Coinbase says unmasking Satoshi Nakamoto might harm its business
Well in that case.
Some things are best left a mystery â at least as far as Coinbase is concerned.Â
The San Francisco-based cryptocurrency exchange has been preparing to go public since last year, and in a Thursday prospectus filed with the Securities and Exchange Commission (SEC) it listed a number of issues that could harm its business. Notably, one of those risk factors is the future identification of Satoshi Nakamoto.Â
For the unaware, Satoshi is the pseudonymous creator of Bitcoin. Satoshi, whose true identity has never been confirmed, published a 2008 white paper titled Bitcoin: A Peer-to-Peer Electronic Cash System and is believed to hold the private keys to around 1.1 million bitcoin. Over the years there have been various efforts to discover Satoshi s true identity, but as far as anyone can tell they have allcome up short.
Coinbase announced yesterday it has filed a registration statement on
Form S-1 with the U.S. Securities and Exchange Commission to go public.
Choosing to go public through a direct listing as opposed to a traditional IPO, Coinbase revealed in the filing that total revenue surged to $1.2 billion in 2020 from $533 million in 2019. Coinbase also shared that as of the end of last year the platform had 43 million verified users, $456 billion in lifetime trading volume and $90 billion in assets. The current financial system is rife with high fees, unequal access, and barriers to innovation,” Coinbase co-founder and CEO Brian Armstrong wrote in the filing.
Coinbase Warns of the Risk Bitcoin’s Founder Poses On Eve of IPO
3 weeks ago
As Coinbase prepares to go public, it is warning of the risk Bitcoin’s founder(s) pose to the cryptocurrency market in general, and Coinbase in particular.
Coinbase has emerged as one of the most popular ways of trading cryptocurrencies. The company’s success has positioned it for a widely anticipated IPO, but the company is warning of risk factors it faces, unique to its industry, in an SEC filing.
The majority of Coinbase’s net revenue is derived from Bitcoin and Ethereum trading. As a result, should the demand for those cryptocurrencies decline, without another rising to replace them, Coinbase would be in serious trouble.
Bitcoin Price Will Plunge If Satoshi Nakamoto s Identity Is Revealed: Here s Why ibtimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ibtimes.com Daily Mail and Mail on Sunday newspapers.