The crypto exchange giant Coinbase has reportedly approached Goldman Sachs to lead its upcoming initial public offering — a move that could bolster the appeal of cryptocurrencies to a broader mainstream audience. Citing two sources familiar with the matter, Business Insider had reported that the crypto exchange is looking to Goldman Sachs to handle its public filing. No additional details were provided. Coinbase confidentially filed for the IPO with the SEC earlier this week. Bitcoin casino of different types has also emerged as the leading cryptocurrency touches all-time highs.
Fred Ehrsam co-founded Coinbase in 2012.
Coinbase has for years been linked to American financial giant Goldman Sachs through Fred Ehrsam, the exchange’s co-founder who previously worked at the bank as a trader. Business Insider reported that Ehrsam worked at Goldman between 2010 and 2012 before quitting to co-found Coinbase with current CEO Brian Armstrong. Ehrsam left Coinbase in 2017 but maintains a board position. The report surfaced a day after the crypto exchange confirmed its intent to go public in a draft registration sent to the Securities and Exchange Commission (SEC). Based on its latest valuation in 2018, the crypto exchange was worth $8 billion. As reported earlier, Crypto analytics company Messari says Coinbase could be valued at $28 billion after its public offering.
Coinbase is launching its IPO when bitcoin is at its all-time high.
Coinbase is the preferred exchange of many newcomers to the digital currency space. The crypto exchange has also raked in billions of dollars in institutional capital this year, which broadly coincides with the arrival of so-called smart money. Institutional investors have likely been the primary factor behind Bitcoin’s record-breaking rally thus far. The leading cryptocurrency catapulted toward $24,000 on Friday as it continues to reach new highs.