The SEC filing for Coinbase has now been made public signifying that the commission has given Coinbase their approval. Within the S-1 Coinbase had disclose many intimate details of the company to lure potential investors into the direct IPO. Interesting details include Coinbase earning over a billion dollars in revenue in 2020 up over 100% from the previous year.
Founded in 2012 on the premise to help people send and receive cryptocurrency, their stated Mission is to create an open financial system for the world and provide economic freedom for every person and business. Over nearly a decade Coinbase has grown and for the first time has shared some impressive statistics about that growth and why the IPO is a good thing.
Key Coinbase S-1 Highlights
- $456 Billion in lifetime trading volume
- $90 Billion in assets currently on platform
- Over 40 million users
- 7000 institutions served
- Users in over 100 countries
Coinbase goes further to describe the major issues with current financial systems
Today’s financial system relies upon a patchwork of intermediaries that spans banks, brokers, clearinghouses, custodians, exchanges, payment processors, and their networks to facilitate money movement, safekeeping, lending, credit, and other capital markets activity. The trust and reliance on this complex web of intermediaries imposes the following limitations
- Limit 1: Access: geography and socioeconomics make it hard with limited access to bank accounts and funds
- Limit 2: Efficiency: Too many layers make it cumbersome to move money and currency in the current financial systems
- Limit 3: Cost: Current redundancy issues make it prohibitive for end users.
Coinbase Platform Value
We have developed a complementary suite of products and services that are designed to meet the distinct needs of our customers as they transact in the cryptoeconomy. Our customers – retail users, institutions, and ecosystem partners – come together on our platform to create a powerful flywheel for our business.Our platform and flywheel are powered by a robust backend technology system that enables us to develop, launch, and market scalable new products and services. Our technology platform includes the following elements:
- 15+ native blockchain integrations and counting.
- Advanced cybersecurity and cryptography technology.
- Proprietary crypto compliance infrastructure.
- Powerful product experiences.
Coinbase Growth Strategy
- Add more customers
- Expand Depth and breadth of assets
- Launch Innovative products (a new coin or token?)
They are clearing the runway and giving Coinbase the greenlight toward IPO which will have a momentous impact on the perception of cryptocurrency in 2021. Get ready. It’s going to be a wild ride.
We will provide updates as they come in and you can read the entire S-1 Here.