It was reported that Goldman Sachs was selected for Lead Coinbase IPO

Well, that was fast.

One day after cryptocurrency market operator Coinbase announced that it was secretly filing the regulatory papers with the Securities and Exchange Commission (SEC) for an initial public offering (IPO), a report reveals that the central banker of the case . Sachs Goldman (NYSE: GS).

An article published by Reuters on Friday citing a “person familiar with the matter” said Goldman had been formally hired to bring the company to market. Apparently, this means that the stormy investment bank will be managing a syndicate of banks that are subscribing to the contract, although little detail has been provided.

The initials of an IPO are displayed in a set of colored blocks.

Image source: Getty Images.

In a typical IPO, the syndicate is the entity responsible for infiltrating interest in the case, with the aim of increasing demand for the shares offered (and, to often, the final IPO price).

In July, Reuters reported that Coinbase had begun planning for their first stock market debut. At the time, however, the company seemed to be more inclined towards direct listing than a traditional IPO that included a syndicate of subscribers.

Coinbase’s timing is perfect in a number of ways. The stock market is frozen, and times of optimism are always good for IPOs, as investors are being asked to put their money in a company that has not yet been confirmed by the public markets. Cryptocurrencies are also doing very well in this time of economic pressure; the far-flung crypto leader, bitcoin, is trading at high-level rates.

Goldman Sachs has not commented on how it might be involved in Coinbase IPO. Aside from a tersely worded statement released Thursday about its SEC leak, Coinbase has so far provided almost no information on the case.