After a long period of speculation about when Coinbase will finally appear on the public list, the US cryptocurrency exchange published a blog post earlier this month stating that it had registered with the US Securities and Exchange Commission for direct listing on the Nasdaq exchange. April 14.
As such, Coinbase Class A shares are expected to trade in the Nasdaq Global Select Market under the symbol “COIN”. The cryptocurrency exchange was previously listed in March, but after signing a $ 6.5 million settlement with the US Commodity Futures Trading Commission last month – regarding allegedly wrong stock market size and “closed trading” reports – the exchange was forced to postpone the plans.
Coinbase management submitted a draft of the list to the Securities and Exchange Commission in December 2020. Due to some issues, the exchange announced that it would be listed directly through the NASDAQ exchange in early 2021. It is estimated that Coinbase will be appreciated. About $ 100 billion on the stock exchange list.
Will Coinbase leave an indelible mark on the cryptocurrency market?
Since its launch nearly a decade ago in 2012, Coinbase has grown into one of the largest cryptocurrency exchange platforms in the world, with Coinbase Pro itself handling over $ 3 billion in daily transaction volume.
Alex Machinsky, CEO and founder of the Celsius ROI platform, thinks Coinbase can be seen as an additional verification of technology and bidding for money from that space, as well as a great PR opportunity for the entire industry, tells Cointelegraph:
“Coinbase has more users, generates more revenue than many of the biggest players on Wall Street, and is more profitable than any other major exchange. This assertion puts most of the skeptics at a crossroads, who need to reconsider their denial and frustration over its violations. Everyone. Parties. ”
Maren Altman, blogger and analyst at Quantum Economics, thinks the Coinbase listing will invite many traditional investors who may have felt uncomfortable buying cryptocurrencies, but may still benefit from the new space. In her view, the move is likely to increase confidence in “tokens for exchange” or coins linked directly to exchanges such as FTT FTX or Binance Coin (BNB).
Norman Wooding, founder and CEO of crypto asset management firm Scrypt, told Cointelegraph that the Coinbase listing could be seen as a landmark that will further validate investors and their confidence in the crypto ecosystem, as well as encourage regulators, especially in the US, to take action. . More in cooperation with crypto companies.
In his opinion, there are no companies like Coinbase, especially when you consider the company’s size, value, and monetization potential. Wooding noted that the last Q1 report from the cryptocurrency exchange is very important because it reveals the names of certain institutions that have their assets on Coinbase and added:
“It could be seen as a sign of confidence to other players who have been hesitant to go up the stage. This will encourage others to follow suit when it comes to using and providing digital real estate services, as we have seen recently with players like BNY Mellon, Goldman Sachs and State Street.”
What will happen next?
While it is undeniable that Coinbase’s direct listing will attract continued attention to the crypto sector, Kosala Hemachandra, founder and CEO of MyEtherWallet, told Cointelegraph he was curious to see where the company would move next. Can they pave the way for trading Coinbase stocks on Ethereum? I think this is a way to demonstrate how powerful the blockchain is. ”
Somewhat similarly, Brad Cam, co-founder of Unstoppable Domains, a San Francisco-based company that builds domains on blockchains, said that with the usual adoption of cryptocurrencies starting at a faster pace, platforms like Coinbase need to make sure they have all the tools needed to make access. Easy and intuitive for everyone, adding: “I lost millions of money due to typos in hard-to-read wallet addresses or sending the wrong currency to the wrong wallet.”
Wooding thinks it will be interesting to see how Coinbase’s future quarterly reports compare, especially during bear markets and as competition intensifies. However, he believes that any pessimism in this regard is largely matched by the increasing adoption and institutionalization of digital assets.