Ran NeuNer Reveals Details of Possible Coinbase IPO

european binary trading
London, United Kingdom - October 01, 2018 Screenshot of the mobile app Coinbase - Buy Bitcoin more from Coinbase, Inc.

Rumors surrounding Coinbase launching an IPO have been swirling since it became one of the largest crypto exchanges in the US. These rumors were fanned further by the South African crypto investor, CNBC host and founder of OnChain Capital Ran NeuNer. He wrote on his Twitter account what appeared to be information on a Coinbase IPO. The crypto community was ablaze with anticipation over the tweet even though no specific details were made available by NeuNer.

What Did NeuNer Say?

On Wednesday, October 24, Ran NeuNer tweeted from his account @CryptoManRan, writing:

“CNBC Cryptotrader exposes details of the Coinbase IPO raise tomorrow on a Cryptotrader exclusive.”

The tweet also contained two images that revealed some details about the IPO. In the first image, he notes that Coinbase now has 25 million accounts. Note that Coinbase CEO Brian Armstrong said that the exchange was adding 50,000 new users per day during the peak of 2017’s crypto bull phase.

About 600,000 accounts are actively trading on the platform, a figure that Tribe Capital also reported last month. Of the 25 million accounts on the exchange, 7 million have actively enabled the “fiat to crypto” option.

Coinbase Revenue Figures Take a Plunge

The second image describes the exchange’s revenues. In the last quarter of 2018, i.e., Q3 2018, the exchange received $90 million in revenue. During the last quarter of 2017, when the crypto Bull Run was ongoing, the exchange pulled in over $450 million in revenue.

Close to 80 percent of the company’s revenue comes from its consumer platform while 15 percent comes from their institutional arm. The exchange is busy building on its institutional services at the moment. The last 5 percent comes from unnamed businesses.

While some users appreciated what NeuNer said and went gaga over his claims, several others remained skeptical of his “big reveal.” One of them was The Block’s head analyst Larry Cermak who called out NeuNer in his tweet which read:

“The fact that this tweet only got 35 retweets is a testament of people finally waking up to @cryptomanran being a fraud. If he had any credibility whatsoever, leaking Coinbase’s financials and intention to IPO would go viral. Giving bad financial advice eventually catches up bro.”

Neuner’s Big Reveal

Following up his Twitter comments, NeuNer spoke about the crypto markets in detail during his show Cryptotrader. He said that Coinbase is raising about $500 million at the valuation of $8 billion. The company will raise the money in two rounds, one in preferred equity and one in common stock.

NeuNer said that a person close to the company had leaked the details, but it is someone who does not work at Coinbase.

Adam Draper, one of the original investors in Coinbase spoke on his show:

“There is definitely demand to get out, but I would much rather buy more. I truly believe that Coinbase will be the largest company on the planet. I think it is going to be one of the first ten companies to be a trillion dollar valuation.”

In the US, Coinbase claims to capture over 80% of the fiat to crypto transactions and 75% of the crypto to crypto transactions. According to Draper, Brian Armstrong’s ideas for Coinbase could fundamentally change how the world works. He even thinks that Coinbase could be undervalued.

 

Ran NeuNer Reveals Details of Possible Coinbase IPO was originally found on [blokt] – Blockchain, Bitcoin & copy trading cryptocurrency.