Coinbase Denies IPO Rumors as Top US Crypto Company Reveals Future Plans
Coinbase COO Denies Inital Public Offering Rumors
Coinbase, which has recently announced that it was able to get $300 million USD via a Series E investment round that made the company worth well over $8 billion USD has recently affirmed that unlike the rumors which have been on the internet lately, it has no plans for an Inital Public Offering (IPO).
The COO of the company, Asiff Hirji, has affirmed during an interview with Bloomberg that there are no plans for an IPO now. According to him, an IPO would be nowhere near the priorities of the company at the moment. It is important to notice that Hirji was the first to hint a potential IPO back in 2017 in another interview with Bloomberg.
— Bloomberg TV (@BloombergTV) October 30, 2018
Rumors about Coinbase’s possible IPO started to get strong after CNBC host Ran Neuner affirmed that Coinbase would, in fact, confirm the rumors, which did not happen. The COO of the company has instead affirmed that the Coinbase execs want to diversify the revenues of the company among various platforms over the years.
He also affirmed that the company is interested in offering more assets to people who are not residents in the United States. According to him, the idea is to go from seven assets to more than 200 ones over the next year.
The strategy makes sense, as it make the company more alike Binance, which is the largest exchange in the world. Many traders are eager to use the cryptocurrency world to trade diverse asset and try their luck with arbitration, so this might give a good bost to Coinbase.
Other exchanges like Bittrex have also affirmed that they would segregate their U. S. market from the rest of the world via a separate platform registered in Malta. Generally, the U. S. has a regulation that is considerably harsher than other jurisdictions, so this might be why the company decided for this move.
The Investment Round Series E
The investment round was led by Tiger Global Management. The company is focused on the global internet, technology and media market and was founded by “Tiger Club” Chase Coleman III, an important investor.
This investment has led the company to be valued in over $8 billion USD.