Coinbase's market capitalization is now higher than that of many banks around the world.
A few days ago Tom Robinson, CEO of Elliptic, a company that deals with blockchain analysis, shared an interesting graphic on its LinkedIn profile.
It shows that Coinbase has a higher market capitalization (according to data from January 2021) than the Spanish bank Santander, the British Barclays, the Swiss Credit Suisse and the German Deutsche Bank.
Coinbase, a market capitalization of $ 70 billion
In fact, Coinbase has a market capitalization of $ 70 billion , almost as high as Goldman Sachs, which explains why it has become so attractive for them to launch an initial public offering.
In December 2020, the US exchange filed documentation with the SEC to launch its Initial Public Offering. It will be interesting to see how a cryptocurrency exchange launched in 2012 alone can almost beat Goldman Sachs, a traditional bank founded in 1869.
Despite its attractive market capitalization, the platform is not without its bugs.
In fact, in practically all his tweets, even the one from the IPO, you can read dozens of comments from users who complain about not being able to log in or having their accounts blocked.
Also, Coinbase tends to drop when the price of Bitcoin hits record highs. It is for these reasons that the team has stated that they will soon renew the platform, in order to fix these technological glitches that can cause users to lose a lot of money in terms of not being able to sell and buy cryptocurrencies at certain times.
Coinbase and FinCEN
Recently, Coinbase made it known that it had sent a letter to FinCEN asking them to put the cryptocurrency regulation process on hold, at least temporarily, as everything could change under the administration of new President Joe Biden.