news oceon

Cryptocurrency platform Coinbase to enter Wall Street on April 14

Spread the love

The American company Coinbase, a platform for buying and selling cryptocurrencies like bitcoin, announced Thursday that it will take its first steps on the New York Stock Exchange on April 14, under the symbol COIN (coin in French). Coinbase’s entry to Wall Street on the Nasdaq platform will be a first for a virtual currency company.

As expected, the group will use the direct listing method, and not a traditional IPO, and will therefore not recover any new money.

Read also: The start-up Coinbase, a bitcoin exchange platform, is trying to go public

But the shareholders already present in its capital – the founders, employees and historical investors – will be able to sell their stakes on the market. This process has already been used by Spotify, Slack, Palantir or Roblox. A reference price will be provided the night before the operation.

136% increase in turnover in 2020

The platform was founded in 2012 in San Francisco and provides cryptocurrency buying, selling and portfolio management services.

The group is growing: its turnover soared 136% in 2020 to reach $ 1.14 billion (970 million euros). And the platform made money last year: $ 322 million (273 million euros) after a loss of 30 million (25 million euros) in 2019. Coinbase listed 43 million end users. 2020.

Read more: Start-up Coinbase is riding bitcoin madness

The company then estimated that it had $ 90 billion (76 billion euros) in assets on its platform, an amount driven by the boom in bitcoin, the price of which quadrupled in 2020 before exploding since the start of the year. . The prices of other cryptocurrencies like Ethereum or Litecoin have also jumped in recent months.

Even more News