Major crypto exchange platform Coinbase has reportedly selected Goldman Sachs to take charge of spearheading its forthcoming IPO – an initiative could potentially boost crypto’s recognition to the public.
Specifically, an unconfirmed alliance between Coinbase and Goldman Sachs, via Fred Ehrsam, the exchange’s co-founder who took up the trader position at the bank in the past, has reportedly been discussed for quite some time.
The development reportedly appeared following Coinbase’s confirmation of going public a day prior, via a draft registration received by the Securities and Exchange Commission (SEC).
Referring to details of its most recent valuation 2 years ago, Coinbase’s value is reportedly equivalent to $8 billion, which can climb up to reach $28 billion after its public offering.
With crypto valuations inclining to meet their highest levels since early 2018, Coinbase is reportedly releasing its IPO at a time with numerous opportunities in the market’s evolution.
Similar to numerous financial entities, Goldman Sachs has been gradually adopting a pro-crypto attitude, compared to itself a few years previously. The firm has reportedly just finalized the onboarding of an international head of crypto assets, and has plans down its pipeline to utilize JPMorgan’s blockchain for overnight repo agreements.
The bank reportedly stated its belief to its users regarding the possibility of a co-existence between Bitcoin and gold, under the same macro hedge strategy.
Coinbase is reportedly the go-to exchange for individuals looking to start their adventures into the cryptocurrency sphere.