Today In Crypto: Coinbase Files for An IPO | Central Banks Watch Bahamas Sand Dollar Going Live | Je  

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The cryptocurrency market continues to go strong after Thursday’s action-packed rally in Bitcoin (BTC) and Ethereum (ETH). As these two crypto giants are taking a momentary break and consolidating, XRP has taken the charge surging 5.7% trading at $0.59 at press time.

Besides, there have been other interesting developments as institutional actions continue ahead. Here are the top three stories today in Crypto.

Crypto Exchange Coinbase Files for An IPO With the U.S. SEC.
Central Banks closely watch the developments as Bahamas Rolls-out Its Own Digital Currency ‘Sand Dollar’
Christopher Woods, head of equities at Jefferies trims his gold exposure in favor of Bitcoin (BTC)
Coinbase Files for an IPO With the U.S. SEC
Earlier today, cryptocurrency exchange Coinbase submitted the draft registration to the U.S. Securities and Exchange Commission (SEC) for an initial public offering. The announcement comes just at a time when Bitcoin (BTC) has been smashing past new records every day.

Launched in 2012, Coinbase now has over 35 million people across 100 countries trading in crypto. The exchange has more than $300 billion in total traded volumes with over $25 billion worth of assets on the platform. As per Messari researcher Mira Christanto, Coinbase can seek a valuation anywhere close to $28 billion.

Messari’s prediction of Coinbase valuations comes considering all factors like custody fees, trading fees, and other criteria. Well, if the valuations turn out to be true, this could be one of the biggest IPOs beating tech and financial giants like Visa and Facebook.

Central Banks Closely Watch The Developments As Bahamas’ Sand Dollar Goes Live
Bahamas central bank digital currency (CBDC) Sand Dollar is now live as the entire population of 390,000 can use it to make payments across the country. Transaction for the Sand Dollar happens through a native application. Speaking to Reuters, Dawn Sands, owner of NRG – a cafe in Nassau – explained the first-hand experience of using the Sand Dollar. Sands said:

“It’s instant – I get a message, and it’s received. Once people get comfortable and educated, I think it’s going to be big.”

While The Bahamas is a very small country, the Reuters report suggests that the world’s top central banks are closely watching these developments. This includes the U.S. Federal Reserve, Bank of England, the European Central Bank, and the People’s Bank of China (PBoC). All of the central banks have been working on the CBDC at different scales.

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