Unchained

Unconfirmed: Coinbase's S-1: The Number That May Make the Exchange Nervous - Ep.215

Feb 26, 2021

Jeff Roberts, the executive editor at Decrypt and author of "King of Crypto," dives into the implications of Coinbase's S-1 filing for the crypto landscape. He shares insights on why institutional investors are drawn to Coinbase and how the company's 96% transaction fee revenue model presents vulnerabilities. Jeff also discusses the competitive threat posed by decentralized exchanges like Uniswap and projections for Coinbase’s stock performance post-listing. His analysis reveals the evolving dynamics within the crypto industry as traditional finance adapts.

37:07

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Episode guests

Jeff John Roberts

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Episode notes

Intro

3min

Coinbase's Financial Landscape and Market Implications

8min

Banks, Technology, and Cryptocurrency Revenue Insights

2min

Exploring Coinbase's Treasury and Gap Accounting Implications

3min

Insights from Coinbase's S-1 Filing

9min

Tether's Regulatory Challenges and Market Resilience

11min

Jeff Roberts, executive editor at Decrypt and author of “King of Crypto: One Startup’s Quest to take Cryptocurrency Out of Silicon Valley and Onto Wall Street” talks about Coinbase going public. In this episode we discuss:

Jeff's biggest takeaways from Coinbase’s S-1 filing (0:56)
why institutions are choosing Coinbase (2:42)
how Coinbase going public feels like validation for bitcoiners (4:37)
issues Coinbase may face as a business that currently generates 96% of revenue through transaction fees (6:25)
Why Surojit Chatterjee has so much equity in Coinbase (11:29)
why Coinbase has only invested $130 million in crypto through its corporate treasury (12:26)
whether or not decentralized exchanges like Uniswap pose a threat to Coinbase, and whether unregulated centralized exchanges might squeeze them from the other end (15:41)
challenges Coinbase will face going forward (19:13)
how well the stock will do once it's listed (20:05)
Crypto News Recap (20:59)