The major US cryptocurrency exchange Coinbase has just announced that it won’t IPO any time soon but will be adding hundreds of more coins in the next year. Coinbase’s President and COO Asiff Hiriji told Bloomberg his company’s plans this morning via Bloomberg TV.
Coinbase Denies IPO
Yesterday, it was announced that Coinbase is now valued at over $8 billion USD after it closed its series E investment last week. This funding round was worth $300 million USD. With its value rising, some began to speculate whether the major cryptocurrency company was eyeing an Initial Public Offering any time soon.
Hiriji himself hinted about the potential offering back in 2017, stating that the company would like to go public “at some point.” The exec confirmed to Bloomberg reporters today:
“There’s not going to be an IPO any time soon; we have so much to do.”
Hiriji elaborated a bit more on what “so much to do” meant by saying his executives want to diversify revenue stream across the company’s two platforms. Currently, Coinbase offers only seven cryptocurrencies at the time. Hiriji elaborated a bit more about his company’s future plans by saying:
“We offer seven [cryptocurrencies], so you should expect us to go from seven to that total number we think is worth it [200 – 300] over the next year or so. Some things will be offered in the U.S., but more things will probably be offered outside the U.S.”
Currently, the US has the strictest policies across the globe when it comes to cryptocurrency. Most companies won’t even offer their services to US citizens because it’s impossible to comply with the regulations put in place by the SEC. It seems the US-based company has no interest in trying to pass these laws and is shifting gears to foreign crypto investors now.
It remains unknown at this time which coins will be available to US investors when the new batch is released.
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