Coinbase COO: Crypto Giant Has No Plans to IPO Anytime Soon
Coinbase made headlines on Tuesday when it announced the closing of its $300 million Series E, valuing the crypto exchange giant at over $8 billion.
In an interview with Bloomberg TV following the announcement, Coinbase President and Chief Operating Officer, Asiff Hirji, made it clear that the company has no intentions to IPO anytime in the near future.
— Bloomberg TV (@BloombergTV) October 30, 2018
In the interview, Hirji notably reveals that the latest fundraising round was less about the actual capital, and more about the access granted via the new lead investor, Tiger Global Management.
Tiger Global’s investments focus primarily on the global Internet, technology, telecom, media consumer and industrial sectors. The New York-based firm was founded by ‘Tiger Cub‘ Chase Coleman III, and currently has $25 billion AUM, deploying capital globally in both public and private markets. With this investor, Coinbase gains greater access to institutional clients across the world, making it a highly attractive partner for the company’s custody and professional trading products.
The statement by Coinbase’s COO is in stark contrast from the claims of Ryan NeuNer, the host of a crypto-focused show on CNBC, that he had received pre-IPO documents from an inside source.
Despite the slump in trading volume, Coinbase revealed that its projected revenue for the year is nearly $1.3 billion, further indicating that an IPO is not necessary at this time.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.