Coinbase, the largest digital currency exchange in the United States, has filed for an Initial Public Offering as investors regain confidence in cryptocurrencies like Bitcoin which has recently been at its all-time high.<\/p>\n
Coinbase Global, Inc. announced<\/a> on Thursday (December 17) that it has confidentially submitted a draft registration statement on Form S-1 with the United States Securities and Exchange Commission.<\/p>\n \u201cThe Form S-1 is expected to become effective after the SEC completes its review process, subject to market and other conditions,\u201d the company statement added.<\/p>\n The San Francisco-based digital currency exchange was founded in 2012 by Fred Ehrsam and Brian Armstrong and became the largest cryptocurrency exchange in the US in terms of trading volume.<\/p>\n The company facilitates exchanges of Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Tezos, among other cryptocurrencies in 32 countries, and bitcoin transactions and storage in 190 countries worldwide.<\/p>\n Coinbase\u2019s IPO filing coincides with the fresh surge in bitcoin prices which has been at an all-time high on Thursday when it pushed the $23,000 mark or up by 12 percent in a recent report by Coin Metrics. The price of bitcoin topped the $20,000 mark to a new record on Wednesday after a wild rally this 2020 which saw its value triple in value.<\/p>\n Coinbase\u2019s IPO filing has been boosted by the all-time high valuation of bitcoin after the demand for the cryptocurrency increased among institutional investors that see it as a hedge against inflation following a huge coronavirus stimulus in the United States.<\/p>\n