Crypto exchange Coinbase will be announcing its Initial Public Offering (IPO) soon, according to Ran Neuner, the host of the Crypto Trader show on CNBC Africa. Ran recently tweeted that the largest crypto exchange in the United States will have its IPO soon, the details of which will be revealed on October 26 live, on his show.
In his post, Ran also provided statistics on the Coinbase exchange’s account numbers and revenue. As per the infographics displayed, the number of users on the exchange has now reached 25 million, with around 600,000 actively trading on the platform.
In the last quarter, crypto exchange Coinbase has seen $90 million in revenue, as per the latest data revealed. The exchange expects to earn $450 million in the final quarter of 2018. Out of the $90 million revenue earned during the last quarter, 80 percent of it came from consumers, while 15 percent came from institutional accounts. The source of the remaining 5 percent was not disclosed.
Coinbase president Asif Hirji had first hinted about an IPO in late 2017. He had stated that in the interest of the company’s investors the most obvious path of Coinbase is to go public at some point. However, he also added that there was a lot for them to achieve at that particular moment before they finally decide upon to announce an IPO, as reported on Cointelegraph.
The exchange has achieved some significant milestones, with over seven million accounts with funds. Hence, it may be just the right moment for starting an IPO. Coinbase at the moment is worth around $8 billion USD despite a drop in its trading volume during 2018 owing to the bear market slowly eating the market’s profits away. While the exchange had a significant drop in its quarterly revenue recently, it seems to be in a good shape overall.
Although the possibility of an IPO seems to be real, crypto exchange Coinbase has not confirmed the same at the moment. The exchange has not directly spoken to any media outlet so far to confirm whether it plans to have its IPO or not. Presently, there are rumors doing the rounds that Coinbase will close a $500 million USD funding round soon, as reported on Bitcoin Exchange Guide.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]