After Coinbase’s listing, BlockFi and Kraken may go public

FPJ Web Desk | Updated on: Thursday, April 15, 2021, 03:20 PM IST


A crypto-lending startup BlockFi Inc and cryptocurrency exchange Kraken, both US-based firms are more likely to go public. After a successful listing of Coinbase, many service providers related to cryptocurrency is evaluating options to raise funds from the capital market. This will not just improve cash flow but improve visibility.

According to a Bloomberg report, the rise in Bitcoin and Ethereum to an all-time high this week reflected the possibilities for cryptocurrencies.

“The biggest ramification of Coinbase going public is the legitimacy it brings to the industry,” said Ben Weiss, chief executive officer of CoinFlip, which provides crypto ATMs in the U.S. “There are also rumours that Kraken and BlockFi are also looking to make themselves publicly tradable in the near future.”

Kraken is a cryptocurrency exchange and bank, founded in 2011. The exchange provides cryptocurrency-to-fiat-money trading. Meanwhile, BlockFi is a financial services company for cryptocurrency market investors.

After the listing, the 2012-founded Coinbase can be valued at $100 billion. While Coinbase traded well above the reference price of $250, its share dropped from its first trade of $381. After opening at $381 at around 1.30 pm ET, Coinbase shares surged to touch $429.54, only to drop later. It touched the low of $310.00 around 3 pm ET. Coinbase shares closed at $328.28, after a rollercoaster trading day.

But looks like the fate of Coinbase’s trading life and popular cryptocurrency Bitcoin (BTC) may be intertwined. Bitcoin touched a 24-hour low of $61,400.28, during the volatile trading session of Coinbase.

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Published on: Thursday, April 15, 2021, 03:20 PM IST