As the crypto market is hotly anticipating the largest US cryptocurrency exchange Coinbase to go public, the company will also launch a secondary market along.
Although this market debut has been anticipated for some time, it wasn’t until last month that Coinbase filed a confidential S-1 for the stock listing on Nasdaq.
Employees are allowed to sell their shares
The exchange offers trading for several cryptocurrencies, including Bitcoin, Litecoin, Ethereum, Ethereum Classic, Tezos, and Bitcoin Cash.
Coinbase offers Bitcoin storage and transactions for about 190 countries, while it serves about 32 countries with fiat currencies.
The secondary market service will surely excite consumers and crypto enthusiasts who are wondering what type of service upgrade they are expecting when Coinbase goes public.
The message from Coinbase states that the Nasdaq private market will inform users how they can access the Coinbase sharers for trading and how the market will operate.
With this new development, both former and current employees with vested equity in the exchange are allowed to sell their shares. The exchange is expected to go public soon.
Coinbase will go public through a direct listing
Ahead of the Coinbase IPO, Nasdaq Private Market will provide services for companies, which includes controlled liquidity programs, especially for firms who want to raise secondary capital for investors and shareholders.
However, rather than going through an IPO, the expectation is that Coinbase will use the direct listing to reach the public markets.
The digital currency exchange was founded in 2012, with headquarters in San Francisco, California.
The company was founded by former Airbnb engineer Brian Armstrong, and former Goldman Sachs trader Fred Erhsam.
Coinbase has taken huge steps towards making the company attract global attention as it is today. The firm’s ambitious growth plans started yielding results almost immediately, as its user base grew to 1 million barely 2 years after it was formed.
Its growth was also helped by several partnerships with top brands like Time Inc, Dish Network, Expedia, Dell, as well as Overstock.
Presently, the exchange is valued at over $70 billion, as pre-IPO contracts have already started trading on FTX.
Coinbase Announces Offer Of Secondary Market As Firm Plans To Go Public
