Cryptocurrency exchange Coinbase’s preparation to go public hit another milestone today as company hired ex-SEC Director Brett Redfearn to lead its Capital Markets division. This is a second high profile hiring among crypto businesses as recently former SEC Commissioner Jay Clayton joined as an advisor at One River Asset Management.
Coinbase’s preparation for IPO in Full Swing
Coinbase was valued at $8 Billion in 2018 and the company filed for a public offering with SEC in February, 2021. One of the successes of Coinbase has been its relationship with institutional investors as it claims to have 7,000 institutional customers. As reported by Nasdaq, coinbase valuation is approaching $100 Billion as its IPO is becoming a reality.
Earlier today as reported by WSJ, Coinbase confirmed it has hired ex-SEC Director Brett Redfearn to lead its Capital Markets Division. One of the key challenges Coinbase is facing is that its more than 80% revenue comes from trading fees and Mr. Redfearn might help the company in creating products to reduce this dependency.