Coinbase's $100 billion valuation should be about 80% lower, New Constructs CEO says

Coinbase is the largest cryptocurrency exchange in the US.
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New Constructs CEO David Trainer said his calculations point to a valuation of $18.9 billion for Coinbase, well below the estimated $100 billion.Coinbase is set for a direct listing on the Nasdaq on April 14.Coinbase faces the risk of competitors driving down their fees in the young cryptocurrency market.See more stories on Insider's business page.
The potential $100 billion valuation of Coinbase Global ahead of the