The largest cryptocurrency exchange in the United States and one of the largest in the world, Coinbase, has filed an application for an IPO with the US Securities and Exchange Commission (SEC), Forbes writes, citing a message from the trading platform.

San Francisco-based Coinbase has more than 35 million users and assets valued at more than $25 billion. In 2018, after a $300 million investment round, the exchange was valued at more than $8 billion, reports Bloomberg.

It’s clear that Coinbase chose a good time to enter the market: the pandemic year saw a record year for IPO volumes, with new public companies raising more than $175 billion, according to Bloomberg.

In addition, the price of the most popular cryptocurrency – Bitcoin – sets record after record and is trading above $23 thousand per coin. Bitcoin accounts for approximately 65.9% of the total global cryptocurrency market.

Analysts are calling the upcoming IPO a “turning point” for cryptocurrencies as it bolsters the status of the asset class.

The other day it became known that in the second quarter of 2021, the Chicago Board Options Exchange CBOE will launch an index for cryptocurrencies.