with the process.
The San Francisco-headquartered crypto juggernaut, valued at $8 billion in its latest private fundraising round in 2018, is considering going public through a direct listing.
For the uninitiated, a direct listing involves existing company stakeholders selling their shares to the public instead of going down the traditional IPO path which involves issuing new shares.
The SEC giving a green light to Coinbase could be a potential inflection point for the multi-billion dollar crypto industry. Having Coinbase listed on a public stock exchange would not only exude the regulator’s confidence in the firm but also help cement cryptocurrencies as a sound asset class.
That said, one would assume Coinbase to be doing ample homework to get past the regulatory hurdles to list itself as a public firm.
To date, several entities have applied with the SEC to get a Bitcoin ETF approved, albeit with little luck. The seemingly unending struggle of listing a Bitcoin ETF has, to an extent, hindered the mainstream exposure of digital assets.
Earlier this year, one of SEC’s vocal pro-crypto Commissioners, Hester Peirce, criticized the agency’s decision to reject a Bitcoin ETF proposal filed by Wilshere Phoenix and NYSE Arca.
In similar news to that of Coinbase, crypto lending platform BlockFi recently made a job posting seeking a CFO who could lead the firm’s finance team “for late-stage investment, acquisition, and/or IPO.”
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Report: Crypto Exchange Coinbase is Gearing Up for an $8B+ Stock Market Debut
A new report from Reuters is claiming that the crypto trading platform Coinbase is in the process of filing for a direct listing in the U.S. markets.
The potential listing remains in its early stages, and the company has yet to be approved by the Securities and Exchange Commission for a public listing.
If this possibility does come to fruition, it will mark a notable step in the evolution of the crypto industry, as it will be the first crypto exchange to secure a listing on the public markets.
According to the unnamed sources cited within the report, the listing could come as early as this year.
If approved, Coinbase would likely be one of the only non-mining related crypto companies to secure a public listing – marking an important step in the progression of the young and rapidly growing industry.
Per the report, the listing process is still in its early stages, and the exchange has yet to file any formal paperwork to the SEC.
It also states that the company is currently in the process of mulling over a listing with relevant parties, including investment banks and law firms.
“Coinbase could pursue the listing later this year or early next year, the sources said, cautioning that the plans are still subject to change. The company has not yet registered its intention to go public with the SEC, but has been in talks to hire investment banks and law firms, the sources added.”
Both Coinbase and the SEC declined to comment on the matter.
It is important to note that companies often engage in discussions with investment bankers and attorneys regarding market debut listing plans, and these talks are not always indicative of an imminent listing.
It could be that the crypto exchange’s management team is merely attempting to understand the process better, or is laying the groundwork for a listing at a later time.
The anonymous sources also revealed to Reuters that the crypto platform is favoring a direct listing on the markets over an Initial Public Offering (IPO).
A direct listing means that no new shares would be offered to investors. It would benefit the company’s pre-listing investors and management team as it would allow them to sell their shares immediately – subverting the standard 6-month IPO lock-up period.
Based on the crypto exchange’s last private fundraising round, they would likely list with a valuation of $8 billion or more.
Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.
Author: Cole Petersen
CRYPTO20 Market Cap Tops $21.23 Million (C20)
CRYPTO20 (CURRENCY:C20) traded 4.5% lower against the US dollar during the one day period ending at 8:00 AM E.T. on July 10th. In the last seven days, CRYPTO20 has traded 13% higher against the US dollar. CRYPTO20 has a market cap of $21.23 million and approximately $4,713.00 worth of CRYPTO20 was traded on exchanges in the last day. One CRYPTO20 coin can currently be bought for approximately $0.53 or 0.00005736 BTC on popular cryptocurrency exchanges including $51.55, $10.39, $24.68 and $33.94.
Here’s how related cryptocurrencies have performed in the last day:
C20 is a coin. It launched on October 16th, 2017. CRYPTO20’s total supply is 40,656,082 coins and its circulating supply is 40,318,703 coins. The official website for CRYPTO20 is crypto20.com. The Reddit community for CRYPTO20 is /r/cryptotwenty and the currency’s Github account can be viewed here. CRYPTO20’s official Twitter account is @CRYPTOtwenty and its Facebook page is accessible here. CRYPTO20’s official message board is medium.crypto20.com.
Buying and Selling CRYPTO20
CRYPTO20 can be purchased on the following cryptocurrency exchanges: $20.33, $10.39, $33.94, $51.55, $24.68, $24.43, $32.15, $50.98, $7.50, $13.77, $18.94 and $5.60. It is usually not currently possible to purchase alternative cryptocurrencies such as CRYPTO20 directly using U.S. dollars. Investors seeking to acquire CRYPTO20 should first purchase Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as Gemini, GDAX or Coinbase. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase CRYPTO20 using one of the aforementioned exchanges.
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Author: Kim Johansen
A Rare Glimpse Into How Crypto Is Really Used in Venezuela
Over the past two years, many bitcoin believers donated cryptocurrency to initiatives in Venezuela, often holding up the small nation as the pinnacle example of the technology’s potential.
The truth on the ground is much more nuanced.
The fintech startup AirTM distributed roughly $300,000 worth of cryptocurrency donations to 60,829 ID-verified Venezuelan e-wallets throughout 2019. The donated crypto came from entities like GiveCrypto, the Electric Coin Company and the artist Cryptograffiti.
Related: Ethereum and EOSIO Square Up Over Enterprise Blockchain Business in Latin America
The muralist’s crowdfunding campaign made up the bulk of bitcoin (BTC) donations, which in total represented less than 12% of funds donated to AirTM’s Venezuelan users. The bulk of donations were assets such as bitcoin cash (BCH), zcash (ZEC) and dai (DAI) and amounted to roughly $5 per donation. AirTM’s data shows few users chose to withdraw the crypto donations, opting instead to keep it inside the AirTM system.
According to an AirTM user survey, only 57% of recipients engaged with the funds. For some, even converting crypto to AirTM credits (AirUSD) inside a custodial user account was too much hassle.
Related: Brazil’s Ailing Economy Is Helping Dollar-Pegged Stablecoins Find Traction
For those who did access the funds, more than 2,000 Venezuelans said it was helpful for buying food. (You can see the full survey results here.) They typically did this by using AirTM to cash out bolivars as needed, using the digital wallet provider like a bank. Others used it as savings.
“So far I only use this crypto in AirTM,” one such user, Neysa Hurtado, said in an interview.
Even bitcoiners like freelance engineer Geraldo Meneses, who does hold a small amount of crypto in his own wallet, preferred to use most of the donated crypto as AirTM credits.
“Bitcoin is a way to charge for my work,” Meneses said via WhatsApp. “AirTM is my exchange platform and personal bank.”
Meneses said he used the extra bitcoin from this charity campaign to buy medicine for his mother, which was expensive and had to be shipped from abroad.
Before the coronavirus crisis, he said it was possible to ship medicine from Europe within roughly two weeks, but now it can take up to a month. So having the capital to order in advance is important.
“Many people are looking for ways to exchange dollars and cryptocurrencies,” he said. “The most cunning [exchangers] try to defraud innocent people.”
This was the benefit AirTM offered. Customers trusted the platform and knew how to use it, although few know how to operate zcash or bitcoin wallets. One new AirTM user, attorney Michael Barráez, said this was his first time learning about cryptocurrency. He said he might buy some bitcoin to hold for himself, as savings.
“When democracy is back and the U.S. sanctions are over, our economy will flourish again,” Barráez said.
Even if users have the skills to use cryptocurrency, some of them still prefer to manage most of their money with the option for recourse that a company provides. Others don’t want to hold a highly volatile asset at all.
“I could see that the money [AirUSD] did not devalue,” first-time crypto user Jannet García de Rivas, an experienced engineer who works in the tech industry, said about why he converted the crypto donation.
If Venezuela offers an example of bitcoin usage, then it appears there is user demand for bitcoin-friendly services provided by a regular fintech company.
In short, people trust the service provider, even if they may occasionally choose to hold a small amount of bitcoin themselves. The service provider makes it easier for them to transact with bitcoin across borders or liquidate it. Other users, with specific needs, require lots of planning and preparation in order to use bitcoin directly and be their own proverbial banker.
“There is still so much work to be done in order to have bitcoin adoption in the region,” Cryptograffiti said. “For example, we had a random selection of refugees participate who just happened to be in the area, many of whom didn’t even have email addresses. In order to be the most effective, we could have tried to target a particular subset ahead of time.”
- A Rare Glimpse Into How Crypto Is Really Used in Venezuela
- A Rare Glimpse Into How Crypto Is Really Used in Venezuela
Author: Leigh Cuen