It is reasonable to surmise that the timing of the direct listing is not accidental, and that the firm is seeking to capitalize on the renewed and growing interest from both individuals and institutions in cryptoassets.
That said, there are several longer-term implications that are worth looking into that might get overshadowed by the excitement around this listing as it continues to approach.
As Coinbase makes it debut, this is going to reinforce this position that has already been taken by organizations, as well as increasing the awareness of crypto trading exchanges to individuals who might not have been involved previously.
It is easy to get wrapped up in a blockchain-crypto echo chamber, but a public market listing debut is virtually guaranteed to increase, yet again, the wider awareness and interest in bitcoin and other cryptoassets.
Specifically, the news that Grayscale distributed publicly indicating the firms commitment to convert its trust product to an ETF when the time comes does not seem to be a coincidence.
While the initial idea and potential for DeFi was to create said financial system without any intermediaries or third parties, it stands to reason that some sort of backstop will be necessary to continue attracting non-expert customers, at least at the beginning.
Coinbase, being the largest U.S.
Ever since the GameStop Reddit saga that captivated the attention of the market, and attracted the attention of Congress, there has been a renewed interest in whether or not trading can be accelerated to happen in real-time versus the several days it can currently take.
One of the most market friendly attributes of blockchain and cryptoassets is the potential that these transactions can be instantaneously settled at a fraction of the cost of traditional financial transactions.
Coinbase is the largest cryptocurrency exchange in the United States, and the fact that it is going public is market changing event for the cryptoasset marketplace.
I serve on the Advisory Board of the Wall Street Blockchain Alliance, where I chair the Accounting Work Group.