On April 14, the Coinbase cryptocurrency exchange will go public through a direct listing on Nasdaq. For the crypto market, it is a milestone on the road to general acceptance; the first major niche company to go public, with an estimated valuation of $ 100 billion.
But what does this mean for Bitcoin?
“It is a watershed for the industry and indicates more mainstream adoption on the horizon,” said Daniel Ives, director of Wedbush Securities, to Decrypt, adding: “Coinbase is the poster child for the crypto ecosystem and this listing will be watched from close by the traditional market. ” This works both ways, of course; if Coinbase's listing turns out to be a failure, other companies that have considered going public may put their plans on hold. They include exchange Kraken, which is reportedly planning a direct listing in 2022, and Bitcoin custodian Bakkt, which is planning to go public through a special purpose acquisition company (SPAC) merger.