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Will competitors emerge from the shadows?
Coinbase debuted on the Nasdaq on Wednesday with a direct listing, much to the delight of investors. Skybridge founder Anthony Scaramucci believes banks should have paid more heed to the case.
“What I’m surprised about, frankly, is that there isn’t a wake-up call at the banks, the commercial banks, like there was for the Netscape IPO in 1995 at Microsoft,” Scaramucci told CNBC on Friday, after mentioning Coinbase’s association with Bitcoin (BTC), which is consistent with the asset’s development and technological structure.
“Bill Gates thought the internet was a fad. He then realized what was happening with the Netscape IPO, and he deployed several billion dollars into an internet strategy which led to Explorer [Internet Explorer, Microsoft’s browser] and adapted and pivoted into it. I’m surprised the commercial banks, people like Jamie Dimon, aren’t pouring money into a clone of Coinbase.”
Michael Novogratz, the CEO of Galaxy Digital, recently compared Netscape’s launch to the Coinbase listing. He cited the digital asset company’s public debut as a watershed moment of cryptocurrency acceptance.
“I think this is a seminal event,” Scaramucci said of the Coinbase listing, later revealing that he owns some Coinbase stock. “It trades like Facebook and Google did in the first couple of days,” he said.
“People were looking at lackluster performance after the IPO, and then look at those stocks over the ensuing years.”
According to TradingView reports, Coinbase stock peaked at around $429 on the first day of trading but has since retraced, trading around $340 at the time of publication. The cryptocurrency firm is traded under the ticker symbol COIN, but a tokenized version of the portfolio is also available on the crypto derivatives market FTX.