Coinbase is one of the crypto exchanges going public and the company’s CEO said the move had put them on the main podium.
Coinbase CEO Brian Armstrong revealed in a recent interview that the company’s stock exchange listing had put them on the main podium.
The cryptocurrency exchange went public last year, in a move that generally means crypto firms gained widespread adoption within the broader financial market.
Armstrong pointed out that IPO brings huge benefits to the company, despite Coinbase shares plummeting 84% since it hit its all-time high of $381 on the day of listing.
Speaking at Messari’s Mainnet conference in New York, Armstrong said;
“The IPO has put us on the main stage, where we can close deals with BlackRock and companies like Meta. Now we are the first Fortune 500 company to do crypto, and so now we can do business with other Fortune 500 companies, and they treat us more like a more legitimate force out there.
Armstrong added that before making Coinbase public, he spoke with several crypto CEOs who had decided to remain private after weighing the pros and cons.
He added that one of the benefits of going public is the ability to quickly raise funds at attractive rates, citing the $3 billion the company raised last year without having to attend a single meeting with investors. to keep.
However, Armstrong pointed out that a major drawback of going public is the increased public scrutiny and media coverage. He said;
“I think some of the control isn’t that useful, to be honest. It’s just people pushing their own story or trying to make anti-tech biases, [that] should be labeled as opinion pieces, but they are not.”
While Coinbase remains a household name in the crypto world in the United States, in recent months it has faced increasing competition from companies such as FTX US and Binance US.
Binance and FTX are two of the largest cryptocurrency exchanges in the world and have expanded their presence worldwide.