Gemini’s Exchange could soon join Coinbase in going public as per the reports that we are reading more in today’s crypto news.
Encouraged by a tide of interest in crypto, Co-Founders Tyler Winklevoss and Cameron Winklevoss said that they are growing on the idea:
“We are definitely considering it and making sure that we have that option. We are watching the market and we are also having internal discussions on whether it makes sense for us at this point in time.”
The total crypto market cap pushed above $1.1 trillion for the first time which only suggests the public confidence in crypto experimenting which has never been higher. Although still early to comment, this week there was a sell-off that tanked the markets by about $260 billion as this phase was short-lived. Today there’s a resurgence of buyers who pushed the total market cap back above $1 trillion and with this in mind, the Winklevoss twins think that Gemini’s exchange could go public just as Coinbase.
Elaborate please 😊
— Steve Carrera (@stevecarrera) September 11, 2020
One firm that has no qualms about the public reception or where the market could head next is for sure Coinbase. Rumors of a Coinbase initial public offering were getting stronger in the q3 last year but it wasn’t until mid-December when things became official. The day following Bitcoin’s break of $20,000, the company announced that it had filed the appropriate paperwork with the SEC:
“Coinbase Global, Inc. today announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the “SEC”).”
What’s important about this move is not the sole fact of going public but the Coinbase IPO acts as a validator for BTC and crypto in general. This could launch mainstream adoption. Gemini announced a huge milestone achievement in surpassing $10 billion in crypto under custody with diversifying the product range thanks to the Gemini rewards credit card for US residents. The card offers rewards of about 3 percent payable in BTC and other cryptos on each purchase deposited to one’s account.
It does much smaller volumes than Coinbase or an equivalent of 6,108 BTC over the past 24-hours against the 89,604 BTC on Coinbase Pro which is a major player in the US region and it would be extremely important for the industry to have more crypto representation on public exchanges.
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