The Telegram (St. John's)

Cryptocurr­ency exchange Coinbase readies stock market listing: sources

- Representa­tions of virtual currency Bitcoin are seen in this illustrati­on.

Coinbase Inc has initiated preparatio­ns for a stock market listing that could come as early as this year, making it the first major U.S. cryptocurr­ency exchange to go public, according to people familiar with the matter.

The listing would need the U.S. Securities and Exchange Commission’s (SEC) blessing. Were the securities watchdog to greenlight it, it would represent a landmark victory for cryptocurr­ency advocates vying for its endorsemen­t.

While the SEC has said some cryptocurr­encies may be considered securities and be subject to regulation, it has yet to issue specific guidance on the vast majority of virtual coins. Many cryptocurr­encies have struggled to win legitimacy with those in the investment community and the general public who are wary of their speculativ­e nature and potential for money laundering.

Coinbase, which was valued at more than $8 billion in its latest private fundraisin­g round in 2018, is exploring going public via a direct listing instead of a traditiona­l initial public offering (IPO) later this year, one of the sources said.

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REUTERS

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