Coinbase is leveraging its status as the lone public crypto exchange in a die-or-die play to increase market share across Europe.Without a steady stream of new users, the company may not survive. Source BetsBigBitcoinCoinbaseCrashesCryptocryptoexchangeEuropeExchanges CryptoX Portal
According to him, if the U.S. Federal Reserve continues to raise interest rates, half of Coinbase’s revenue could be made up of the exchange’s subscription services, which are tied to a partnership with stablecoin issuer Circle. In addition, the “many positives” that have yet to be priced into the exchange’s stock include Coinbase’s market share gains, its strong balance sheet and its short squeeze potential, he said. Source
Analyst Jason Kupferberg downgraded the crypto exchange to underperform from neutral, saying 2023 estimates are still too high. Source
Crypto exchange Coinbase will be closing down most of its operations in Japan as part of its efforts to survive in the bear market. The move is part of the company’s restructuring plan and follows the recent layoff announcement that it was reducing its employees by 20%. In an interview with BNN Bloomberg, Coinbase executive Nana Murugesan said that most of the operations in Japan will be closed. “We’ve decided to wind down the majority of our operations in Japan, which led to eliminating most of the roles in our…
CryptoX – Cryptocurrency Analysis and News Portal Cathie Wood has added another 33,756 shares of Coinbase to ARK’s ARKK ETF, according to an investor update. Source The post ARK Makes Coinbase Buy as COIN Jumps 20% On-Week appeared first on CryptoX. CryptoX Portal
Cathie Wood has added another 33,756 shares of Coinbase to ARK’s ARKK ETF, according to an investor update. Source
ALSO: Both bitcoin and ether reached nearly four-week highs. Equities closed higher. Source
Meanwhile, asset manager Needham, which expects COIN to trade at $73 by the end of the year and kept the stock at a buy rating, wrote in a note Tuesday that the company’s headcount reductions are a “necessary step” given the uncertain volume picture this year, but said investors should remain cautious about the continuing fallout from FTX’s collapse. Source
Major cryptocurrency exchange Coinbase is starting 2023 with more layoffs, letting go of another 20% of its employees in a second major wave of layoffs. Coinbase CEO Brian Armstrong officially announced on Jan. 10 that Coinbase will cut 950 jobs as part of the company’s measures to reduce the firm’s operating costs by around 25% amid the ongoing crypto winter. Armstrong emphasized that Coinbase is “well capitalized,” and crypto “isn’t going anywhere,” but the firm has to proceed with layoffs in order to keep the “appropriate operational efficiency.” “In fact,…
Armstrong told CNBC, that the company came to the decision after looking at various stress tests for Coinbase’s annual revenue. He added that “it became clear that we would need to reduce expenses to increase our chances of doing well in every scenario” and there was “no way” to do so without reducing headcount. Source