Coinbase, the largest cryptocurrency exchange in the United States, announced its highly anticipated direct listing date after it was approved by the US Securities and Exchange Commission.
Coinbase Will Be Listed Under the COIN Symbol on NASDAQ
Coinbase officially announced that it will go public via direct listing. The exchange made an announcement through a blog posted on April 2nd. The exchange will be listed on April 14th on the Nasdaq under the ticker symbol “COIN.”
A few weeks ago, Coinbase filed a registration with the US Securities and Exchange Commission. The regulator now announces that it will come into effect on April 1st. The exchange expects it to be listed as Class A stock, which usually means it has more interests around voting rights, dividends, and other aspects.
In the weeks leading up to this position, the San Francisco-based exchange had privately sold shares, bringing the company’s valuation to a staggering $90 billion.
Despite their popularity, other exchanges offer competition. These include Gemini, which is focused on regulations, and Binance, which is Asia dominant. The market is still very young and can experience many ups and downs in the next few years.
However, Coinbase is not completely bug free. In the past 18 months, the replacement has come under fire due to several incidents.
CEO Brian Armstrong received an open letter describing the company’s intolerance to the display of political opinions at work and received a lot of criticism. It got worse when the New York Times published an article in which current and former employees alleged racial discrimination.
This development makes Coinbase the largest crypto company in the world. Up to eight companies are considering listing, but none have the same level of commitment and influence as Coinbase.