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Coinbase reportedly turns to Goldman Sachs for IPO

The exchange’s links with Goldman Sachs go back to Fred Ehrsam, who co-founded Coinbase in 2012 with Brian Armstrong.

The Coinbase digital currency exchange has approached Goldman Sachs to lead its upcoming IPO, a move that could strengthen the appeal of cryptomonics to a wider general audience.

Citing two sources familiar with the issue, Business Insider The News Spy reported Friday that Coinbase is looking to Goldman Sachs to handle its IPO application. No further details were provided.

Coinbase IPO approaching, according to a draft sent to the SEC
Coinbase has been linked to Goldman Sachs through Fred Ehrsam, the exchange’s co-founder who previously worked at the bank as a trader. Business Insider reports that Ehrsam worked at Goldman from 2010 to 2012 before establishing Coinbase with current CEO Brian Armstrong.

Ehrsam left the exchange in 2017, but maintains a position on the board.

Messari values Coinbase at $28 billion after its IPO application
The report came one day after Coinbase confirmed its intention to go public in a draft registration sent to the Securities and Exchange Commission (SEC). According to its latest valuation in 2018, Coinbase was worth USD 8 billion. Cryptanalysis firm Messari says Coinbase could be worth USD 28 billion after its public offering.

Coinbase is the preferred exchange for many newcomers to the digital currency space. The platform has also raised billions of dollars in institutional capital since the spring, which broadly coincides with the arrival of so-called smart money.

Binance and Coinbase were disrupted when the price of Bitcoin rose
Institutional investors are likely to have been the main catalyst behind Bitcoin’s (BTC) record rebound so far. The flagship cryptomone was catapulted into USD 24,000 on Thursday on its way to new highs.

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