The cryptocurrency exchange and wallet provider Blockchain.com has taken new steps toward a potential initial public offering (IPO) by appointing two seasoned executives with financial and operational expertise.

Blockchain.com hired Justin Evans, who previously worked at Goldman Sachs, as its new chief financial officer, Bloomberg reported. It also appointed Mike Wilcox, previously CFO of Velocity Global and former Point72 portfolio manager, as its chief operating officer.

Evans said that the exchange is “taking the steps necessary to be a public company, if and when the public markets are available.”

The move comes amid a flurry of other cryptocurrency firms reported to be considering going public, including Circle, Kraken, Bullish Global (Parent company of CoinDesk), Gemini, Ripple and BitGo.

Growing institutional adoption after major firms, including BlackRock and Fidelity, launched exchange-traded fund (ETF) offerings in the cryptocurrency space and the more balanced approach the U.S. Securities and Exchange Commission (SEC) is expected to take toward digital assets are creating a potentially more favorable environment for these firms to go public.

Blockchain.com has seen its valuation fluctuate over time. In March 2021, it raised $300 million at a $5.2 billion post-money valuation in its Series C funding round. In 2022, it closed a funding round that increased its valuation to $14 billion, while in Nov. 2023, it closed a $110 million funding round valuing the company at $7 billion.