The cryptocurrency exchange’s expected US$100-billion valuation would make it more valuable than the New York Stock Exchange and Nasdaq combined. (Bloomberg)

Talking point: Coinbase’s direct listing will be yet another step toward integrating cryptocurrencies with the mainstream financial system, in a year that has been full of such milestones. A wide range of investors from bankers to celebrities stand to cash in from the listing, including American rapper Nas. Last week, the company posted earnings that would appear to validate such a lofty valuation, disclosing it brought in more revenue in the first quarter of this year than in all of 2020. The Financial Times, however, argued those monster revenue and profit figures may not be sustainable if the U.S. closes some regulatory loopholes that currently allow cryptocurrency-trading platforms to operate with less scrutiny than traditional financial markets.