Tag: Coinbase

Coinbase to release Base layer-2 for public access

On Aug. 9, Coinbase, the cryptocurrency exchange, will release its Base layer-2 platform for public access without restrictions. Before then, an Ethereum bridge will also be launched. Coinbase’s protocols lead Jesse Pollak said, “Base’s bridging functionality is up and running, and the mainnet will be open to everyone by Aug. 9.”  The newly established bridge allows users to transfer tokens between Ethereum and Base. Base is now open for bridging Base opens for everything on August 9 We’re helping throw an onchain festival to celebrate ɪᴛ’ꜱ ᴏɴᴄʜᴀɪɴ ꜱᴜᴍᴍᴇʀ 🟡https://t.co/p8KTcnkbbx — Base…

Coinbase Q2 report exceeds analyst expectations despite legal battle with SEC

Coinbase released its financial results for the second quarter of the year, beating the analysts’ expectations. The company reported $663 million in net revenue, which is down by 10% compared to the same period last year. Coinbase also disclosed an adjusted EBITDA, or earnings before interest, taxes, depreciation, and amortization, of $194 million and a net loss of $97 million, which is a huge uptick from the last quarter’s net loss of $1.1 billion. The company had transaction revenue of $327 million compared to $375 million in the first quarter,…

Coinbase Research Expert Decodes Latest Crypto And Finance Market Trends

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Coinbase’s Head of Research, David Duong, has shared his insights on the recent market movements in traditional finance and crypto.  He believes that current macro conditions suggest a temporary pause in the recent strong USD trend, which should support the crypto market.  Key Crypto & Finance Movements Duong notes that the recent carry trades upset by the Bank of Japan’s decision to raise the hard cap on its 10-year bond yield have created instability across different pockets of the FX market.  Meanwhile, the surprise decision by Brazil’s central bank to…

Coinbase CEO says leaving US ‘not even in the realm of possibility right now’: Report

Brian Armstrong, chief executive officer at Coinbase, has reportedly waffled about whether the cryptocurrency exchange plans to leave the United States amid regulatory uncertainty. According to an Aug. 4 report from the Financial Times, Armstrong said Coinbase was “staying in the United States” despite many other crypto firms considering leaving the country with the potential threat of legal action from federal regulators. Coinbase currently faces a lawsuit from the U.S. Securities and Exchange Commission as well as scrutiny from 10 state regulators, many of whom issued cease and desist orders…

Coinbase CEO says leaving US ‘not even in the realm of possibility right now’ — Report

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Brian Armstrong, the CEO of Coinbase, has reportedly given a mixed response about whether the cryptocurrency exchange plans to leave the United States amid regulatory uncertainty. According to an Aug. 4 report from the Financial Times, Armstrong said Coinbase was “staying in the United States” despite many other crypto firms considering leaving the country over the potential threat of legal action from federal regulators. Coinbase currently faces a lawsuit from the U.S. Securities and Exchange Commission, as well as scrutiny from 10 state regulators, many of whom issued cease and…

Global X Refiles Spot-Bitcoin ETF Application, Naming Coinbase as ‘Surveillance-Sharing’ Partner

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If approved, the fund would grant investors “exposure to bitcoin with important protections that are not always available to investors that invest directly in bitcoin,” lawyers said in the filing. Global X’s spot-bitcoin applications marks the ninth active spot-bitcoin application filed with U.S. regulators, in addition to a petition by Grayscale to appeal the SEC’s rejection of its proposed spot-bitcoin ETF conversion (Grayscale is a subsidiary of CoinDesk parent company Digital Currency Group). Original

Coinbase earnings show the company is now much more than just an exchange

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Coinbase, a leading U.S. cryptocurrency exchange, shared its 2Q results on August 3. Despite showing a net loss, some positives emerged, like a 13% cut in operating expenses from the last quarter and a 3% boost in its cash reserves to $5.5 billion.  Coinbase key financial metrics, USD million. Source: Coinbase However, the exchange took a hit with a $97 million net loss, worse than its previous quarter, and saw a 32% drop in its adjusted EBITDA to $194 million in 2Q. Services and USDC stablecoin impact growth One downside…

‘The SEC has violated due process’ — Coinbase CLO on motion to dismiss lawsuit

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United States-based cryptocurrency exchange Coinbase has filed a motion to dismiss a lawsuit brought by the Securities and Exchange Commission in June. In an Aug. 4 filing with the U.S. District Court for the Southern District of New York, lawyers for Coinbase filed a motion for judgment, claiming the SEC had “violated due process, abused its discretion, and abandoned its own earlier interpretations of the securities laws” in asserting certain regulatory authority over the crypto exchange. The legal team cited precedent from the SEC v. Ripple case, in which a…

Coinbase (COIN) Bears Doubt Stock Can Rise Even After Beating Wall Street’s Estimates

“Ultimately, we struggle to see a favorable valuation argument for the stock given that the company’s revenue base is tethered to an asset class that has yet to show a sustainable everyday utility value, as well as the significant levels of stock based comp, despite being profitable on an adjusted basis,” Goldman Sachs analysts led by Will Nance wrote. “Until we see evidence of mass adoption of crypto for everyday utility, we believe fundamentals will remain challenged,” the analysts wrote. Source