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Important events

Jul 122023

COIN: Surveillance Deal for ETFs Secured by Coinbase, Shares Surge

  • Coinbase has reached an surveillance-sharing agreement for 5 of Cboe’s spot Bitcoin ETF applications.
  • The news caused Coinbase shares to rise by almost 10% on Wednesday this week.
  • The move means that Coinbase would stand to further benefit from the approval of a spot Bitcoin ETF.

Amid its tussle with the SEC, a bit of good news has come through for the largest crypto exchange in the US. Cboe’s BZX exchange has reached an agreement with Coinbase to provide surveillance services for a number of its spot Bitcoin ETF applications. It’s an indication that Coinbase would stand to further benefit from the approval of such an ETF. Investors were quick to pounce on the news, with COIN rising by more than 13.3% this week already.

Spot Bitcoin ETFs are the trending topic in the crypto world right now, with major institutional players such as BlackRock and Fidelity having made applications for them in recent months. Although it’s still uncertain whether they will be approved. Even so, the applications alone contributed to a resurgence in the price of Bitcoin and could continue to do so for some time. However Coinbase and Binance’s run in with the SEC could threaten to put a dampener on the new-found Bitcoin optimism.

(About Coinbase)
Coinbase is a digital currency exchange and platform where users can buy, sell, trade and store a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more. It was founded in 2012 by Brian Armstrong and Fred Ehrsam and is based in San Francisco, California. Coinbase offers its services to individuals, as well as institutional investors, and has grown to become one of the largest cryptocurrency exchanges in the world. Coinbase became a publicly traded company in April 2021 through a direct listing on the NASDAQ stock exchange, making it the first major cryptocurrency exchange to go public.
Illustration by TradingView
Jul 102023

COIN: Coinbase Accused of Knowingly Violating Financial Regulation

  • The SEC has hit back at Coinbase’s claims that the regulator has insufficient evidence to take it to court.
  • The regulator has claimed that the exchange was fully aware of its violations of securities laws.
  • The eyes of the crypto world are also upon the SEC’s action against Binance, as its resolution could prove significant.

The battle between Coinbase and the Securities and Exchange Commission (SEC) is heating up this week. After the largest crypto exchange in the US claimed that the regulator had insufficient evidence to take it to court, the SEC has responded by saying that the exchange knowingly violated securities law. It contradicts the exchange’s claim that it pursued every available avenue to conduct its operations legally.

SEC Chair, Gary Gensler, has been in some hot water this year for allegedly having an overly aggressive enforcement strategy in the crypto sector and making it difficult for crypto entities to conduct their businesses legally. It also doesn’t seem to be having too negative an effect on the share price of Coinbase – COIN has shown more than 47% growth over the past month. The crypto market and beyond will be keeping watch of how the SEC’s action against both Coinbase and Binance plays out, as it could prove significant in establishing the extent of jurisdiction the regulator has over the sector.

(About Coinbase)
Coinbase is a digital currency exchange and platform where users can buy, sell, trade and store a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more. It was founded in 2012 by Brian Armstrong and Fred Ehrsam and is based in San Francisco, California. Coinbase offers its services to individuals, as well as institutional investors, and has grown to become one of the largest cryptocurrency exchanges in the world. Coinbase became a publicly traded company in April 2021 through a direct listing on the NASDAQ stock exchange, making it the first major cryptocurrency exchange to go public.
Illustration by TradingView
Jun 082023

COIN: Coinbase Shares Snapped Up By Cathie Wood During SEC-Fueled Price Dip

  • Investors such as Cathie Wood have not given up hope for Coinbase’s long-term success, despite the SEC lawsuit.
  • Despite suffering a 12% on the day the lawsuit was announced, COIN is beginning to recovery slightly.
  • The largest crypto exchange in the US has remained adamant that it followed all regulatory guidance available to it.

Despite the blow dealt by the SEC’s lawsuit to Coinbase shares, high profile investors are pouncing on the opportunity to pick up the shares at record-low prices. Cathie Wood’s famous Ark Invest purchased more than $21m worth of Coinbase shares yesterday, in a potential indication that investors aren’t too concerned about the regulator’s move against the exchange.

COIN dropped suddenly by more than 12% on Tuesday with the announcement of the lawsuit, but has since been clawing back those losses with a 3.2% gain yesterday. The native token of Binance, BNB, has not been so fortunate after its run-in with the same regulator – with BNB falling by a further 4.6% drop yesterday after it plummeted by 9.2% on the day of the announcement.

Coinbase also released a response video on Tuesday, reiterating that the exchange had requested crypto-specific regulatory guidance from the SEC multiple times with no success. It’s still unclear what the full extent of the damage done to Coinbase (if any) will be, but its shares are still trading fairly close to its all-time lows of January this year.

(About Coinbase)
Coinbase is a digital currency exchange and platform where users can buy, sell, trade and store a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more. It was founded in 2012 by Brian Armstrong and Fred Ehrsam and is based in San Francisco, California. Coinbase offers its services to individuals, as well as institutional investors, and has grown to become one of the largest cryptocurrency exchanges in the world. Coinbase became a publicly traded company in April 2021 through a direct listing on the NASDAQ stock exchange, making it the first major cryptocurrency exchange to go public.
Milken Institute / Flickr
Jun 072023

COIN: Coinbase Sued by SEC Just a Day After Binance, Shares Drop 9%

  • A day after Binance was sued, Coinbase has been hit with its own lawsuit by the SEC.
  • The SEC has accused the exchange of being an unregistered securities exchange, and said it should be restrained from doing so.
  • Despite dropping in value, major crypto assets have managed to avoid a major sell off.

Just a day after Binance was sued by the Securities and Exchange Commission (SEC), Coinbase too has now been sued by the same regulator for allegedly acting as an unregistered securities broker. The suit also claims that the company should be “permanently restrained” from being able to do so in the future.

The company was accused of selling roughly 13 crypto assets which are considered to be securities by the SEC, and the news of the lawsuit was enough to send COIN shares down by 9% – bringing its YTD performance down to a 41% gain. Specifically, the staking service offered by Coinbase was also targeted – with the regulator saying that these services also constituted securities.

As the largest crypto exchange in the US, Coinbase’s run-in with the SEC has compounded the issues already caused by the suit against Binance. The crypto market began something of a retreat in light of these lawsuits, although some analysts have suggested that major players are continuing to deposit despite the fears. Most major crypto assets, including Bitcoin and Ethereum have managed to avoid a major selloff for now and recovered yesterday after a relatively minor drop.

(About Coinbase)
Coinbase is a digital currency exchange and platform where users can buy, sell, trade and store a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more. It was founded in 2012 by Brian Armstrong and Fred Ehrsam and is based in San Francisco, California. Coinbase offers its services to individuals, as well as institutional investors, and has grown to become one of the largest cryptocurrency exchanges in the world. Coinbase became a publicly traded company in April 2021 through a direct listing on the NASDAQ stock exchange, making it the first major cryptocurrency exchange to go public.
Illustration by TradingView
May 092023

COIN: Coinbase Shares Rise After Release of Positive Q1 Earnings Report

  • Coinbase released its Q1 earnings report, which showed both earnings and revenue to have beaten estimates.
  • Cathie Wood’s Ark Invest fund also acquired $8.46m worth of additional Coinbase shares last week.
  • The exchange however has recently been embroiled in numerous legally challenges, which could put a dampener on its success.

Coinbase has released its Q1 earnings report, which surpassed analyst expectations for both revenue and earnings. The largest exchange in the US reported revenue of $736m, which beat analyst predictions of $655m – and represented a 22% increase from its revenues of the previous quarter.

The bigger shock came in the form of its earnings – reporting a loss per share of just $0.34 compared to analyst predictions of a loss of $1.45 per share. Last week, Cathie Wood’s Ark Invest fund purchased an additional $8.46m worth of shares – in another positive signal for the future of the crypto exchange. The report resulted in a 18.3% share price increase on Friday.

Where does Coinbase stand for the rest of the year?

In terms of share price, COIN has been clawing back some of the gains it lost over the course of 2022. Since the start of the year, Coinbase shares have shown impressive 59% growth – although its share price is still significantly down from its all-time highs. Coinbase representatives have said that one of the next moves for the company will be to establish a stronger foothold in the crypto derivatives market.

Coinbase has also had its fair share of legal issues to deal with this year. Aside from being sued by investors for allegedly dumping shares ahead of negative news stories, they’ve also had numerous run-ins with the Securities and Exchange Commission (SEC). Coinbase was issued with a ‘Wells notice’ two months ago, warning the exchange that the SEC is likely to take enforcement action against them – to which Coinbase has retaliated by saying the the SEC has not provided clarity on its regulatory requirements.

(About Coinbase)
Coinbase is a digital currency exchange and platform where users can buy, sell, trade and store a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more. It was founded in 2012 by Brian Armstrong and Fred Ehrsam and is based in San Francisco, California. Coinbase offers its services to individuals, as well as institutional investors, and has grown to become one of the largest cryptocurrency exchanges in the world. Coinbase became a publicly traded company in April 2021 through a direct listing on the NASDAQ stock exchange, making it the first major cryptocurrency exchange to go public.
Illustration by TradingView
Apr 262023

COIN: Coinbase Has Sued the SEC to Force Response to Petition

  • The SEC has been sued by Coinbase for failing to state whether it will create crypto-specific regulation.
  • US congressional officials have criticized the SEC for its lack of clarity on crypto regulation.
  • The move likely comes as a result of the SEC’s warning of imminent enforcement action against the exchange.

Coinbase, the largest crypto exchange in the US, has sued the Securities and Exchange Commission (SEC) for failing to provide an answer to a petition for regulatory clarity filed last summer. The petition, which was filed by Coinbase, asks the regulatory body whether it will create a set of rules specific to crypto assets. So far, the SEC has made no comment on the petition.

The head of Coinbase's legal department has argued that the sector has the right to know whether the regulator even intends to create specific regulation for the space. Many US congressional officials have also taken issue with the SEC’s approach to crypto regulation, stating that an unpredictable and ever changing approach will drive innovation elsewhere.

Why now?

Coinbase has certainly had its fair share of tension with the SEC over the years, but this time it’s different. CEO Brian Armstrong has already made clear that the exchange would move elsewhere if the regulatory landscape in the US does not improve. The exchange also received a Well’s Notice last month, warning Coinbase that the SEC is likely to take enforcement action soon.

Over the past year, shares in Coinbase have dropped by 57%. With the wider market selloff which took place last year, Coinbase has suffered due to its purely crypto business model. The benefit of that however is that COIN also tends to recover alongside prices of digital assets. As a result, COIN has logged almost a 53% increase YTD as optimism slowly returns to the wider market this side of the year.

(About Coinbase)
Coinbase is a San Francisco-based cryptocurrency exchange platform founded in 2012. It offers a variety of services including buying, selling, and storing digital assets such as Bitcoin, Ethereum, and Litecoin, among others. Coinbase made history in April 2021 when it became the first cryptocurrency exchange to go public on the NASDAQ stock exchange, with a valuation of over $100 billion. Although 2022 saw the company’s share price log significant losses along with the wider crypto market.
Ivan Radic / Flickr
Apr 192023

COIN: CEO Brian Armstrong Says Coinbase Could Leave US Without Regulatory Clarity

  • Brian Armstrong has said that Coinbase would consider leaving the US if regulatory clarity is not established.
  • Coinbase was threatened with a lawsuit by the SEC last month, for allegedly offering unregistered securities.
  • Despite the concerns, Coinbase shares have risen by 84% since the start of the year.

Brian Armstrong, CEO of Coinbase, has suggested that the exchange would potentially cease operations in the US if the government cannot provide a viable regulatory framework. As the largest crypto exchange in the US, its exit would have significant implications for the state of the crypto market in the United States, and would likely lead to the exit of several other companies in the industry.

What has Armstrong said?

When asked if the exchange would ever leave the US, Armstrong said that “Anything is on the table, including relocating…” He went on to say that a move could be dependent on whether US regulatory clarity “emerges in the next few years…”

Other exchanges, such as Bittrex, have already announced their plans to pull out of the US due to regulatory uncertainty – after already having been sued by the Securities and Exchange Commission (SEC). Coinbase too was threatened with a lawsuit by the SEC last month, for allegedly offering unregistered securities. However it’s not a unique position to be in at the moment – with the majority of crypto exchanges, including Binance coming under increased regulatory scrutiny after the market crash of 2022.

Coinbase announced yesterday that it is already in the process of preparing its case against the SEC in the event that it goes to court – which now reportedly seems likely.

How’s Coinbase doing?

In terms of its share price, Coinbase has been doing much better this side of the year, along with the wider crypto market. Since the start of the year, COIN has risen by an impressive 84%. However Coinabse still down significantly from its highs near the end of 2021. Its profit margins have also been slipping rapidly since 2021, with some investors fearing it will be some time before it returns to profitability. For now however, it seems its main battle is with the regulators.

The future of Coinbase and the cryptocurrency market in the US remains uncertain, with the industry facing a range of challenges and uncertainties. However, with the company's strong position in the market and its track record of resilience, many analysts remain optimistic about its long-term prospects.

(About Coinbase)
Coinbase is a leading cryptocurrency exchange that allows users to buy, sell, and store various cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. Founded in 2012 in San Francisco, Coinbase has become one of the most well-known exchanges in the industry, and the largest crypto exchange in the US. The company offers a range of services, including a mobile app, a digital wallet, and a platform for merchants to accept cryptocurrency payments.
TechCrunch / Wikimedia Commons
Apr 042023

COIN: Uniswap Trade Volume Tops That of Coinbase Amid Regulatory Uncertainty

  • The March monthly volume of Uniswap has exceeded that of Coinbase by 45%.
  • Coinbase monthly trading volume however has grown by 23% since February.
  • Global banking concerns and their effect on stablecoins has contributed to increasing decentralized exchange volumes.

Coinbase, like most major crypto companies at the moment, is having to navigate an uncertain regulatory landscape. Less than 2 weeks ago, the largest crypto exchange in the US, was threatened with a ‘Wells Notice’ by the Securities and Exchange Commision, meaning that it is likely to soon take action against Coinbase’s alleged offering of unregistered securities. Binance too, the largest crypto exchange in the world, has now been sued by the Commodities and Futures Trading Commission for circumventing regulation. And while regulatory pressures mount on centralized exchanges, decentralized ones are beginning to look more appealing.

The decentralized effect

For the first time since January 2022, the monthly trading volume of the most popular decentralized exchange in the world, Uniswap, exceeded $71.bn. According to research by The Block, this volume was 45% greater than that of Coinbase over the same month. This is despite the fact that the monthly trading volume of Coinbase has increased over the past month – with March representing a 23% increase in trading volume from February. In fact, trading volume for decentralized exchanges has been steadily increasing since the beginning of the year – more so than it has for centralized ones.

What’s spiking interest in decentralized exchanges?

The reasons for Uniswap’s increased volume are multifaceted. Firstly, the fiat value of the crypto space as a whole has been generally increasing since the beginning of the year – in part due to concerns surrounding the global banking sector and their effect on the performance of stablecoins such as USDC. The other factor at play is the increased regulatory scrutiny on the centralized exchange sector. The comparatively lesser regulatory purview of decentralized exchanges is increasing their appeal. However, with centralized exchanges remaining a crucial fiat onramp for the sector, their adoption is likely to remain strong throughout the year ahead.
Uniswap
Mar 272023

COIN: Coinbase Could be in Trouble if SEC Orders Potential Securities to be Delisted

  • Coinbase was issued with a formal notice by the SEC last week, warning that it intends to take action.
  • If certain assets listed by Coinbase are considered securities, it threatens to compromise its revenue stream.
  • Cathie Wood’s Ark Invest fund also sold Coinbase shares for the first time this year.

As the largest crypto exchange in the US, Coinbase is representative of a large portion of crypto trading in the US. Amid the crypto bull run seen near the end of 2021, the share price of Coinbase soared. But much like many other companies within the industry, the bear market of 2022 took a toll on its shares. Over the past year, Coinbase stock has fallen by 63%. The exchange giant however, has another problem at the moment – and it could prove even more problematic than falling crypto prices.

What happened?

On Wednesday, Coinbase announced that it had been issued with what’s known as a Wells notice – a formal warning from the Securities and Exchange Commission (SEC) that they are likely to take action against them. The day prior, Cathie Wood’s Ark Invest fund moved to sell its shares in the exchange giant (the amount of which constitutes 9% of all Coinbase shares in existence), in the fund’s first sale of Coinbase shares this year. Both of these events likely contributed to the 14% COIN saw on Thursday.

The securities issue

The concerns for Coinbase however are more deep rooted than a share price drop. The issue is that if it is legally forced to delist assets which the SEC deems to be securities, it could have a significant impact on its revenue streams. As Coinbase generates its revenue through trading fees, the fewer tokens it is allowed to list, the less income it will generate from fees. Analysts have suggested that as much as 56% of Coinbase’s trading volume is facilitated by tokens which are at least at “medium” risk of being ruled securities.
Yash Bindra / Unsplash
Feb 222023

Coinbase stock drops after $557M Q4 loss

The largest US-based crypto exchange topped earnings forecasts but they weren’t too high.

  • Coinbase topped generous Q4 estimates as it reported a fourth-quarter loss of $557 million on revenue of $629 million. The figures were comfortably above analysts’ expectations pinned at a $585 million loss on $588 million in revenue. The stock dropped 2% in extended trading.
  • Revenue for the Nasdaq-listed crypto firm plunged 75% from $2.5 billion accumulated in the year-ago period. Coinbase’s user base showed some signs of weakness – trading volumes fell about 73% to $145 billion for the quarter ended December.
  • No doubt, the company is weathering a severe storm after crypto almost killed itself last year and the FTX collapse continues to claim victims. Nevertheless, Coinbase’s stock is a definite winner this year, with shares higher by more than 80% since January.
Illustration by TradingView
Feb 142023

Coinbase defends staking

After the SEC’s action against Kraken last week, Coinbase looks ready to step up to the plate.

  • CEO of Coinbase, Brian Armstrong, has said that he is prepared to fight for the legality of crypto staking in court, after the SEC issued rival crypto exchange Kraken with a $30m fine last week for failing to register its staking services with the regulator.
  • Coinbase’s head of legal, Paul Grewal, argued that staking cannot be considered a security as it fails the Howey test – stakers do not need to forfeit any assets to participate. So far however, it doesn’t look like the SEC agrees with him.
  • However Grewal was also quick to point out that its staking services differ to those of Kraken, which he described as a yield-earning product. As the world’s fourth largest crypto exchange, Kraken’s enforcement action was pretty worrying for the staking space.
TechCrunch / Wikimedia Commons
Jan 112023

Coinbase gets serious

Just when people thought Coinbase couldn’t let go of any more employees – they do exactly that.

  • After already having let go of a significant portion of its workforce, Coinbase is carrying out another 20% staff reduction, which will see almost 1k employees leave the company. It’s part of a wider restructuring plan which will reportedly be completed by Q3 2023.
  • The largest crypto exchange in the US already laid off 1.2k workers (or 18% of its workforce) in June last year, but dwindling exchange volumes have continued to put pressure on the Nasdaq-listed company. It’s also planning on cutting funding to several of its projects.
  • As you’re probably tired of hearing by now, COIN nosedived by over 80% over 2022, and CEO, Brian Armstrong, said this is the first time that a crypto market downturn has coincided with a wider economic downturn. This week, however, has been very kind to its share price – seeing gains of 30% since it began.
Timon Studler / Unsplash
Jan 062023

In the clear?

The battle between Coinbase and the NY state regulator has finally come to an end, and investors aren’t sure what to make of it.

  • Coinbase has agreed to pay a $50m fine to New York state’s financial regulator, and to invest another $50m into its compliance infrastructure. The fine was the result of being found to have implemented insufficient know-your-customer and anti-money laundering measures.
  • The settlement was initially great news for its share price – rising by 12.2% on Wednesday with the announcement. Yesterday however, the Nasdaq-listed exchange saw almost all of those gains erased with an 11% drop. It seems investors are still making up their minds on what this means for the company.
  • The fine comes after the largest crypto exchange in the US already had to cut costs – letting go of around 18% of its workforce last summer. With crypto exchange volumes down by around 66% YoY, the company certainly wasn’t in a hurry to spend more money than it had to.
Coinbase
Dec 162022

A show of support

Coinbase has been following the wider market downturn, but investors aren't jumping ship just yet.

  • Cathie Woods’ investment house Ark, acquired almost $12m in Coinbase shares on Tuesday, adding over 296k shares across the company’s ETFs. The move comes as its share price reached a new all-time low of $37.44 yesterday.
  • Investor confidence in Coinbase was looking wobbly after Ark dumped $75m worth of its shares in July this year, but the investment company now seems to have resumed its aggressive purchasing of the stock – with large purchases made in October, November and last week.
  • Speaking of Coinbase, it’s announced a new feature that could help them get in front of the competition. The exchange's new tool allows ERC-20 tokens sent to incompatible addresses to be recovered, for a fee of course. If you’re good at something – never do it for free.
Ark-invest
Dec 122022

Rockin' the boat

The heated battle between the two stablecoin giants continues, and Coinbase has its foot firmly in one camp.

  • Coinbase has encouraged users to convert their USDT into USDC, and has announced that there will no longer be fees for doing so. USDC, which Coinbase co-founded along with Circle, is a major stablecoin competitor to USDT, which is firmly ahead by market cap.
  • The largest crypto exchange in the US pointed out the supposed benefits of their stablecoin, stating that USDC is redeemable to USD at a 1:1 ratio and is backed by cash. So far however, USDT’s winning the race with its $73bn market cap compared to USDC’s $42bn.
  • Tether’s USDT has come under a lot of criticism over the past few years. Making matters worse, earlier this year a report claimed that the company would not have enough assets to repay all customers in the event of a crisis, so this likely isn’t helping bolster confidence.
Mariia Shalabaieva / Unsplash
Nov 222022

Dragged into the doldrums

Coinbase is being rocked by the FTX disaster, with the shockwave dragging the platform down into new lows.

  • Shares in Coinbase have reached an all-time low as fears of contagion from the collapse of FTX continue to circulate. COIN has plummeted by 25% since the beginning of last week. CEO Brian Armstrong, said that they had “no meaningful exposure” to FTX, though industry trading volumes are currently 40% below average.
  • Over at FTX, the mysterious $600m “hack” might now have an explanation. Last Thursday, Bahamian regulators said that they had seized FTX’s assets as part of its investigation into the company, which was likely the cause of the disappearing funds. It comes as SBF insists he’s going to find a bailout deal – despite no longer being CEO.
  • There was a tiny piece of good news for the failed crypto exchange however, as Japan regulators say that user-withdrawals for the Japanese arm of the platform will be able to resume this year, after ordering the exchange to halt operations. Although it’s going to take more than a few pieces of good news for the industry to feel hopeful again.
Tommy Van Kessel/ Unsplash
Nov 042022

Headwinds to continue

Coinbase’s earnings report showed it to miss on analyst predictions, but there were some glimmers of hope for the crypto company.

  • Coinbase’s third-quarter earnings didn’t show the company to be in a great position, with EPS coming in at a $2.43 loss per share and revenue of $590m compared to analyst expectations of $654m. Its reported revenue marks a 50% YoY decline.
  • Dwinding crypto trading volumes are partly to blame for the lackluster report, although the platform still managed to facilitate a pretty impressive $47bn in trading volume in October alone. It wasn’t enough however to stop its share price from slipping 8% on the release of the report.
  • If there’s a silver lining to be found, it’s that user numbers remain high and beat analyst predictions. The company reported 8.5m monthly transacting users during Q3, beating estimates of 7.84m and showing the platform to be maintaining a solid user base despite the bear market.
See all reported financials
Gilles Lambert / Unsplash
Oct 122022

A crypto power couple?

Google and Coinbase have formed an alliance with the goal of bringing crypto payments to the mainstream.

  • Google has said it will partner with Coinbase to enable crypto payments for its cloud services next year. The integration with Coinbase Commerce will allow a “handful” of cryptocurrencies to be accepted as payment, however there’s no guarantee it will stick with the provider.
  • The terms of the deal weren’t disclosed, but Google’s cloud-computing services now account for 10% of its total revenue. It’s believed that Coinbase will receive a small percentage of all transactions which are facilitated via its services, and ultimately this could go toward further mass adoption for Coinbase.
  • This isn’t Google’s first rodeo when it comes to crypto. Last month, Axie Infinity creator Sky Mavis allowed the tech giant to run a validator node on its Ronin Network and head of Google strategy Richard Widmann said that Google’s ethos “aligns’ with crypto.
Alex Dudar / Unsplash
Oct 032022

Money [not] in the bank?

Coinbase had users coinfused (sorry, we had to) when they found themselves unable to withdraw funds to their bank accounts.

  • Coinbase was sinking in pre-market trading after users were unable to withdraw funds to their bank accounts for six hours on Sunday thanks to a "technical issue". The company quickly issued a statement that user funds were safe and the problem had reportedly been resolved, but users were less than pleased.
  • The outage was blamed on a snafu at Automated Clearing House (ACH) – a network used for transferring funds electronically between US bank accounts. It didn’t cause a full outage however, as users were still able to make purchases of crypto using debit cards and PayPal. Small victories, right?
  • Coinbase is now the largest crypto exchange in the US by volume, processing more than half a billion dollars in volume over the last 24 hours. Recently however, the company’s been wading through muddy waters – its stock is down over 70% since the start of the year, partly thanks to crypto winter and partly thanks to a regulatory firestorm.
Jason Dent / Unsplash
Sep 302022

Wells Fargo fires at Coinbase

Coinbase is coming under fire from all angles recently and investors aren't sure if they should pay attention or if its just a symptom of the crypto winter.

  • Wells Fargo has taken aim at Coinbase, saying its rapidly rising competition will cause the company’s profitability to plummet. It also claimed that it will not be immune to the macro economic pressures facing all industries at the moment, which when coupled with plummeting crypto exchange volumes probably isn’t great tbf.
  • The comments caused COIN shares to drop almost 8% on Thursday as investors started to think twice about their holdings. The bearishness is kind of surprising, given the exchange entered a partnership with wall street giant BlackRock in August that got everyone pretty excited.
  • Coinbase has had its fair share of nay-sayers recently. Cathie Wood’s Ark Invest dumped $75m worth of shares in July and on Wednesday, prominent short-seller Jim Chanos described Coinbase as the “embodiment of the predatory junkyard that is crypto”. Ouch.
Yash Bindra / Unsplash