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Digital currency exchange Coinbase has reportedly approached Goldman Sachs to lead its upcoming IPO – a move that could bolster cryptocurrencies’ appeal to a wider audience.

Citing two sources familiar with the matter, Business Insider reported On Friday, Coinbase asks Goldman Sachs to handle the public filing. No additional details were provided.

Coinbase is linked to Goldman Sachs through Fred Ehrsam, the exchange’s co-founder who previously worked as a trader at the bank. Business Insider reports that Ehrsam worked at Goldman between 2010 and 2012 before founding Coinbase with the current CEO Brian Armstrong.

Ehrsam left the stock exchange in 2017 but retains a board position.

The report surfaced a day later Coinbase confirmed its intention to go public in a draft filing filed with the Securities and Exchange Commission or SEC. Based on the last valuation in 2018, Coinbase was worth $ 8 billion. Crypto analysis company Messari says Coinbase could be worth $ 28 billion after its public offering.

Coinbase is the preferred exchange of many newcomers to the digital currency space. The platform also has brought in billions of dollars in institutional capital since the spring, broadly coinciding with the advent of so-called smart money.

Institutional investors have likely been the main catalyst behind Bitcoin’s (BTC) record-breaking rally so far. The flagship cryptocurrency catapulted to $ 24,000 on its way to new highs on Thursday.

This story is still under development.