Goldman Sachs To Lead Coinbase Initial Coin Offering

ByTroy Morris

Dec 19, 2020

Coinbase is an America-based exchange that has an extensive collection of digital assets in its collection. The exchange was reportedly seen to have filed for an initial public offering with the Securities and Exchange Commission late this week in anticipation for the launching of its ICO.

Interestingly, some reports claim the exchange might be seeking the help of Goldman Sachs for its new Initial public offering. Its also safe to note that one of the significant Coinbase board member and co-founder, Fred Eshram, was a trader at the renowned bank. Some sources suggest that the relationship might be the reason for this unexpected partnership.

The exchange boasts of millions of users across the globe

The recent information was just some days from the exchange’s request from the SEC with a draft registration form in preparation for its new launch. The America-based exchange has an impressive estimate of up to $300 billion in trading volumes with its millions of active users from all over the world.

The platform is a regular choice for crypto users, mainly due to the exchange’s beefed up security system, which makes it less vulnerable to hackers. Apart from its security, the App’s attractive and clean interface allows users to use the platform efficiently

The rumours concerning its IPO has been going on since mid this year, probably during the technology’s planning phase. It officially filed the request to SEC sometime this week. This has brought some uproar and excitement in the space, mainly based on the firm’s dominance in the community.

Eshram used to work in Goldman Sachs, confirming previous links with the Hedge Fund. He worked as a trader in the company for two years, before he left to co-found Coinbase, alongside its present CEO, Brian Armstrong. Ever since 2012, Eshram has been working in Coinbase, following the creation of Bitcoin that same year.

Coinbase grew in popularity in the crypto space

Ever since its creation, the firm has been trusted, being one of the first exchanges the world came to know. The platform attracts crypto experts and novices alike with its easy usage and unique service since its inception.. 2020 is looking very good for the company as well, primarily due to the new money rushing into cryptocurrency and the attractiveness of the digital assets to investors now, as opposed to how it was years ago. The values of coins have also risen strategically, with the new institutional investors buying into the Bitcoin and Ethereum blockchain.

The relationship between cryptocurrency and Goldman Sachs as been quite controversial over the past few years making the collaboration unexpected. The bank, at some point, criticized the use of the digital asset and would not associate itself with its usage.

Like many people and businesses over the years, Goldman Sachs has started to warm up to the digital asset, following the large pools of funds entering the asset daily. Unlike the previous comment where the bank reported that cryptocurrencies could not be classified as assets.

The company now has a head of digital assets showing a change in its outlook. Just a few days ago, Goldman Sachs admitted that Bitcoin was taking away a significant number of investors from gold, but the two assets can still exist without being a threat to each other.

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