The President and Chief Operating Officer (COO) of prominent US-based cryptocurrency exchange platform Coinbase shared in an interview on Wednesday that there were no plans for an initial public offering (IPO) any time in the near future.
Instead, Coinbase will reportedly be focusing on a number of new diversifications, including listing up to 300 different coins.
Speaking to Bloomberg, Asiff Hirji responded to questioning regarding whether a Coinbase IPO was on the cards for 2019, saying, ”There’s not going to be an IPO any time soon. We have so much to do.” This shot down rumors stirred by CNBC host Ran Neuner in a Twitter post last week.
Hirji, who himself first brought up the potential for an IPO in 2017, does not rule out taking the company public when the time is right, although says diversifying revenue streams and adding more features to the platform is the top priority right now.
Bringing up the topic of expanding Coinbase’s cryptocurrency listings, the COO revealed plans to multiply the current standing of seven listings up to somewhere between 200 and 300 in the next year. Some of these will be offered in the US but the majority will be offered outside of the country, he shared, because of the Security and Exchange Commission’s (SEC) strict regulatory guidelines.
Another key area in future diversification Hirji pointed to was areas of the business that caters to institutional investors.
Over time, Hirji expects ”Coinbase institutional”, as Bloomberg’reporter referred to it, to become a large chunk of the company’s revenue source, ”more than its fair share”. Coinbase’s revenue model is right now 100% transactional, while diversification efforts could provide new avenues, such as fee-based custody services adding more stability and predictability to the revenue stream.
Upon completion of a new funding round that raised USD 300 million, Coinbase Inc is now valued at approximately USD 8 billion.
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