Coinbase IPO sparks rush for âpicks and shovelsâ crypto assets
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The $110 billion US initial public offering of cryptocurrency exchange Coinbase has yielded an estimated $500 million windfall for Westpacâs venture capital fund and poured fuel on the demand from Australian institutional and retail investors for the digital asset gold rush.
Coinbase signage during the companyâs IPO at the Nasdaq MarketSite in New York.Â
Bloomberg
That looming profit is a timely boost for the bank, which also scored big on its investment in buy now, pay later juggernaut Zip Co that it exited for $366 million in October 2020, for a profit of $317 million.