Coinbase Global, the biggest US cryptocurrency exchange, will list on the Nasdaq on Wednesday, marking a milestone in the journey of virtual currencies from niche technology to mainstream asset. The listing is by far the biggest yet of a cryptocurrency company, with the San Francisco-based firm saying last month that private market transactions had valued the company at around $68 billion this year as against $5.8 billion last September. 

The listing represents the latest breakthrough for acceptance of cryptocurrencies, an asset class that only a few years ago had been shunned by mainstream finance, according to interviews with investors, analysts and executives. “The listing is significant in that it marks the growth of the industry and its acceptance into mainstream business,” said William Cong, an associate professor of finance at Cornell University’s SC Johnson College of Business. 

Bitcoin, the biggest cryptocurrency, hit a record of over $63,000 on Tuesday. It has more than doubled this year as large investors, banks from Goldman Sachs to Morgan Stanley and household name companies, such as Tesla, warm up to the emerging asset. Coinbase’s direct listing – which means that it has not sold any shares ahead of its market debut – is likely to accelerate that process by boosting awareness of digital assets among investors. 

“This is a very positive thing for Bitcoin in itself, as it proves the bridge that has been built from an esoteric, left-of-field arena, full of cowboys to mainstream finance,” said Charles Hayter of data firm CryptoCompare.