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Coinbase is one of the cryptocurrency exchanges to list, and the company’s CEO said the move put it on a major stage.
Coinbase CEO Brian Armstrong revealed in a recent interview that the company’s listing on the stock exchange has given it a major stage.
The cryptocurrency exchange went public last year. This is a move that broadly demonstrates the widespread adoption of crypto companies in the broader financial markets.
Armstrong noted that an IPO would be a big win for the company, even though Coinbase’s stock price has fallen 84% since hitting a record high of $381 on the day it went public.
Speaking at Messari’s Mainnet Conference in New York, Armstrong said:
Going public puts us at a major stage where we can close deals with companies like BlackRock and Meta. Now we are the first Fortune 500 company to do crypto. So we can do business with other Fortune 500 companies and they treat us as a more legitimate force.
Armstrong added that he spoke with several cryptocurrency CEOs who, after weighing the pros and cons, decided to keep Coinbase private before going public.
One of the benefits of going public is being able to raise money quickly at attractive rates, he added, citing the $3 billion the company raised last year without ever meeting with investors. rice field.
But Armstrong pointed out that the main downside of going public is increased public scrutiny and media coverage. He said;
I dont think some of the scrutiny is all that helpful, to be honest. [that] Opinion pieces should be labeled, but they aren’t.
Coinbase is still a household name in the US cryptocurrency industry, but in recent months it has seen increased competition from the likes of FTX US and Binance US.
Binance and FTX are two of the world’s largest cryptocurrency exchanges and are expanding their presence globally.
