Skybridge Capital CEO Anthony Scaramucci recently in an interview with CNBC revealed that the holds the newly listed Coinbase ($COIN) shares calling it a breakthrough movement for crypto space. Scaramucci went on to compare the Coinbase listing to Netscape IPO in the late 90s that marked the beginning for the internet age companies.
The Skybridge Capital CEO went on to call the crypto companies listing as a wake-up call for Wall Street banks such as JP Morgan and even expressed surprise that the likes of JP Morgan are not pouring in money into a clone of Coinbase. He explained,
“I’m surprised the commercial banks, people like Jamie Dimon, aren’t pouring money into a clone of coinbase.”
"I'm surprised the commercial banks, people like Jamie Dimon, aren't pouring money into a clone of @coinbase," says @Scaramucci on $COIN, comparing it to the Netscape IPO as a "wake up moment" for big tech companies. #bitcoin pic.twitter.com/P3USfoNrXh
— Squawk Box (@SquawkCNBC) April 16, 2021
Netscape was the first internet company to make its public debut back in 1995 when it was largely seen as a facade by many. Netscape IPO initiated an era of internet companies and the reason behind what Silicon Valley represents today. However many users didn’t seem to like the comparison of Netscape with Coinbase most probably because the company didn’t last long in the market and eventually died down later. One user wrote,
Netscape is a TERRIBLE comparison to $COIN. Netscape might have pioneered internet usage for the masses, but it didn’t turn out so well for Netscape. Just like making airplanes didn’t pan out for the Wright Brothers. Never ride the 1st, always go with the 2nd or 3rd player.
Would Coinbase Lead the Crypto Industry into a New Era
With a pre-market valuation touching over $100 billion, Coinbase made its public debut under a $90 billion valuation and opened trading at $381 per share, one of the highest public debut on Nasdaq. The public debut of Coinbase was met with great enthusiasm and euphoria as many called it a breakthrough moment for the crypto space.
Many more crypto exchanges and companies including the likes of Kraken Exchange and Galaxy Digital are also set to make their public debut later this year and Coinbase performance would surely have an impact on their public listing and perception.