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Coinbase

Coinbase ($COIN), one of the top cryptocurrency exchanges with over 50 million registered users has announced its first private debt offering in the form of the company’s Senior Note Offerings worth $1.5 billion. The funds raised from the offerings would be utilized towards general corporate purpose and product development.

The private senior note offering contracts are due for 2028 and 2031 and they will be fully and unconditionally backed by Coinbase Inc. The interest rate, redemption provisions, and other terms of the contracts would be determined after negotiations with early buyers.

The exchange in its official blog said,

“This capital raise represents an opportunity to bolster our already strong balance sheet with low-cost capital. Coinbase intends to use the net proceeds from the offering for general corporate purposes, which may include continued investments in product development, as well as potential investments in or acquisitions of other companies, products, or technologies that Coinbase may identify in the future. The closing of the offering is subject to market and other conditions.”

The crypto exchange that went public on Nasdaq in April this year with one of the highest valuations at the time of public debut. The firm is currently working towards expanding its range of products and services while venturing into new markets. The crypto exchange was authorized by Japanese regulators to offer its services in Japan, and later the crypto exchange also managed to become the first company to gain Bafin approval for crypto custody services in Germany.

Coinbase Gears Up for SEC Challenge

The announcement about the private debt offerings by Coinbase comes just days after it revealed that SEC has threatened to sue the company over its unreleased USDC stablecoin lending services that the regulatory body deemed as a security. The Exchange CEO Brian Armstrong slammed the SEC for its non-clarity and threats and maintained it would continue to work towards offering the best crypto services to consumers.

The SEC saga is being seen as a roadblock in Coinbase’s phenomenal progress over the years, and it could also open the security debate again which is already ongoing with the Ripple lawsuit.

The post Breaking: Coinbase ($COIN) Announces $1.5 Billion in Private Senior Note Offerings appeared first on Coingape.

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#Bitcoin #Crypto #Cryptocurrency

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