The host of the Cryptocurrency Trader program on CNBC Africa, Ran Neuner, says that Coinbase, a giant digital currency exchange and wallet, is almost ready to announce its first Initial Public Offering (IPO), as per a tweet on Thursday, October 25, 2018.
Ran reveals that the details on Coinbase's IPO are to be disclosed October 26, 2018, live on the CNBC Cryptocurrency Trader program.
Neuner gave further statistics on Coinbase's revenue and account numbers, which shows that the number of clients on Coinbase is at 25 million right now, with 600,000 regularly trading on the exchange platform.
According to the data disclosed, the California-based digital currency exchange has made $90 million in revenue within the previous quarter and are optimistic to earn $450 million in Q4 of 2018, with 80% coming from clients, 15% from institutional accounts and 5% undisclosed.
Asiff Hirji, the President of Coinbase, talked about an IPO late last year. He noted:
“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.”
Earlier this month, Recode, the U.S technology media, cited two anonymous sources acquainted with the case who noted Coinbase had almost sealed a deal which would value the firm at around $8 billion. Specifically, the digital currency exchange was purportedly in talks with Tiger Global and its latest shareholders for the $500 million investment.