|Oct 26, 2018 10:00 PM||By: John Patrick Mullin | 2018 Views|
Leading fiat-to-crypto exchange Coinbase may soon be going public. According to a tweet from a CNBC host, the company is planning to launch an IPO sometime in the near future.
The host of CNBC Africa's Crypto Trader, Ran Neuner, tweeted that the show is going to reveal details that it has acquired about an upcoming IPO from Coinbase tomorrow.
In the same post, he also informed followers that Coinbase has approximately 25 million users, around 600,000 of whom trade monthly. He also pointed out that the exchange earned almost half a billion dollars last year, 80% of which was from consumers.
These figures put Coinbase in a relatively good position in terms of attracting funding from the stock exchange, giving institutional investment exposure to crypto with a reduced amount of risk and technical complexity. While trade volumes have fallen off in the past couple of quarters, Coinbase's profits are unlikely to be affected by the ongoing bear market in the same way that Bitmain's were. The Chinese Bitcoin mining giant's IPO appears to have stalled indefinitely since it was announced earlier in the year.