coinbase mobile phone app
In this photo illustration, Bitcoin course's graph is seen on the Coinbase cryptocurrency exchange application on February 12, 2018 in Paris, France. Founded in June of 2012, Coinbase is a digital currency wallet and platform where merchants and consumers can transact with new digital currencies like bitcoin, ethereum, and litecoin. The company is based in San Francisco, California generated in 2017 a record turnover of one billion dollars (about 810 million euros) with exceptional trading volumes, which made it the most downloaded mobile app on iOS last December.
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Coinbase Global, the largest cryptocurrency exchange in the US, on Wednesday revealed that the company now has a valuation of $68 billion ahead of its planned direct listing due in large part to recent private transactions, Reuters first reported.

The increased valuation signifies how much the company's value has surged alongside the huge rally in the price of bitcoin, which hit record highs in March. The company in a regulatory filing that Reuters first reported said its shares in the private market traded at an average price of $343.58 per piece in the first quarter of 2021, a massive rise from $28.83 per piece in the third quarter of 2020.

If the filing is approved by regulators, it will mark a significant milestone for the digital currency ecosystem that has sometimes struggled to earn the confidence of more conservative regulators and investors. D.A. Davidson analysts in early March said the listing is crucial since it symbolizes the convergence of cryptocurrency and traditional finance.

D.A. Davidson analysts led by Gil Luria also added that Coinbase's public debut will be the "Amazon moment for crypto," as cryptocurrency will move from "a large curiosity to becoming the future path for much of the financial system."

The San Francisco-based company, however, did not indicate if the US has authorized it to trade cryptocurrencies, which the government classifies as securities. Founded in 2012, Coinbase has registered roughly 114.9 million shares for its direct listing.

On Wednesday, Coinbase CEO and co-founder Brian Armstrong published a post on Reddit, asking people for comments and questions about his company, the valuation, its future financial performance, and cryptocurrencies as a whole. Armstrong and other executives will host an "Ask me anything" session on the social media platform through Friday at 10 pm ET.

Coinbase has 43 million users in more than 100 countries. Its competitors include Grayscale, Kraken, and Gemini, as well as broader consumer digital wallets like Square, PayPal, and Robinhood.

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