Public Keys: Weekly Roundup from Decrypt
Public Keys is a weekly roundup from Decrypt that tracks key publicly traded crypto companies.
Coinbase: Springtime for Tokenized Assets
This week, Coinbase is making strides in its pursuit of tokenized securities, a goal its CEO, Brian Armstrong, and the founders have aimed for since before the company’s IPO in 2021. Meanwhile, it has also seen some legal victories, with a lawsuit in Vermont dropped and approval to operate in India.
Tokenized Securities
If Coinbase secures approval to tokenize securities, it stands to significantly benefit the growing Real-World Asset (RWA) segment, which aims to bring traditional assets like stocks and land onto the blockchain. This development comes as Wall Street is actively working to reduce settlement times.
RWA Market Insights
Currently, BlackRock holds a dominant position in the RWA market, with its BUIDL fund recently surpassing $1 billion in assets. RWAs have grown by 18% in the last month, reaching $18.3 billion. This growth contrasts with the broader crypto market, which has declined 16% in the same timeframe.
Regulatory Framework Calls
Coinbase is looking to expand beyond U.S. borders, calling for regulatory frameworks in Europe that align with emerging opportunities. The company is banking on expanding its product offerings by launching 24/7 access to Bitcoin and Ethereum futures to boost transaction revenues, which have surged to $2.5 billion.
IPO Buzz
Several companies are rumored to consider IPOs in 2025, and Gemini has confidentially filed with Goldman Sachs and Citigroup, becoming the first to move from speculation to action in this regard.
Other Updates
Meanwhile, MicroStrategy, recently rebranded, has not changed its Bitcoin holdings of 499,096 since late February. There is skepticism regarding any immediate Bitcoin purchases from them.
Additionally, asset manager Rex Shares has launched an ETF aimed at making Bitcoin-backed bonds more accessible to individual investors, highlighting the innovative strides in the crypto investment space.
Edited by Stacy Elliott.
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