Crypto exchange Blockchain.com reportedly intends to file an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC) this year. The exchange is currently working with investment banks over the necessary legal and compliance procedures.
The planned listing will be the second-largest crypto IPO after Coinbase, which went public last year. Blockchain.com intends to list by the end of 2022 or early 2023, Bloomberg reported, citing people familiar with the matter.
However, the plans of the company might be delayed or changed as per business strategies and conditions.
Blockchain.com is one of the largest crypto exchanges in the United States. The company increased its valuation to about $14 billion in a funding round held in March. The round was led by Lightspeed Venture Partners and Baillie Gifford & Co, and doubled the company’s valuation.
Data from Coinmarketcap Blockchain.com is the 35th-largest exchange by daily volumes, which were $15.2 million over the past 24 hours.
Blockchain.com’s CFO Macrina Kgil announced in August last year that the company was witnessing growing crypto transactions and could go public in the next 18 months.
Blockchain.com is led by chief executive officer Peter Smith and allows users to trade and store digital tokens. The company started its operations in 2011 as a blockchain explorer and later launched a crypto wallet.
Crypto adoption is growing in the U.S. as people have started investing in cryptocurrencies, including Bitcoin, and other digital assets such as NFTs and digital tokens. Moreover, Blockchain.com is not the only crypto exchange looking for an initial public offering in the U.S.
Binance.US, the American subsidiary of the world’s largest crypto exchange, is also looking to go public. But uncertainty over crypto regulations and policies in the U.S. are delaying crypto companies from publicly listing.
Other firms, such as USDC issuer Circle, have bypassed the IPO process by merging with a blank-check firm.
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