СNBC Crypto Trader Host Ran Neuner Spills the Beans of Coinbase’s Preparation for an IPO
Ran Neuner also is known as the “cryptomanran” is famous for breaking some of the most fantastic news in the crypto world. And this time he has just got a bigger breaking news as he has plans to share the details of the Coinbase IPO in his upcoming show on October 26, 2018.
Coinbase is all set to go public
Coinbase is one of the largest global exchange the trades cryptocurrencies. The exchange has operations spread over 190 countries and clocks a revenue of more than USD 1 billion. Due to its large operations, the exchange is considered a dominant player globally. Hence the news of its IPO is definitely huge.
Ran Neuner, the host of the Crypto Trader show on CNBC Africa, has shared a tweet where he mentions of sharing the complete details of the IPO on his program that would be aired on Friday, Oct. 26. On his tweet, he also provided statistics on Coinbase’s revenue and account numbers in his post. The infographics show that the number of users on Coinbase has now reached 25 million, with 600,000 actively trading on the platform.
Ran Neuner, host of of the Crypto Trader show on CNBC Africa, claims that major crypto exchange and wallet Coinbase is about to announce its first Initial Public Offering (IPO), according to a tweet Thursday, Oct. 25.
Neuner states that the details on Coinbase’s IPO are to be revealed Friday, Oct. 26, live on the CNBC Crypto Trader show.
The host also provided statistics on Coinbase’s revenue and account numbers in his post. The infographics show that the number of users on Coinbase has now reached 25 million, with 600,000 actively trading on the platform.
As per the data revealed, the California-based crypto exchange has seen $90 million in revenue last quarter, with expectations to earn $450 million in the last quarter of 2018. 80 percent of revenue came from consumers, 15 percent more from institutional accounts, and the source of other 5 percent was not disclosed.
Coinbase president Asiff Hirji first hinted about an IPO in late 2017. When asked about the possibility of taking the company public, he said:
“It is certainly in the interest of our investors…and the most obvious path of Coinbase is to go public at some point, but there’s a lot for us to do between now and then, whenever that date is.”
In early October, U.S. tech media Recode cited two unnamed sources familiar with the matter who stated Coinbase was about to finalize a deal that would value the company at about $8 billion. In particular, the crypto exchange was allegedly in talks with Tiger Global and its current shareholders for an investment of up to $500 million.
CCN Commet: In recent months, crypto companies have floated the idea of pursuing initial public offerings, including Bitmain. The new reality offers Wall Street investors a chance to play in cryptocurrencies without actually getting their hands dirty in them. It also opens up new capital for the industry, which for years has been limited primarily to existing crypto holders in terms of pools of potential capital.
Ironically, the chaos and corruption of the traditional stock market and banking industry played a major role in the development of Bitcoin.
Now a decade later, companies built on, born and bred of Bitcoin and other cryptos are, in some senses, returning to the fold, offering traditional stocks to traditional investors and financial outfits. We come full circle and the new reality perhaps provide a degree of uncertainty for those who thought they’d figured the market out already.