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Will competing companies come out of the woodwork?
After much anticipation, Coinbase listed on the Nasdaq on Wednesday via a direct listing. Skybridge founder Anthony Scaramucci thinks the event should have been met with more attention from banks.Ā
āWhat Iām surprised about, frankly, is there isnāt a wake-up call at the banks, the commercial banks, like there was for the Netscape IPO in 1995 at Microsoft,ā Scaramucci told CNBC on Friday after noting Coinbaseās connection with Bitcoin (BTC), in line with the assetās growth and technical framework.
He added:
āBill Gates thought the internet was a fad. He then realized what was happening with the Netscape IPO, and he deployed several billion dollars into an internet strategy which led to Explorer [Internet Explorer, Microsoftās browser] and adapted and pivoted into it. Iām surprised the commercial banks, people like Jamie Dimon, arenāt pouring money into a clone of Coinbase.ā
Michael Novogratz, Galaxy Digitalās CEO, also recently mentioned Netscapeās debut as similar in gravity to the Coinbase listing. He noted the digital asset companyās public emergence as a key point in cryptocurrency adoption.
āI think this is a seminal event,ā Scaramucci said of the Coinbase listing, subsequently noting that he holds some shares of Coinbase. āIt trades like Facebook and Google traded in the first couple of days,ā he said, adding:
āPeople were looking at lackluster performance after the IPO, and then look at those stocks over the ensuing years.ā
Coinbase stock spiked up to roughly $429 on its listing day but has since retraced, trading near $340 at the time of publication, based on TradingView data. The crypto company trades under the ticker symbol COIN, but a tokenized version of the stock also exists on crypto derivatives exchange FTX.
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