This is the first time a cryptocurrency exchange is going public and so is a big deal for the industry.
In a Bloomberg interview, the CEO of blockchain developer platform Alchemy, Nikil Viswanathan, said the listing would help take blockchain to the mainstream. The listing, according to Nikil, will give legitimacy to the industry and open doors for everyone to participate.
“Coinbase IPO in probably $100 billion will legitimize the space to everyone’s friends and family who are thinking about getting into blockchain. What this does is open up a new generation of talent that is open to exploring and building this new industry and that’s super exciting and will accelerate this space incredibly,” he said.
A big step in legitimizing blockchain
As per Alchemy CEO, the public listing of Coinbase will not only legitimize the space but also give it significant credibility. Many investors are more comfortable investing in traditional shares, and this is an opportunity for such to enter the space as they get more confident.
Lately, blockchain technology has gained some mainstream attention through the popularity of NFTs (non-fungible tokens), which encompass professionals outside of the blockchain industry.
More exchanges could go public
Coinbase’s decision to go public could have the same effect as Tesla buying Bitcoin. More cryptocurrency exchanges are likely to join in the race now that one of the top ones has taken the first step.