The exchange Binance has announced that it will list the Coinbase Stock Token (COIN), which will take place today, April 14th. The trading of COIN will be paired with Binance’s stablecoin BUSD.
In fact, today at 9.30 AM GMT-4, Coinbase will go public with a sort of Initial Public Offering, although the term IPO is a misnomer because it is not the company offering its shares for sale at a certain price.
The Coinbase shares will be present on NASDAQ with the ticker COIN and so Binance has decided to tokenize the shares by offering them for sale on its exchange, as it did with Tesla a few days ago.
The Coinbase stock token on Binance
In fact, a couple of days ago, Binance announced a new product: stock tokens, i.e. tokens representing the shares of listed companies.
And the first to be listed was TSLA, also in pair with BUSD. On the first day, there were already volumes of about 10 million dollars, so it is clear that Binance has every interest in continuing with this activity now by launching the long-awaited Coinbase COIN.
The “IPO” of Coinbase
A few weeks ago, a report was published with the numbers of the American exchange. These figures, updated to March 31st, 2021, say that Coinbase boasts 56 million verified users, for an average of 6.1 million monthly active users.
The platform manages $224 billion, 11.3% of the total market cap. Of this total, $122 billion belongs to institutions that have decided to invest in cryptocurrencies.
For these reasons, although the numbers may certainly have been inflated recently thanks to the current bull run, great things are expected from Coinbase’s entry into the stock market.
However, it is not yet known what the initial sale price will be, although some estimates suggest a price of around $400 per share.