Cryptocurrency exchange Coinbase files to go public in a direct listing on Nasdaq

Summary List PlacementCoinbase Global has filed to go public, seeking a direct listing on Nasdaq, according to paperwork filed with the US Securities and Exchange Commission on Thursday. 
According to the form S-1 filed with the regulator, revenue has more than doubled in the last year, highlighting the growing appetite for digital currencies. Coinbase said it has 43 million verified users and that 2.8 million conduct transactions monthly. With bitcoin and ethereum, the platform supports more than 90 crypto assets for trading and custody.
“While we are still in the early stages of adoption, the market value of exchange-traded crypto assets was already approximately $782 billion as of December 31, 2020,” Coinbase said in its filing.
Revenue in 2020 was $1.28 billion, a jump from $553.7 million in 2019, according to a consolidated operations statement included in the filing. Coinbase said it will not receive any proceeds from the sale of its Class A common stock by registered stockholders.
The filing for an initial public offering by Coinbase arrives at a time when the price of Bitcoin has skyrocketed in recent weeks. Meanwhile, there were an estimated 106 million crypto users worldwide in January, according to a report from exchange Crypto.com.
“Our objective is to drive the growth of the overall cryptoeconomy by serving the needs of all consumers who manage their financial lives on a mobile device, and every institution — large or small — that embraces the emerging internet of value,” said Coinbase.Join the conversation about this story » NOW WATCH: We took a 1964 Louisiana literacy test and failed spectacularly
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