Coinbase Not Going Public
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Coinbase Not Going Public

A top executive at Coinbase has denied claims that were made by a report from Ran NeuNer of CNBC Africa that Coinbase may be going public. The executive has stated that the crypto exchange has no plans of going public anytime soon.

No IPO Being Held Anytime Soon

coinbase

While being interviewed by Bloomberg, Asiff Hirji who is the president and COO of Coinbase contradicted the reports that the brokerage, Crypto exchange and Custodian were looking to have its shares listed in a public exchange in the near future. Coinbase is based in San Francisco.

Hirji stated that Coinbase was not going to be holding an IPO (initial public offering) anytime soon saying that the firm currently has too much on its plate. He did say that maybe sometime in the future the firm may consider going public but reiterated that at the moment the prospect of doing so was no at the top of its priority list.

The rumours of Coinbase looking to go public have been making rounds within the Crypto community for some time now, however, they were fuelled when Ran NeuNer, who hosts the Crypto Trader, announced through a tweet that he would be revealing the plans that Coinbase has with regards to going public exclusively.

With this possibility having been long anticipated by the Crypto community, many were looking forward to the report. When the show aired, however, Ran NeuNer reported about the recent Series E funding that was just completed and was formally announced by Coinbase earlier on in the week, much to the disappointment of many.

Revision Of Crypto Listing Framework

The Series E funding that Coinbase announced on Tuesday reportedly saw the firm raise funds to the tune of $300 million, which in turn saw the firm being valued at a record $8 billion. Some of the investors that took part in the Series E funding include Andreessen Horowitz and Tiger Global Management.

Hirji said that the funding round was held for opportunistic reasons and not out of a need for funds. When commenting on the rumours of a pending IPO, Hirji said that the firm was currently focusing on the diversification of its revenue streams seeing as the main source of its revenue was currently coming from the transactions on its platform.

Even at that Coinbase plans to continue being a Crypto-first company, this being evident by the recent revision of the firm’s Crypto listing framework which has been revised to allow for the addition of hundreds, and potentially thousands, of other digital assets in the future.

Addition Of More Digital Tokens

He stated that there are currently more than three thousand digital assets in the world and that out of all these at least ten per cent might be worth investing in. With the ten per cent being roughly equivalent to two to three hundred tokens, and with the firm currently only listing seven tokens, Hirji has said that the public should expect to see more Crypto tokens being added on to the platform in the coming years.

Some of the tokens to be added will be listed in the US as well as other jurisdictions that do not have stringent regulatory frameworks.

November 1, 2018

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Samantha Mitchell


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