Digital currency exchange Coinbase has approached Goldm Sachs to lead its next early public offering fur – a move that could boost the appeal of cryptocurrency to a wider mainstream audience.
Citing two sources familiar with the matter, Business Insider reported on Friday that Cockabase is looking into Goldman Sachs to handle its public filing. No additional details were provided.
Coinbase has been associated with Goldsmith for many years through Fred Ehrsom, co-founder of the exchange who previously worked as a merchant at the bank. Business Insider reports that Ehresme worked at Goldman Sachs between 2010 and 2012 before leaving preparations to set up Coinbase with current CEO Brian Armstrong.
Ehrasam left the exchange in 2017, but retains the position of board.
The report came a day after Coinbase confirmed its intention to go public in a draft registration sent to the Securities and Exchange Commission, or SEC. Based on its latest valuation in 2018, Coinbase was valued at નવી 8 billion. Crypto analytics company Masari says that after the public offering of coinbase, it could be worth 28 28 billion.
Coinbase is a preferred exchange for many newcomers to the digital currency space. The platform has also been raising billions of dollars in institutional capital since the spring, which coincides widely with the advent of so-called smart money.
Institutional investors are probably the primary catalyst behind Bitcoin’s (BTC) record-breaking rally yet. On Thursday, the flagship cryptocurrency topped માર્ગ 24,000 on its way to new heights.
With cryptocurrency valuations rising to their highest levels in early 2018, Coinbase is launching its IPO at the right time in the evolution of the market. Rumors of a coinbase public offer have been circulating for some time, although plans have never been formally formalized until this week.
Like other financial institutions, Goldm Sachs is more open to the idea of cryptocurrencies from a few years ago. The company recently appointed a global head of digital assets and plans to use JPMorgan’s blockchain for an overnight repo deal.
On Friday, the investment bank told its customers that Bitcoin and Gold could stay together under the same macro hedge strategy. However, the bank said the popularity of Bitcoin was “not a threat to the survival of the gold position as a last resort currency”, acknowledging that there were “some substitutes coming up.”
