Blockchain.com Mulls IPO As Crypto Transactions Surpasses T Mark -
Blockchain.com

Blockchain.com Mulls IPO As Crypto Transactions Surpasses $1T Mark

Following the public debut of American crypto exchange Coinbase, several other blockchain and crypto-native companies have also hinted at the possibility of going public via an Initial Public Offering (IPO).

The latest to toe that line is Blockchain.com – the popular crypto exchange and wallet service provider.

Almost 33% Of Bitcoin Network’s Transactions

Earlier this week, Macrina Kgil, Chief Financial Officer (CFO) at Blockchain.com, spoke with Fortune Magazine. She explained that the company has indeed been looking into the possibility of a public stock debut.

Speaking to the news source and a blog post released on the same day, Kgil explained that Blockchain.com had crossed the trillion-dollar mark for crypto transactions processed on its platform.

The blog post explained that Blockchain.com had processed almost 33 percent of all Bitcoin network transactions since 2012. Most of those transactions had come from Blockchain.com wallets in the past two years.

The milestone appears to have fueled the company, with Kgil telling Fortune that an IPO in the next 18 months isn’t out of the question.

Blockchain.com is one of the most valuable companies. The firm has had two funding rounds in 2021 alone, with the latest being a $300 million round in March. Lead participants in the funding round were DST Global, Lightspeed Venture Partners, and VY Capital, and it gave Blockchain.com a valuation of $5.2 billion.

Company CEO Peter Smith said that they would use the funds raised to grow their institutional business. The move appears to have paid off, as Kgil pointed to growth in that aspect as one of the catalysts for the $1 trillion milestones.

Crypto to Wall Street

Now that an IPO seems to be on the cards, Blockchain.com is joining a fresh breed of crypto companies looking to debut on major exchanges soon. Last month, stablecoin developer and fintech giant Circle announced that it had formed a partnership with Concord Acquisition Corp – a blank-check special-purpose acquisition company (SPAC) in a $4.5 billion deal.

Under the agreement terms, Concord and Circle will be acquired by a holding company based in Ireland. This will pave the way for the combined entity to list on the New York Stock Exchange (NYSE), with an expected ticker of “CRCL.” Circle also claimed that existing company shareholders would own about 86 percent of the public entity when the deal is completed.

Kraken, another top US exchange, has also hinted at a possible public debut. In June, company Chief Jesse Powell told BloombergTV that an IPO seems like a “natural progression” for the company as it looks to “bring crypto to the world.”

Powell explained that Kraken is now doing the groundwork for a public debut in the next year or 18 months. The company is yet to give details of how the IPO will go, although a spokesperson for the company told industry news sources in March that they would not be listing through a SPAC as they are “too big.” Also, considering Coinbase’s initial lackluster performance, a SPAC deal isn’t so attractive to Kraken anymore.

This article was originally published by bitcoinexchangeguide.com on 2021-08-31 12:16:33. It can be viewed in it’s original state here: Source link .

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