Tag: Coinbase

Coinbase Stock (COIN) Jumps 16% Post-Earnings; Analysts Praise Results but Worry About Regulatory Uncertainty

“Overall, we were pleased with the result and would characterize the near-term financial outlook as a modest positive to expectations,” Devin Ryan, JMP Securities financial technology research director, wrote in a note to investors. “Given the continuation of a challenging environment, coupled with all the regulatory headlines, it was nice to see a relatively clean quarter with respectable results, all things considered.” Source

Coinbase Revenue Increases from $628M to $736M in Q1 2023

According to the chief investment officer at Coinbase, the crypto firm is venturing into the derivatives market in order to better serve the international customer base. With a quarterly revenue of $736 million in Q1 2023, the popular cryptocurrency exchange Coinbase Global Inc (NASDAQ: COIN) smashed analysts’ expectations. According to FactSet, analysts expected Coinbase to announce revenue of $655 million in the year’s first quarter. The newly reported fiscal report also surpassed the 2022 Q4 revenue of $629 million. Coinbase shares increased by 8% to $53 at the close of…

Coinbase remains ‘100% committed’ to US market: Armstrong

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United States-founded cryptocurrency exchange Coinbase has no plans to move its operations out of the U.S., CEO Brian Armstrong told investors in an Q1 earnings call. On May 5, Armstrong assured shareholders the firm is “100% committed” to the U.S. market over the long term despite regulatory uncertainty in the U.S. “So let me be clear, we’re 100% committed to the U.S. I founded this company in the United States because I saw that rule of law prevails here. That’s really important, and I’m actually really optimistic on the U.S.…

Coinbase share price spikes 7.9% as Q1 results beat expectations

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Crypto exchange Coinbase managed to significantly narrow its net loss in the first quarter of 2023, due in part to robust earnings from retail investor trading activity. The company’s net loss fell from $557 million in Q4 2022 to $79 million in Q1, partly attributed to a 22% increase in revenue to $736 million. The results beat expectations from some analysts, leading to a 7% spike in Coinbase’s (COIN) share price in after hours trading. Coinbase’s (COIN) share price. Source: Google Finance. Transaction revenue — derived from fees its charges for…

Coinbase Shares Rise as Q1 Revenue Grows 23% From Q4 to $773M

“America is in a position to lead in crypto and help update the global financial system,” Coinbase said in a letter to shareholders. “We need crypto specific rules, rather than regulation by enforcement, to help this innovative technology flourish and for America to maintain its leadership position.” Source 773MCoinbaseGrowsRevenueRiseShares CryptoX Portal

Coinbase Shares Rise as Q1 Revenue Grows 23% to $773M From Q4

Crypto exchange Coinbase (COIN) reported Q1 revenue of $773 million, exceeding analyst estimates of $655 million, according to FactSet, and up from Q4 revenue of $629 million. The company reported an adjusted loss of $0.34 per share, compared to an analyst estimate for a loss of $1.45 per share and a narrowing from Q4’s loss of $2.45 per share. Source

ZkLink Raises $10M From Backers Including Coinbase Ventures

“zkLink plays a crucial role in shaping the future of the crypto landscape by leveraging the potential of ZK technology,” co-founder Vince Yang said in an email to CoinDesk. “For newcomers to the field, envision a scenario where DeFi trading delivers comparable user experience, efficiency, and speed as centralized exchanges, but also provides the advantages of being trustless and non-custodial.” Source 10MBackersBitcoinCoinbasecryptoexchangeExchangesIncludingRaisesVenturesZkLink CryptoX Portal

Coinbase Shutters Bitcoin Backed Loans Starting May 10

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Summary: Coinbase users will no longer be able to borrow up to $1 million using Bitcoin as collateral. The crypto exchange plans to shut down its Borrow program starting May 10, 2023, due to insufficient demand for the product. Wednesday’s decision also comes amid a tussle between U.S. regulators and crypto businesses like Coinbase, Kraken, and Binance. Coinbase users will no longer be able to access cash loans using Bitcoin as collateral as the company moves to unwind its Borrow product. According to an email sent to users on Wednesday,…

SEC has 10 days to respond to Coinbase complaint: Legal exec

Paul Grewal, chief legal officer of Coinbase, announced on May 4 that the Third Circuit has responded to the complaint against the United States Securities and Exchange Commission (SEC) regarding the need for clear rules for trading digital crypto assets. This marks a development in the legal battle for regulatory clarity. According to Grewal, the court’s response to their complaint against the SEC was a text-only order. The court has instructed the SEC to respond to Coinbase’s writ of mandamus within ten days. A writ of mandamus is a court order…

Coinbase to Stop Issuing New Bitcoin-Backed Loans via Its Borrow Service

The reason behind the exchange’s decision is not clear. According to those familiar with the matter, closing the service is not linked to the scrutiny from SEC which has alleged that Coinbase was offering and trading unregistered securities, thereby violating federal securities laws.  Crypto exchange Coinbase Inc (NASDAQ: COIN) has announced its decision to stop issuing loans through its Coinbase Borrow service where Bitcoin (BTC) has been serving as collateral. Starting from May 10, customers will no longer be able to access the feature. However, the existing outstanding loans will not…