cryptocurrency exchange, is set to debut on Wednesday through a direct listing, an alternative to a traditional initial public offering that has only been deployed a handful of times.
— Coinbase Global Inc.’s trading debut ushered in a new era for cryptocurrencies on Wall Street, bringing the oft-mocked asset class closer to mainstream acceptance.
For the most ardent Bitcoiners, the so-called maximalists who regard other cryptocurrencies as schemes to part neophytes from their money, talk of Coinbase raises hackles.
On its Coinbase Pro platform, maker and taker fees for trades less than $10,000 stand at 0.5%, which can be more than double what a similar trade would cost on a competing exchange such as Kraken.
With more than 90% of Coinbase’s revenue coming from retail trades, which made up just 36% of volume during the quarter ending Dec.
Coinbase’s listed transaction costs may well be higher for good reason, accounting for better overall trade execution and higher security standards for those that keep their Bitcoin private keys on the platform.
For a company inspired by founder Brian Armstrong’s reading of the Bitcoin white paper, its holdings of the cryptocurrency are regarded as paltry in comparison to the likes of MicroStrategy Inc.