Crypto exchange Coinbase filed an amended S-1 form early Wednesday, disclosing that it has registered about 115 million shares for its direct listing on Nasdaq.
The revised form doesn’t yet mention a date at which Coinbase’s shares will get listed under the ticker symbol COIN.
Coinbase also highlighted the SEC’s lawsuit against Ripple in the revised form and said such regulatory actions could ultimately impact its operating and financial results.
Coinbase suspended all XRP trading pairs on its platform earlier this year, although the digital asset represented a chunk of its trading volume and revenue.
“For the years ended December 31, 2020 and 2019, XRP represented $17.0 billion and $3.4 billion of Trading Volume and $108.6 million and $27.1 million of total revenue, respectively,” said Coinbase. “As of December 31, 2020 and 2019, XRP represented $1.2 billion and $485.9 million of our Assets on Platform, respectively.”
“Going forward we expect no Trading Volume or total revenue related to XRP trading, and expect a decrease in Assets on Platform attributable to XRP,” said the exchange.
Coinbase also noted that it experienced more unanticipated system disruptions last year than in 2019 due to higher trading activity by users.
“We are making significant investments in database and network infrastructure to support heightened trading volumes, and expect the impact and frequency of these incidents to decrease materially moving forward,” said Coinbase.
The exchange has also named Fred Wilson of Union Square Ventures as its lead independent director. Wilson has served as a member of Coinbase’s board of directors since January 2017.
This is a developing story and will be updated…
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