Coinbase COO Asiff Hirji says IPO will not happen soon; primary focus is on diversification of revenue streams

In a recent interview, Asiff Hirji, the Chief Operating Officer of Coinbase, spoke about the various factors involved in the cryptocurrency exchange’s growth and the much-talked-about Initial Public Offering [IPO] of Coinbase that has been doing the rounds for the past week.

Hirji, who also holds the position of President, stated that Coinbase was approached by a high-quality investor base who ‘wanted to invest in the best name in the space’. Coinbase, which is the world’s largest cryptocurrency exchange in terms of users, has made multiple headlines recently after the launch of various products and developments.

The COO, speaking to Bloomberg, stated that the recent investments by Tiger Management, Andreesen Horowitz, and other parties are a way to build the next phase of the company. The Coinbase official also stated that the concept of cryptocurrency custody is important and the inclusion of projects such as the Coinbase Custody is aimed at diversifying the company’s revenue streams. He went on to say:

“It is great that companies are jumping into the crypto space with us. They wanted to partner with someone who was making sure developments was occurring and who could disrupt the industry. The new partnerships also gives more predictability and profitability to the organizations as a whole.”

Hirji then talked about the all-important IPO that has excited the participants in the cryptosphere. He said that for Coinbase, the concept of launching an IPO is the last priority. He assured users that the company will go public, but not anytime soon. According to him, the main focus right now was on diversifying the revenue streams and ensuring the financial point of view of the company is not distorted. In Asiff’s words:

“Even though the IPO is not going to happen anytime soon, our main focus is to change the company’s fee structure. Right now, all our revenue comes in from transactions, but that will change soon.”

The discussion on Coinbase’s IPO stemmed from the company’s confirmation on October 30 that several parties, including Tiger Management, will be party to the Series E funding of the $8 billion-valuated IPO. The exchange itself had stated that they would be contributing $300 million into the funding round. Coinbase had said:

“Coinbase is and will remain, a crypto-first company. More than anything, we’re proud of the millions of people that have turned to Coinbase as their entry-point into crypto. We take that responsibility very seriously. We strive to be an easy, trusted way for anyone to get started with cryptocurrencies.”

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