Coinbase confirms IPO at $8 billion valuation
The news of Coinbase IPO circling around for the past 24 hours has been officially confirmed by Ran NeuNer, host of CNBC CryptoTrader.
With the much-anticipated initial public investment at $500 million, the company is valued in the range of $7.2 – $8 billion. However, Coinbase IPO might also very well beat the most optimistic market predictions, financial analysts say.
Based on the 25 million users, Coinbase is currently considered the world’s largest cryptocurrency marketplace. There’s $7 million worth of cryptocurrencies, with 600,000 active traders on the platform every single day. According to the CNBC report, the cryptocurrency exchange earned $90 million in the last quarter, with 80% of revenue coming from users directly, 15% from Coinbase Pro, and 5% from other sources.
There were some more interesting details revealed. Rumor has it that Coinbase is on its path to start a custodian solution. According to Adam Draper, one of the first investors in Coinbase, “at some point in time, the entire world has to be on one financial infrastructure, and Coinbase will be that exact platform.” Even with the demand to exit market right now, Draper would rather stay and invest more, because he believes that “Coinbase will be one of the first ten companies to reach trillion dollar valuation.”