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Cryptocurrency

Coinbase: World’s most valuable crypto exchange opts for a direct listing

Coinbase is currently opting for direct listings in order to avoid diluting its existing shareholders and handing over cheap stock to new investors.

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Coinbase

The world’s most valuable crypto exchange, Coinbase, recently announced its intention to go public through a direct listing, thereby skipping the traditional IPO route.

Founded over a decade ago, the fast-rising American crypto company has grown to become the biggest crypto exchange in the U.S. and is hitting the public market amid renewed investor interest in digital assets.

Flagship crypto, Bitcoin, at the time of writing this report is trading at about $34,000, gaining over 260% in the past year.

What this means: Coinbase is currently opting for direct listings rather than the traditional IPOs, in order to avoid diluting its existing shareholders and handing over cheap stock to new investors.

Here are highlights of the press release issued by America’s biggest crypto exchange via its web page.

  • Coinbase Global, Inc. today announced its intent to become a publicly-traded company pursuant to a proposed direct listing of its Class A common stock.
  • Such proposed listing is expected to be pursuant to a registration statement on Form S-1 with the Securities and Exchange Commission (the “SEC”).
  • Coinbase Global Inc. previously announced on December 17, 2020, that it had confidentially submitted a draft registration statement on Form S-1 with the SEC.
  • The Form S-1 is expected to become effective after the SEC completes its review process, subject to market and other conditions.

Coinbase remains by far the most valuable crypto exchange in the world, which was most recently valued at around $8 billion. It is the largest American-based cryptocurrency exchange by trading volume and leading crypto brand respected by many institutional investors.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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    Cryptocurrency

    XRP surges by 150% in 7 days as Ripple posts early victories against SEC

    This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

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    XRP, Ripple's co-founder earned $411 million from selling XRP in 2020

    Amid the strong bullish rally at play in the cryptoverse, Ripple’s XRP looks to be leading the way with a push as it almost triples in value following a series of legal victories and social media rumours of relisting at some crypto exchanges like Coinbase.

    This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

    At the time of writing this report, XRP traded at $1.47 with a daily trading volume of $29.3 billion. XRP is up 147% for the week with a current market value of about $67 billion.

    The surge in this crypto asset is coming amid a lawsuit from the SEC which accused XRP’s $1.3 billion initial coin offering of being an “unregistered securities offering.” The allegation led most American crypto multiple exchanges to delist the crypto and XRP lost its place as the 3rd largest crypto by market value.

    That being said, crypto traders appear to be backing the crypto asset amid credible reports suggesting that Ripple lawyers have posted two victories in their legal tussle against the powerful American regulator, including gaining access to internal Securities Exchange Commission discussion history regarding crypto assets.

    What this means

    Such access by Ripple’s lawyers to these records would offer them insights into why the Securities Exchange Commission has not deemed Bitcoin and Ethereum a security asset.

    Continue Reading

    Cryptocurrency

    Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500

    The global crypto market value at press time stood at $2.05 trillion, a 3.85% increase over the last day.

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    The flagship crypto is recording a significant buying spree as Bitcoin bounced above the $60,500 price level once again.

    The global crypto market value at press time stood at $2.05 trillion, a 3.85% increase over the last day, with Bitcoin having a market value of $1.123 trillion and a circulating supply of 18,678,481 BTCs

    Bitcoin’s price is currently $60,638.55.

    READ: Bitcoin miners are consistently earning $50 million daily

    Bitcoin’s dominance is currently 55.36%, an increase of 0.21% over the day.

    Investors are moving their funds to Bitcoin after an avalanche of COVID-19 stimulus shocked the crypto market since last year amid fears of rising fiat inflated currencies coupled with leading business brands adding more buying pressures on Bitcoin with BNY Mellon, America’s oldest bank giving its approval on the new digital gold as it makes a debut into mainstream investment assets.

    Consequently, MicroStrategy now has 91,579 BTCs worth about $5.54 billion while Tesla holds 32,608 BTCs, hinting that more global business brands may take such route to hold the most popular crypto as a treasury tool amid concerns that just 21 million BTCs will ever exist with about 4 million BTCs already lost forever.

    READ: Less than 4 million Bitcoins available for buying

    Sigma Pensions

    Recent price action suggests that bitcoin bulls are holding on tight as they built strong support around the $58K area.

    READ: XRP posts a big bang, as legal tussle with SEC lingers

    That being said, crypto pundits argue that bitcoin still faces strong headwinds in the coming months amid growing regulatory concerns. There is also the bias that its high volatility is making it challenging for some traditional investors to come on board and its massive electrical consumption via the blockchain has also put it at odds with many environmentalists.

    Stanbic 728 x 90

    Continue Reading

      





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