As may have been expected, Coinbase's earnings report was a shadow of 2021's but the company's Q1 focus is now on "things they can control".
According to a blog post by the company, the fund will provide. ”financing to promising early stage companies that have the teams and ideas that can move the space forward in a positive, meaningful way”; the company also said it will not invest in security tokens at this time; it is likely that the company is sitting on significant amounts of cash which put it in a good position to launch a fund; revenues in 2017 totaled over $1 billion; Bloomberg reported that the top ten largest crypto exchanges take in $3 million in fees per day. Source
Business Insider sat with Coinbase’s Dan Romero who recently took on the role of general manager and vice president of the company in January; the interview covered the company’s plans for growth on the engineering and product sides; he said the company is looking to become for cryptocurrency what Google has become for search; the interview also talks through the recent SegWit upgrade, where Coinbase is headed in the next few years and how they compare to their biggest competitors. Source.
his week, we look at:
There are two very large revenue pools in the crypto asset class — (1) mining, and (2) trading. There are some large revenue pools in crypto-as-a-software, too, but those tend to be less sensational.
This analysis will establish a 2021 baseline for the most regulated of crypto exchanges, Coinbase, including a detailed financial model building a $100B+ valuation case
We then consider the valuations and multiples of capital markets protocols in Decentralized Finance of Ethereum, now making up over $60B in token value
Lastly, we look at Binance’s $1B in profits, its $35B BNB token, and the activities on Binance Smart Chain
Dozens of Coinbase users were complaining on Reddit regarding unexpected charges on their credit and debit cards; Worldpay and Visa issued a joint statement saying the issue was not cause by Coinbase; the Financial Times reports that the source of the problem was still not clear though it did seem related to merchant category codes that were assigned to Coinbase; the issues bring up concerns that regulators have been discussing, rules around the new digital currencies are not clear. Source.
Cryptocurrency exchange Coinbase and payments company Ivy Koin have met with FDIC officials in recent weeks to explore obtaining a...
In a blog on the company’s website David Farmer, Director of Communications, explained the ability for customers to instantly purchase digital currency using a US bank account; customers can now buy up to $25,000 and receive access to their digital currency immediately. Source.
The news this week was dominated by the crypto crash as we heard about layoffs at Coinbase, problems at Celsius and a continued downturn in crypto prices. There was plenty of BNPL news as well.
Coinbase has raised $100 million in a Series D funding round led by IVP; firm has exchanged over $25 billion of digital currency and plans to use the funding for expanding its business operations; the company currently has three main products: Coinbase for retail digital currency trading, GDAX for institutional and professional digital currency trading, and Toshi a browser for the Ethereum network. Source
The SEC's filing against Coinbase was expected, but might be the beginning of the end to their years of crypto regulation avoidance.