Coinbase sent the mysterious creator of bitcoin a copy of its public filing in a symbolic gesture
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Grace Kay
Apr 14, 2021, 19:26 IST
Coinbase Founder and CEO Brian ArmstrongSteven Ferdman/Getty Images
Coinbase will go public on Wednesday on the Nasdaq via a direct listing.
The digital trading platform sent Satoshi Nakamoto its public filing.
The gesture was an ode to the creator of the first decentralized cryptocurrency.
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Cryptocurrency exchange platform Coinbase symbolically sent a copy of its public filing to the mysterious creator of bitcoin.
The company will go public on Wednesday through a direct listing. Coinbase revealed its documents to list on the Nasdaq in February when it sent the filing to Satoshi Nakamoto - the pseudonym used by the individual or group of people who developed bitcoin - alongside several lawyers and other people helping with the listing.
The name "Nakamoto" first came into the spotlight in 2009 when bitcoin was invented. The name appeared on a white paper, outlining the principles of a cryptographically secured and decentralized peer-to-peer digital payment system.
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While Coinbase trades other digital currencies, including ethereum, litecoin, and tezos, bitcoin has been perhaps the most important contributor to the company's success. Ahead of its direct listing, Coinbase was valued above $100 billion. The company has been assigned a reference price of $250 per share, according to NasdaqTrader.
"Coinbase is building the infrastructure to power the cryptoeconomy, helping bring the benefits of this new technology to the world," Armstrong said in the letter.
Over 100 million people currently use digital currencies, according to a February report from Crypto.org. Coinbase is the largest US based digital currency trading platform, housing over 20 million users.
Bitcoin's success could be linked to Nakamoto's anonymity
In its filing, Coinbase lists the identification of Nakamoto as a potential risk for the trading platform, saying it could lead to the deterioration of bitcoin prices. The company also said it could be negatively impacted if Nakamoto transferred his bitcoins - of which he is rumored to have over one million, valued at $30 billion in total.
Furthermore, one of bitcoin's founding principles is that it is a decentralized currency that is not beholden to institutions or individuals.
In his original bitcoin proposition, Nakamoto wrote: "What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party."
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