The rapid rise in the fortunes of the cryptocurrency market, which have contributed to its investors’ fortunes, has not excluded the crypto service firms like exchanges, who are also big beneficiaries of the booming space. Popular cryptocurrency exchange- Coinbase has been one of the most successful Blockchain-related firms in the past few years. Around last year, the exchange announced, much to the delight of the cryptocurrency space, that it will be going public in 2021. The company has resorted to various fundings to reach the required valuation it needs to go public. However, the company has announced that its proposed direct listing is set for April 14, 2021.
Coinbase giving potential investors an overview of the company
The announcement by Coinbase yesterday about its public listing also confirmed that the crypto exchange would disclose its quarterly financial report on April 6, 2021. In the crypto giants’ announcement, the decision to disclose its financial statement to the public before its listing is set to give potential investors an overview of the crypto exchange’s financial stance. Before now, Coinbase had earlier published its annual report to its stakeholders.
According to last year’s report, the crypto exchange had made more than $300 million in profit, boasting revenue of $1.2 billion in 2020 alone. The crypto exchange is one of the most profitable Blockchain firms globally, a statement that their 2020 report is a testament to. The decision by Coinbase to disclose its financial report for a quarter is the first one in the history of the company, with analysts believing that the exchange is just trying to fulfill its mandatory S-1 requirements. However, with the company set to go public in two weeks and many crypto analysts predicting a bull run in the crypto market, the crypto exchange is expected to have a great business year.
Coinbase set to become the most valuable crypto exchange in the world
Coinbase, after it goes public, will likely be the most valuable cryptocurrency exchange in the world. Some crypto analysts valued the crypto exchange worth around $100 billion last month; a figure believed to be inflated. However, with the company publishing this report and going public, many analysts can get a good overview of the crypto exchange. Coinbase’s pubic listing as the first cryptocurrency outfit to do so is also set to boost the image of the entire Blockchain space.
Earlier in the year, many analysts have discussed the cryptocurrency exchange’s ambitions, as they have lofty expectations for the crypto company, which is expected to bridge the gap between traditional banking and digital investments. However, many investors are lurking around as they patiently wait to tap into the benefits of Coinbase’s public listing set to see the light of the day soon.