Coinbase has built its business on the idea of transforming the financial system. It believes bitcoin and other cryptocurrencies can turn into legitimate alternatives to traditional money. And the company thinks its platform can turn into a sort of alternative to traditional stock markets, where the assets bought and sold in huge quantities are shares of digital tokens, rather than shares of companies.
Nine years after Coinbase was founded, it's all still a bit revolutionary. But there's a rather rich irony at play: To make the dream a reality, Coinbase first has to thrive in that old world of traditional money and the traditional stock market. Before it can create a new future, the company might have to beat the past at its own game.
So far, so good.
Coinbase filed for a direct listing this week on the Nasdaq, an enormous crossover event between the crypto market and the stock market that could value the company at more than $100 billion. And that's one of nine things you need to know from the past week:
- Coin of the realm
- Plugged-in SPACs
- Giant unicorns
- Politicos
- Next big things
- Telecom transactions
- Family trees
- Bessemer's billions
- Benchtop blood testing