Coinbase chief operating officer (COO) Asiff Hirji says the company has no plans to go public any time soon. Hirji also says the largest cryptocurrency exchange in the United States is pursuing means of expanding and diversifying its business to cover more aspects of the emerging virtual currency space.
No IPO Plans for Coinbase
Speaking recently to Bloomberg, Hirji said an Initial Public Offering (IPO) wasn’t in Coinbase’s immediate plans. Recently, some mining companies like Bitmain and Canaan Creative announced plans to go public.
On Wednesday, Live Bitcoin News reported on the company’s latest funding round which brought in an additional $300 million, raising Coinbase’s valuation to $8 billion. Commenting on the decision to accept additional funding, Hirji said:
We [Coinbase] were approached by some very high-quality investors earlier this year who have a very constructive thesis on crypto, and they wanted to invest in what they thought was the best name in the space. When that opportunity presents itself, you take it seriously.
Promoting Global Cryptocurrency Utility
During the interview, Hirji also touched on the need to encourage greater utility for cryptocurrency on the global stage. According to the Coinbase COO, virtual currencies and blockchain technology can bring financial inclusion to millions of unbanked people both within and outside the United States.
To this end, Hirji says Coinbase’s commitment moving forward lies in the creation of a more open global financial system. Also, the company is looking at adding more support for other cryptocurrencies apart from the seven already available on its trading platforms. However, Hirji conceded the fact that due to the regulatory environment in the U.S., other locations might have more access to these new offerings than people within the country.
Institutional Interest in Cryptocurrency
On the subject of institutional interest, Hirji reiterated the assertion that custody remains a major stumbling block. According to him, many big-money players want to come into the space, but the absence of a trusted custodian constitutes a problem. The Coinbase COO then said many interested investors had asked the company to become a trusted custodial service provider.
Earlier in the month, Coinbase Custody received approval from the New York DFS to offer custodial services for cryptocurrencies in the state of New York. Mainstream players like Fidelity and Goldman Sachs also want to offer similar services.
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