Starting with Oura’s IPO this week, eligible customers can request shares at the offer price before the beginning of open-market trading, the digital assets platform announced in a Monday (Sept. 21) blog post.
“This new feature is yet another step toward growing the Everything Exchange, as our U.S. customers now gain early exposure to high-interest companies before they hit public exchanges,” the company said.
Traders who want to request an allocation can navigate to the new IPOs page within the Coinbase app and select an active deal page. After funding their account to cover the cost of the requested shares, they can submit a “Conditional Offer to Buy” after the expected price range becomes public.
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Once the order book closes, available shares will be allocated using an “established methodology” and booked directly into users’ accounts at the IPO price, the company said.
“Our allocation algorithm prioritizes investors who believe in what they’re purchasing for the long haul,” the blog post added. “Selling IPO shares within the first 30 days may result in being barred from IPO participation for the following 60 days, with smaller and less frequent allocations given to those who repeat this behavior compared to investors who hold their IPO shares for longer durations.”
In other Coinbase news, the company recently joined forces with payments platform Moov to offer stablecoin capabilities to community banks. This partnership is designed to add acceptance, settlement and real-time funding, embedded in the systems banks already use.
“Community banks and credit unions have witnessed their customers use digital assets for years,” Ryan VanGrack, Coinbase vice chair and head of corporate affairs, said in a news release. “Through our partnership with Moov, Coinbase is delivering the regulated infrastructure they need to offer these services directly—embedded right into their existing systems. Modern tech should meet local institutions where they are, giving them the tools to compete with the largest players while preserving what makes them trusted pillars of their communities.”
As Coinbase and Moov were announcing their collaboration, Coinbase CEO Brian Armstrong was in Singapore, touting stablecoin payments as a key revenue driver for the company.
Coinbase is working with banks, FinTechs and other businesses to shift more payment activity into stablecoins, Armstrong told Bloomberg News, projecting a tenfold increase for the $300 billion stablecoin market by the end of the decade.
“That’s going to be a very big growth industry,” Armstrong said. “Payment volume can be a very interesting business for us.”
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