Coinbase is preparing its loans – but how will they stack against the competitors?
Coinbase sent S-1 filing to Bitcoin’s creator Satoshi Nakamoto as it goes ahead with the IPO filing as well, while still, no one knows the real identity of Nakamoto. However, we are reading more about the IPO filing in today’s Coinbase news.
The S-1 form is a piece of regulatory paperwork that is necessary to launch on the stock market while Coinbase took another step today to go public and to post the filing ahead of its listing. It seems to be a token gesture but the company sent its filing to Satoshi Nakamoto. The S-1 filing is a necessary precursor to the direct listing and it’s a simpler IPO that allows companies to list their stock directly on the stock market while stepping away from the need of underwriters to determine the stock opening price.
Coinbase sent copies of the filing to the legal team and Nakamoto while others were listed with phone numbers and addresses. Nakamoto was identified only by the BTC address: “1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa.” Nakamoto used to be a regulator poster on bitcointalk.org which was a well-known forum that was set up to discuss the project. He stopped posting there however in 2010 and nobody has heard from him since. Brian Armstrong founded Coinbase a year later in 2021. While Nakamoto is nowhere to be found, the filing noted that his identity reveal could adversely affect the market because the cryptocurrency derives its success from decentralization.
One person that still claims to be Satoshi is Craig Wright, the Australian computer scientist who created Bitcoin Satoshi Vision. Crypto exchange OkCoin which is headquartered in the same city as Coinbase, announced that it will be delisting BSV because of Wright’s impact on the community. As a part of the filing, Coinbase disclosed profits of $322 million in 2020 and mentioned a balance sheet of $230 million with Bitcoin paying another $53 million in ETH. Coinbase holds $48.9 million of its own US dollar-pegged USDC and $34 million in other cryptocurrencies.
Coinbase benefited from the Bitcoin surge as it could pump its share price once it launches on the stock market. BTC is up ten times since the middle of March in 2020 and five times since October 2020.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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