Major U.S. cryptocurrency exchange and wallet provider Coinbase will not perform an initial public offering (IPO) “any time soon,” the company’s President and COO Asiff Hirji told Bloomberg today, Oct. 31.
Speaking to Bloomberg TV, Hirji, who himself was the first to hint about the potential for an IPO in 2017, said that while the company would go public “at some point,” it was “not even close to the top” of its list of priorities. He confirmed to reporters today:
“There’s not going to be an IPO any time soon; we have so much to do.”
Last week, CNBC host Ran Neuner reignited rumors Coinbase would officially confirm its IPO plans after claiming his Crypto Trader show would be exclusively divulging the details Oct. 26.
This did not come to pass, however, Hirji instead saying executives wanted to “diversify revenue streams” across its various platforms in the coming years.
Coinbase was valued at $8 billion this week after completing a new funding round that raised $300 million.
Going forward, Hirji continued, Coinbase would seek to circumvent complex U.S. regulations on cryptocurrency tokens by offering non-residents more assets to trade.
“We offer seven [cryptocurrencies], so you should expect us to go from seven to that total number we think is worth it [200 – 300] over the next year or so,” he said, adding:
“Some things will be offered in the U.S., but more things will probably be offered outside the U.S.”
The move copies fellow exchange Bittrex, which announced the segregation of its U.S. and international client base this week via a separate platform registered in Malta.