$1 Billion Direct Listing Is Being Aimed by Coinbase, Reveals Plans and Results

As per the latest reports, one of the largest cryptocurrency exchanges in the United States, as well as the entire world, has revealed its intentions of going public. The exchange has filed a request at the Securities and Exchange Commission of the United States.

The firm has revealed that once the approval has been provided, it will be going for a direct public listing through one of the stock exchanges. The firm has revealed that the public listing will be worth $1 billion and will be listed on the Nasdaq Global Select Market. Coinbase has also announced that it will be launching the listing through Nasdaq and the trading symbol it will use is “COIN”.

Coinbase officials have stated that they are hopeful the request for the filing will be approved by the SEC soon. Once the listing is approved, the exchange will proceed with the listing by the end of the running year 2021.

In the filing, Coinbase has provided the details that the Securities and Exchange Commission would want to know about for consideration. The exchange has revealed that in the year 2020, the platform had a total of 43 million verified users using its services.

The firm revealed out of the 43 million verified users, 2.8 million users are the ones responsible for monthly transaction volumes. The firm has also announced that it is currently involved with more than 7,000 institutions. Furthermore, the number of partners in its ecosystem is around 115,000 and the platform is providing services in more than 100 countries.

In the filing, the firm has further clarified what it aims to become for its retail users. The firm has revealed that becoming the financial account is the aim that it is currently trying to achieve for its users. The firm also wishes to become a one-stop solution for its users so that they do not have to go to any other platform in order to invest.

The firm aims to fulfill all the trading needs that the individual, retail, and corporate investors would want to have through the platform.

Coinbase has stated that by doing this, it aims to surpass all the centralized/decentralized exchange platforms that are currently competing with it in the crypto-sector.

With the launch of the new listing, the firm has something more reliable and completely new that it will be able to offer the users. Launching the listing would provide Coinbase with an upper hand against the exchanges that have been gradually growing in number with every passing day.

It was on December 31, 2020, when the firm revealed that it had a total of $90 billion assets that it was managing for the users. The firm also revealed that until the end of December 2020, the firm had $456 billion worth of trading volume.