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2021-04-15

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Coinbase CEO Says Listing Is a ‘Shift in Legitimacy’ for Crypto

Crypto exchange debuted on Nasdaq via direct listing Shares slid 14% on first day after earlier popp

Coinbase CEO Says Listing Is a ‘Shift in Legitimacy’ for Crypto

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Now top executives from the banks that helped Coinbase go public are calling to ask how they can get more into crypto themselves, he said.</p>\n<p>“Itfeelslike a shift in legitimacy not just for Coinbase but the whole industry,” Armstrong said. “Crypto has a shot at being a major force in the financial world.”</p>\n<p>Coinbase, which fell 14% on its debut Wednesday to close at $328.28, now has a valuation of about $86 billion on a fully diluted basis. That compares with a 2018 funding round that valued it at around $8 billion. The listing was widely anticipated by the wider crypto community, with many coin prices and crypto-affiliated company shares rising in advance of it, before falling back once the trading started.</p>\n<p><img src=\"https://static.tigerbbs.com/d4e5503542a86d937b08b5497aee000a\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p>The company’s growth hasn’t been without controversies, such as restrictions Armstrong placed on employee discussions of politics last year, or frequent outages during periods of heavy trading. Some people criticize the level of fees charged by the exchange.</p>\n<p>There was also&nbsp;a settlement&nbsp;with the Commodity Futures Trading Commission for $6.5 million regarding claims Coinbase had reported inaccurate data about transactions and that a former employee engaged in improper trades.</p>\n<p>More generally, skeptics maintain that crypto could be in a bubble, and may suffer due to regulatory changes around the globe. Coinbase and its backers see more strength ahead.</p>\n<p>“There was tremendous depth and richness to what these guys were doing,” said Marc Andreessen, co-founder of investment firm Andreessen Horowitz, one of Coinbase’s biggest shareholders, in a portion of the same Clubhouse discussion talking about what made the company an appealing investment.</p>\n<p>Andreessen said Coinbase provided a combination of “a company that’s conservative enough to be compliant from a regulatory perspective but also relentlessly innovative.”</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coinbase CEO Says Listing Is a ‘Shift in Legitimacy’ for Crypto</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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Now top executives from the banks that helped Coinbase go public are calling to ask how they can get more into crypto themselves, he said.\n“Itfeelslike a shift in legitimacy not just for Coinbase but the whole industry,” Armstrong said. “Crypto has a shot at being a major force in the financial world.”\nCoinbase, which fell 14% on its debut Wednesday to close at $328.28, now has a valuation of about $86 billion on a fully diluted basis. That compares with a 2018 funding round that valued it at around $8 billion. The listing was widely anticipated by the wider crypto community, with many coin prices and crypto-affiliated company shares rising in advance of it, before falling back once the trading started.\n\nThe company’s growth hasn’t been without controversies, such as restrictions Armstrong placed on employee discussions of politics last year, or frequent outages during periods of heavy trading. Some people criticize the level of fees charged by the exchange.\nThere was also a settlement with the Commodity Futures Trading Commission for $6.5 million regarding claims Coinbase had reported inaccurate data about transactions and that a former employee engaged in improper trades.\nMore generally, skeptics maintain that crypto could be in a bubble, and may suffer due to regulatory changes around the globe. Coinbase and its backers see more strength ahead.\n“There was tremendous depth and richness to what these guys were doing,” said Marc Andreessen, co-founder of investment firm Andreessen Horowitz, one of Coinbase’s biggest shareholders, in a portion of the same Clubhouse discussion talking about what made the company an appealing investment.\nAndreessen said Coinbase provided a combination of “a company that’s conservative enough to be compliant from a regulatory perspective but also relentlessly innovative.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":239,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":7,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}