Crypto Veteran Blockchain.com On Track To Have IPO This Year


Alex Dovbnya

Blockchain.com could become the latest major company to go public

Cryptocurrency financial services firm Blockchain.com is on track to hold an initial public offering (IPO) this year, according to a Bloomberg report published earlier this Tuesday.

The report, citing sources familiar with the matter, says the plan to go public is not final.

Last August, Macrina Kgil, chief financial officer at Blockchain.com, said the company could go public in 2022 or early 2023.

In late March, Blockchain.com, which was founded in 2011, has exploded to a valuation of $14 billion following the company’s Series D round of funding.

In December, the Miami-based crypto giant announced that it was developing a marketplace for non-fungible tokens. The company has approximately 37 million users.

CEO Peter Smith predicted in an interview with Yahoo Finance last year that crypto would become “a tougher and more competitive environment.”

More crypto exchanges are preparing to go public

Coinbase, the largest cryptocurrency exchange in the US, went public last April. Multiple major crypto trading platforms, including Gemini and Kraken, have since expressed plans for an IPO. Some to believe that Binance.US, a US subsidiary of the cryptocurrency giant, could be the next crypto exchange to go public after reaching a valuation of $4.5 billion.

Coinbase (COIN) stock is down 42.92% since the beginning of the year, significantly worse than Bitcoin. The largest cryptocurrency is down more than 11% so far.

However, Oppenheimer’s Owen Lau believes the sell-off is “exaggerated”, debunking the best bear cases against the leading crypto platform.

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