Coinbase, which owns a San Francisco-based cryptocurrency exchange, has officially submitted the papers for its initial public offering.

Coinbase made its official announcement about the matter yesterday via a tweet and shared post accompanying, in which she stated:

A draft registration statement is filed on Form S-1 with the Securities and Exchange Commission (SEC).

We have confidentially submitted our registration draft (Form S1) to the Securities and Exchange Commission.

– Coinbase (coinbase) December 17, 2020

Reuters previously reported for the first time that Coinbase plans to go public last summer.

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At the time, Coinbase was in talks with investment banks and law firms about the idea, but had not formally submitted to the SEC.

It’s unclear what has changed, although today’s Coinbase announcement is timely, as Bitcoin broke its all-time high and soared $3,000 above the 2017 record, trading just over $23,000. The eyes of the financial world are once again open to cryptocurrencies.

Mr. Meltem Domeros, Head of Security Office at CoinShares, commented on Coinbase’s IPO by saying:

I think this will be a huge IPO and will be the first of many in 2021.

These IPOs and future IPOs will enable both institutional and individual investors to gain more pure exposure to cryptocurrencies.

He added:

As an investor in more than 250 crypto companies over the past six years, I believe this will be a meaningful first exit, which means more privatization of crypto companies in the future.

There is no difference in it that 2020 is a wonderful year for Bitcoin, despite the semi-weak start, but the situation changed at the end of the year, and the same can be said about Coinbase.

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Mark Anderson, known for his penchant for cryptocurrency, joined the board of Coinbase in August, and the company brokered a deal for Michael Saylor-led MicroStrategy to buy hundreds of millions of dollars worth of Bitcoin earlier this month. year, which may have helped kick-start the bullish race that has been going on and on for the past two months.

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This has seen “Queen Piece” a fair amount of controversy as well.

In September, Coinbase CEO Brian Armstrong wrote a letter to employees insisting on keeping politics out of the workplace, causing about 5% of the workforce to leave the company.

Last month, the New York Times reported that 15 black employees left Coinbase in 2018 and 2019, citing what they saw as the company’s racist culture at the time.

Knowing that three-quarters of all employees (600 employees) at Coinbase are black.

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