Coinbase cryptocurrency to Wall Street, worth up to 100 billion

The cryptocurrency Coinbase is heating up the engines for listing on Wall Street.

A landing that could be with a bang at a record valuation of up to 100 billion dollars, more than the capitalization of the New York Stock Exchange and the Nasdaq combined.

A stellar figure for a company that didn't even exist 10 years ago.

The wait for the listing on April 14 is high and is reflected in Bitcoin, which advances decidedly above $ 61,000.

For Coinbase it is a test for investors' appetite for digital currencies and could mark a turning point: the landing on the stock exchange can in fact be that initiation of trust able to reassure consumers about the goodness and efficiency of cryptocurrencies, giving the sector the thrust necessary to take off definitively.

Coinbase expects to close the first quarter of the year with a profit between 730 and 800 million dollars, more than double what it earned in the whole of 2020. Revenues are instead expected to exceed 1.3 billion of last year's total. .

Coinbase's turnover is tied to the commissions collected when users sell or buy Bitcoin and, therefore, the trend in the price of the company's securities could be exposed to that of the cryptocurrency, known for its volatility.

Another weakness for Coinbase is a commission-based business model: increased competition could trigger a race to the bottom and therefore put revenues under pressure.

Doubts that, however, do not dilute the optimism of Coinbase founder and CEO, Brian Armstrong, convinced that the world is now on the verge of adopting digital currencies and that his company is perfectly positioned to seize the opportunity offered by the crypto revolution .

(HANDLE).