The proposed IPO of the large crypto exchange could become a new reference point for the entire crypto industry.
After the crypto exchange Coinbase applied for its IPO with the US Securities and Exchange Commission yesterday , the crypto market research institute Messari estimates the current market value of the company at 28 billion.
The calculation model looked at the company’s various business areas , including crypto trading, crypto custody and crypto debit cards
Coinbase is one of the largest crypto exchanges in the world, with a daily volume of more than $ 1 billion. The total value of the assets under management now stands at 20 billion US dollars, after it was “only” 7 billion US dollars in 2019.
A financing round in August 2017 saw Coinbase’s market capitalization rise to $ 1 billion, making it a so-called “ unicorn ”. The most recent financing round from October 2018 then screwed the market value of the crypto exchange up to 8 billion US dollars.
A rating by the market research institute Bitcoin Method did not improve this number upwards in August 2020, although the crypto exchange now has a significantly increased trading volume and the assets invested in it have also increased significantly.
In connection with their revaluation to US $ 28 billion, the market researchers highlight the importance of the Coinbase IPO for the entire crypto industry:
„This IPO is also important for the evaluation of crypto projects, because Coinbase can serve as a reference point for tradable crypto currencies.“
Meanwhile, an unconfirmed report states that the Palm Beach Research Group has calculated a future market value of $ 242 billion for the DeFi platform Synthetix.
The corresponding report gives the „conservative“ estimate that the decentralized crypto exchange and its associated crypto currency Synthetix (SNX) „could achieve a market value up to five times higher than traditional crypto exchanges“. This would correspond to almost ten times the market value of Coinbase calculated by Messari.
A market value of US $ 2,192 per currency unit would mean a gain of 41,000% at the current exchange rate.
However, some Twitter users point out that the Research Group has made similarly daring predictions in the past that have not come true.