Coinbase’s plans to go public reached another landmark today, with the organisation hiring ex-SEC Director Brett Redfearn to head its Capital Markets team. This is the second high-profile hire in the crypto industry, following the appointment of former SEC Commissioner Jay Clayton as an analyst at One River Asset Management.
Coinbase was estimated at $8 billion in 2018, and the company filed for a public offering with the Stock and Exchange Commission in February 2021. Coinbase’s partnership with institutional investors has been one of its highlights, with the company claiming 7,000 institutional clients. According to Nasdaq, coinbase‘s stock is nearing $100 billion as the IPO nears completion.
Coinbase announced earlier today, as reported by WSJ, that it has employed ex-SEC Director Brett Redfearn to head its Capital Markets Division. One of the major problems Coinbase faces is that trading fees account for more than 80% of its sales, and Mr. Redfearn could be able to assist the firm in developing offerings to reduce this reliance.