Coinbase, the exchange of Bitcoin and other cryptocurrencies, filed its papers on Thursday and went public with the latest signs of a rise in digital currencies.
The San Francisco-based group showed strong growth in 2020 as it announced that it was planning a direct listing rather than going public, causing disruption to the financial system.
According to Securities Filing, which presented the group’s plans, the current financial system is “filled with high fees, delays, unequal access and barriers to innovation,” said Coinbase CEO Brian Armstrong. Stated.
Armstrong said the promotion and promotion of digital currencies is paving the way for “a more global, free and fair alternative.”
“The crypto economy is still in its infancy,” he said. “This is not intended to replace the traditional economy, but to complement it, just as email was paper mail.”
The announcement of Coinbase came in response to the surge in the value of Bitcoin as mainstream companies such as BNY Mellon and Mastercard announced programs that would allow the use of digital currencies.
Coinbase reported that revenue in 2020 surged 136% to $ 1.1 billion. It reported a profit of $ 322 million compared to a loss of $ 30 million in 2019.
When hiring a direct listing, Coinbase investors and employees convert ownership into shares.
This strategy has become an increasingly popular way to go public and was previously used by Spotify, Slack and Palantir.
Coinbase’s platform had 43 million retail users at 7,000 institutions in 2020.
jum-jmb / dw
Coinbase Plans To Go Public With Direct Listing Source link Coinbase Plans To Go Public With Direct Listing