The crypto exchange has connections to the investment bank via a board member and is now using this to its advantage.

The crypto exchange Coinbase is said to have approached the large investment bank Goldman Sachs as part of its planned IPO

This could be an important step in advancing the mass readiness of the crypto industry.

Citing two internal sources , Business Insider reported on Friday that Coinbase hired Goldman Sachs to handle its IPO. However, no precise details are known in this regard.

The crypto exchange has had connections with Goldman Sachs for years through Fred Ehrsam, one of the co-founders of Coinbase

As Business Insider reports, Ehrsam worked at the investment bank from 2010 to 2012 before he left it to found Coinbase together with Brian Armstrong .

Although Ehrsam left the crypto exchange again in 2017, he continues to sit on its board.

The BI report comes a day after Coinbase disclosed that it filed for an initial public offering (IPO) with the SEC.