Unconfirmed news about Coinbase’s initial public offering (IPO)

Unconfirmed news about Coinbase’s initial public offering (IPO)

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Answer Unconfirmed news about Coinbase’s initial public offering (IPO)

Ran Noner, presenter of CNBC’s Crypto Trader in Africa, claims that popular cryptocurrency exchange Coinbase is about to announce its first initial public offering (IPO), according to a tweet posted on Thursday, October 25.

Nuner says details of the Coinbase IPO will be revealed on Friday, October 26, live on CNBC’s Crypto Trader Show.

The broadcaster also provided statistics on revenue and account numbers on Coinbase in his post. Charts show that the number of users on Coinbase has now reached 25 million, with 600,000 actively trading on the platform.

According to the disclosed data, the California-based data trading market saw $90 million in the fourth quarter of last year with a profit forecast of $450 million in the fourth quarter of 2018. It is estimated that 80% of the revenue came from consumers and more than 15% came from consumers. From corporate institutional accounts, the other 5% source was not disclosed.

Read:The positive side: Bitcoin breaks new records in more than one field

Coinbase President Asif Herjee initially hinted at an initial public offering in late 2017. When asked about the possibility of the company going public (investing publicly through an IPO), he said:

“It’s certainly in the best interest of our investors…The most obvious path at Coinbase is for us to go for an IPO at some point, but there’s a lot we have to do now and then, whenever that’s a date.”

In early October, US media outlet Recode cited two anonymous sources familiar with the matter, saying that Coinbase was close to finalizing a deal valuing the company at around $8 billion. In particular, the exchange has been in advanced talks with Tiger Global and its existing shareholders for an investment of up to $500 million.

Read:The US Securities and Exchange Commission issues a guide on digital currencies and crypto

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