The leading US-based cryptocurrency exchange and one of the biggest companies in the industry, Coinbase, reportedly prepares for an official stock market listing.
Coinbase Prepares for Stock Market Listing
According to a report filed by Reuters minutes ago, the leading US-based cryptocurrency exchange, Coinbase, has started making preparations for a stock market listing.
Should the procedure be a success, Coinbase will become the very first major US cryptocurrency exchange to go public and it could happen as early as this year.
However, the listing would need the approval of the US Securities and Exchange Commission (SEC). Needless to say, if the watchdog greenlights it, this would be a serious victory for the cryptocurrency community and a major regulatory endorsement.
Sources familiar with the matter told Reuters that the company is actually exploring its options to go public through a direct listing instead of the traditional Initial Public Offering (IPO).
Coinbase’s Institutional Focus
Receiving the green light from the US SEC and going through with an official stock market listing would certainly send a strong signal to institutional investors who are looking for exposure to cryptocurrencies.
This seems to have been the focus of Coinbase of late. Earlier in May, CryptoPotato reported that the exchange acquired a leading cryptocurrency brokerage Tagomi. This was done to enhance the company’s proposition for advanced and for the “most sophisticated crypto investors.”
Back then, the official announcement stated:
“The addition of Tagomi will round out our product suite for the fast-growing institutional trading market. It will allow us to offer custody, professional trading features, and prime brokerage services on one platform, giving sophisticated investors the seamless, powerful trading experience they have come to expect in equities and FX markets.”
Moreover, Coinbase became one of the first clients from the crypto field of the US banking giant JP Morgan.