Finally, what we’ve been waiting for: the U.S. Securities and Exchange Commisison has published Coinbase’s S-1, clearing the way for a direct listing on Nasdaq.
While some major details are still missing (most notably when they plan to list), we now have a glimpse into how a major crypto exchange works, what it’s worried about and just how much the market is growing.
The figures are indeed eye-opening: in the fourth quarter of 2020, the number of verified users on Coinbase’s platform reached 43 million after adding almost 45,000 new users a day. The average number of monthly transacting users grew by over 30% in the fourth quarter alone, to 2.8 million.
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Also eye-opening is the inflow of institutional investors, something that we’ve talked about often in this column. Over the fourth quarter, institutional trading volume grew over 110% to $57 billion, while retail trading volume grew by almost 80%. The company services 7,000 institutional accounts.
The Coinbase filing gave everyone who works in this industry something to