[Digital Today Reporter Hyun-woo Choo] Economic media CNBC reported on the 17th (local time) that Coinbase, the largest virtual asset exchange in the US, which is about to be listed on the NASDAQ, is receiving a value of more than 70 trillion won.
In a S-1 listing report filed with the US Securities and Exchange Commission (SEC), Coinbase revealed that Coinbase shares were recently trading at $343.58 per share on the over-the-counter market. Reflecting this, the current corporate value reaches a whopping 68 billion won (about 76 trillion won).
Considering that the current market cap of Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE) is 63.8 billion dollars, and the Nasdaq Exchange’s market capitalization is around 23.7 billion dollars, this is a point to see how highly the value of Coinbase is valued.
Coinbase stocks moved up and down only $28-30 in the over-the-counter market in September 2020. As of October 2018, Coinbase’s corporate valuation was only 8 billion dollars (about 9 trillion won).
The prospect that the size of the virtual asset market will be raised one step further is gaining momentum with the listing of Coinbase. In fact, the view that it is incorporated into the mainstream asset market is dominant.
Matthew Kennedy, chief IPO strategist at Renaissance Capital, commented, “The asset market has very high expectations for listing on Coinbase. As it still does not include all of its future value, the growth potential of Coinbase is even higher.”
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.