American cryptocurrency company Coinbase Global, Inc. left investors in shock this week after it became the first in its field to publicly trade on the National Association of Securities Dealers Automated Quotations (NASDAQ).
Coinbase had its public debut through direct listing rather than a traditional initial public offering. This means that the company sells shares directly to the public without getting help from underwriters.
According to NASDAQ, the company is “dedicated to building a more fair, accessible, efficient, and transparent financial system enabled by crypto.” The NASDAQ set an initial reference price of $250 per share. It is being traded under the symbol “COIN.”
Founded by Brian Armstrong, Fred Ehrsam in 2012, Coinbase offers a wide variety of services and products such as an advanced trading platform, a digital wallet for retail investors, an advanced trading platform, custodial accounts for different institutions, and cryptocurrency investing.
Initially, the company only allowed Bitcoin trading but included other cryptocurrencies like ethereum, Litecoin, Bitcoin Cash, XRP, as it progressed.