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Oil Giant Saudi Aramco Finally Launches Its Record-Breaking $2 Trln IPO

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  • Alex Dovbnya
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    The oil giant is eyeing the biggest IPO in history. Will Saudi Aramco manage to secure the $2 trln valuation it desperately needs?

Oil Giant Saudi Aramco Finally Launches Its Record-Breaking $2 Trln IPO
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After numerous delays, Saudi Aramco is moving forward with the launch of its mammoth-size initial public offering that is poised to be the biggest IPO in history, the Wall Street Journal reports.  

This is possible after the state-backed oil giant obtained the necessary regulatory approval from Saudi Arabia’s Capital Market Authority. 

On Nov. 1, Reuters reported that the company's officials arranged "a last-minute meeting" with investors in order to make the much-coveted $2 trln valuation translate into reality. 

The ambitious IPO was initially announced by Mohammed bin Salman back in 2016 in an attempt to wean the country off its main source of wealth -- oil. The crown prince's reputation hinges on his ability to make this IPO happen.

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However, the aforementioned valuation was considered to be way too high, and the failure to meet the ambitious target caused multiple postponements that suppressed the company's appetites. 

Instead of opting for a listing on the NYSE or other major exchange, Saudi Aramco will go with Tadawul, a local stock exchange that is about to have its big moment. 

If to consider grim forecasts for oil prices, the domestic IPO will find it hard to put the company's valuation at $2 trln, but it will still be considered a behemoth on the global stock market even at $1.5 trln. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies

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    Holding Bitcoin as a collateral is the next big use case for the top cryptocurrency

Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies
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Contents

According to cryptocurrency influencer Chris Burniske, both Bitcoin and Ethereum already represent formidable collateral economies.

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Moving beyond a medium of exchange

In his earlier tweet, Burniske also predicts that holding Bitcoin as a collateral could eclipse its medium of exchange (MoE) use case.  

He even goes as far as claiming that Bitcoin could morph into an off-chain collateral for the world. 

Burniske states that Ethereum has already created a burgeoning collateral economy around it. Apart from extending its utility beyond a pure MoE, this could also drastically decrease the coin's volatility because of all DeFi use cases.   

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The next big thing in crypto

As reported by U.Today, Genesis Capital, a subsidiary of Digital Currency Group (DCG) that rules the roost in the cryptocurrency lending sector, had a record-breaking third quarter with a whopping $870 mln in new originations. 

In Q3, Bitcoin remained the best collateral for crypto with fiat money and altcoins breathing down its neck. The share of USD loans increased by 25 percent quarter-over-quarter.

However, a group of Wall Street traders made a dire warning about crypto lending, claiming that the breakneck speed of its growth could result in another crypto bubble. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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