The leading cryptocurrency exchange based out of the United States named Coinbase may announce its own initial exchange offering (IEO) platform soon. Security token offerings (STOs) are also in the radar of the exchange, the latest cryptocurrency news confirm.
As the head of institutional sales of Coinbase in Asia named Kayvon Pirestani noted during CoinDesk’s Invest Asia conference:
“Coinbase is carefully exploring not only the IEO space but also STOs [security token offerings]. The company may soon issue a proprietary exchange token.”
However, even though the report outlined that Coinbase may announce an IEO platform – it did not elaborate on the complete plans any further. As we can see for now, a lot of crypto exchanges are already offering their own IEO platforms. These include the names of Binance, OKEx, Bittrex, Huobi, Bitfinex and others.
For those of you who don’t follow our coming altcoin news, IEOs were sold as a safer way of investing in new blockchain projects. As reported earlier on our site, the short-term trends indicate moves away from IEOs – but longer term data indicates that the success of IEOs has been steadily growing overall since the term “IEO” became a buzzword at the start of this year.
Still, there are discrepancies in reporting on IEO data. Despite the fact that Coinbase may announce an IEO platform soon, the number of total IEOs has collapsed – going from $1.1 billion in May this year to $125 million in June this year, according to TokenInsight.
Other statistical pieces of data from TradeBlock which were cited in the Wall Street Journal show that IEOs raised $518 million in five months to the end of May. More importantly, their January total was around $10 million – something which increased to about $20 million in February and over $110 million in March, more than $220 million in April and around $150 million in May.
Even though every site has their own numbers and totals when it comes to IEOs, Coinbase may announce an IEO platform soon and trigger more growth and increased interest in this field.
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“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view,” Woo said.There is also Glassnode, which is a crypto centric on-chain intelligence firm which recently noted that their metrics suggest that Bitcoin is bottoming and is slated to revert higher in a "strong" fashion. It is the Market Value to Realized Value (MVRV) which is implying the above mentioned, as well as showing that the crypto asset investors are believing in the topic. A reading of this would mark a bottom for the cryptocurrency market soon, too. At press time, Bitcoin is trading at $7,563 while the total market cap is $204 billion and the trading volume sits at $49 billion.
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