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This week in crypto: Gnosis becomes the second blockchain to complete The Merge

  • Gnosis blockchain completes The Merge and migrates to a proof of stake protocol.

  • Coinbase expects 2022’s revenue to decline by 50% or more from 2021.

  • PayPal begins crypto operations in Luxembourg.

Gnosis blockchain completes The Merge

First Ethereum, now Gnosis. Gnosis announced earlier this week that it has migrated to a Proof of Stake (PoS) protocol from its previous Proof of Authority (PoA), completing The Merge. 

The migration had seen the number of validators on the Gnosis blockchain increase to over 100k from the previous 20 it had when it maintained its PoA protocol. The migration is expected to boost decentralisation and security of the Gnosis blockchain.

Coinbase expects 2022 revenue to decline by 50% or more

Brian Armstrong, the CEO of Coinbase, revealed earlier this week that the cryptocurrency exchange is expecting its 2022 revenue to decline by 50% or more from what it generated last year.

According to the CEO, the bear market has affected its operations, with most coins down by 70% from their all-time highs. The recent events, including the FTX collapse, have also affected the confidence in the market. However, Armstrong said he would continue to advocate for the crypto industry in Washington DC.

Coinbase also asked its users to switch USDT stablecoins for the more ‘reputable’ USDC. USDC is issued by Circle, the company co-founded by Coinbase. The crypto exchange said USDC is more truCelsius ordered to return crypto worth $44M to customerssted and reliable, and its users should start using the stablecoin ahead of the USDT issued by Tether.

Earlier this week, Circle, the issuer of USDC, officially announced that it had cancelled plans to go public. The company was expected to go public with a $9 billion valuation, but recent market events forced it to cancel its plans.

Celsius ordered to return crypto worth $44M to customers

Cryptocurrency lending firm Celsius has been ordered to return $44 million worth of cryptocurrencies to its customers. United States Bankruptcy Judge Martin Glenn said he wants creditors to recover as much as they possibly can as soon as they possibly can.

Celsius owes billions to its creditors, and the $44 million approved applies to pure custody assets. These are assets that haven’t been used in the Celsius Earn accounts but were present in the custody program.

PayPal begins crypto operations in Luxembourg

Payment platform PayPal revealed earlier this week that it is expanding its cryptocurrency operations to capture Luxembourg. The company said its crypto services would soon be available in the European country, allowing citizens to buy, sell, and hold various crypto assets. 

PayPal added that it is currently working with Luxembourg’s regulators and policymakers to create a policy that is excellent for the investors, PayPal, and the country.

Ethereum’s Shanghai hard fork to take place in March 2023

Éthereum core developers have set March 2023 as the date for the network’s Shanghai hard fork. The hard fork is a crucial one for the Ethereum community as it would allow users to withdraw their staked Ether tokens on the network.

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Coinbase tell customers to dump Tether, stablecoin war heats up

Key Takeaways

  • Coinbase has encouraged customers to dump Tether for USD Coin by waiving fees
  • Binance had delisted USDC pairs last September to push its own stablecoin, BUSD
  • The war between the centralised stablecoins deepens
  • DAI holds the torch for decentralisation but faces uphill battle for relevancy as model seems unscalable

The stablecoin war is heating up.

Coinbase, who co-founded the USDC stablecoin, are the latest to go on the offensive. It posted a blog post encouraging its users to swap their USDT over to USDC.

“The events of the past few weeks have put some stablecoins to the test, and we’ve seen a flight to safety. We believe that USD Coin (USDC) is a trusted and reputable stablecoin, so we’re making it more frictionless to switch: starting today, we’re waiving fees for global retail customers to convert USDT to USDC.”

I have wondered for a while why Coinbase has not gone on the offensive more and used its exchange to push holders into USDC. Of course, the cynic will say that this decision by Coinbase is to jack up the USDC holdings to reap extra revenue, as these have become a massive earner for the company given the interest rate on T-bills is now 4%.

That makes sense, and that is exactly what it is. But even still, such is the constant anxiety around Tether, it may also be a good thing for the ecosystem at large. The best scenario – as far-fetched as it may seem – is for Tether’s market cap to benevolently trickle down to zero.

Whether Tether is good for it or not, the constant conversation on the topic is negative for the entire industry.

Binance kicked the stablecoin war up a notch

Of the five big stablecoins, there has been some serious movement this year.

Obviously, TerraUSD is the big one, its shocking crash rocking the market. Since then, the decentralised torch has been passed to DAI. But that is beset by its own problems, coming under criticism for being centralised in nature, given its large holdings of USDC.

This led to it voting to move into T-bills, while the latest plan is for it to “free float”, as there is no other alternative if they want to pursue decentralisation. I’ve been vocal in the past of my thoughts on DAI, and they haven’t changed: I believe it has no future, as the model simply is not scalable.

Oh, and a stablecoin that free floats is also not a stablecoin, by the way.

Regarding the centralised stables, it was Binance that kicked up this stablecoin war a notch when it announced in September that it was delisting USDC pairs and auto-converting customer holdings into BUSD.

If we plot the market share of the stables since August, we can see that USDT and USDC have pared back significantly, while BUSD has come up.

What happens next?

The above chart shows quite how dominant the top three providers are, with DAI now having a market cap of $5.2 billion, a mere drop in the ocean.

While this presents as a concerning amount of centralisation, the reality is that nobody has cracked the code on how to create a decentralised stablecoin. So like it or loathe it, it’s centralisation going forward.

The question now is who wins out between the titans up top. This move by Coinbase is a notable one, as Binance had been making serious gains in the wake of their auto-convert announcement. But Binance still list USDT, as the most controversial stablecoin remains the most entrenched, absolutely vital to the entire ecosystem and the biggest liquidity pair by far.

I don’t believe that is a good thing, so in the eyes of the market, it’s nice seeing USDC make a move here.

The market share will be interesting to track again in a few months time. Hey, maybe we will all be using CBDCs before long, anyway.

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Coinbase asks users to switch USDT for the ‘reputable’ USDC

  • Crypto exchange Coinbase wants its users to switch their USDT for USDC.

  • The company calls USDC the trusted and reputable stablecoin.

  • Coinbase is a co-founder of Circle, the company that issues the USDC stablecoin.

Coinbase wants users to adopt USDC

Coinbase, one of the leading crypto exchanges in the world, has urged its users to swap their USDT stablecoin for USDC. USDT is the leading stablecoin in the world (with a $65 billion market cap) and is issued by Tether.

Meanwhile, USDC is the stablecoin issued by Circle, a company that Coinbase helped founded. In a blog post on December 8th, Coinbase said USDC is the more trusted and reputable stablecoin. Coinbase wrote,

“We co-founded USDC in 2018 with the vision of creating a more open, global financial system. USDC is unique in that it’s 100% backed by cash and short-dated U.S. treasuries held in U.S.regulated financial institutions. It’s always redeemable 1:1 for U.S. dollars. Customers are calling for transparency, and USDC delivers via monthly attestations by Grant Thornton LLP, one of America’s largest audit, tax, and advisory firms. Plus, eligible customers globally² earn up to 1.5% APY³ on their USDC holdings with Coinbase.”

Recent events prompted Coinbase to favour USDC

Coinbase explained that events of the past few weeks prompted it to ask its users to switch to USSC. On-chain data indicated that USDT briefly lost its peg against the US Dollars following the FTX collapse. Coinbase wrote that;

“However, the events of the past few weeks have put some stablecoins to the test, and we’ve seen a flight to safety. We believe that USD Coin (USDC) is a trusted and reputable stablecoin, so we’re making it more frictionless to switch: starting today, we’re waiving fees for global retail customers to convert USDT to USDC.”

Although USDT remains the leading stablecoin in the cryptocurrency space, it has encountered numerous controversies over the years. There were claims that Tether’s USDT stablecoins were not fully backed.

In September, the stablecoin issuer was ordered by a U.S. judge in New York to produce financial records associated with the backing of USDT. In 2020, the New York Attorney General’s office filed a lawsuit to get Tether to release documents regarding its finances. 

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Coinbase FY2022 revenue to be less than half of FY2021 revenue, says Brian Armstrong

  • CEO Brian Armstrong said Coinbase’s revenue for 2022 will plunge by 50% as the bear market continues.

  • Coinbase’s shares are down by roughly 80% since the start of the year.

  • FTX’s demise is due to massive fraud and not mismanagement

FTX’s 2022 revenue to decline by 50%

Coinbase Global Inc. Chief Executive Officer Brian Armstrong told Bloomberg in a recent interview that he expects the company’s revenue for 2022 to decline by 50% or more. 

He attributed the decline in revenue to the ongoing bear market, which has seen several cryptocurrencies lose more than 70% of their values over the last seven months. 

The FTX incidence has also affected the confidence of some cryptocurrency investors. The shares of Coinbase are down by roughly 80% since the start of the year. At the start of the year, COIN was trading at $251 but ended Wednesday’s trading hours just above $40 per share. 

Armstrong said;

“Last year in 2021, we did about $7 billion of revenue and about $4 billion of positive EBITDA, and this year with everything coming down, it’s looking, you know, about roughly half that or less.”

The publicly-listed cryptocurrency exchange had previously said it expected a loss of no more than $500 million based on adjusted EBITDA for 2022. While Coinbase didn’t provide a full-year outlook for overall revenue, Armstrong’s estimate correlates with the approximately $3.2 billion expected by Wall Street analysts.

FTX’s collapse is the result of a massive fraud

Last month, rival crypto exchange FTX filed for bankruptcy and has been the major topic of discussion in the crypto space since then. While commenting on the event, Armstrong said FTX’s collapse was not a result of mismanagement, as Sam Bankman-Fried has conveyed. He said

“It appears that they took customer funds from their exchange and actually commingled them or moved them into their hedge fund and then ended up in a very underwater position. And that was, I believe, against their terms of service and against the law. I think there are some really serious questions to be asked now about should some of that money be clawed back because it appears that it was stolen from customers.” 

Despite the negative effects of FTX’s collapse, Armstrong said he intends to continue advocating for the crypto industry in Washington DC. He also predicted that crypto-specific legislation could be implemented next year. 

According to Armstrong, the regulations should focus on stablecoins, centralised exchanges and custodians, while also defining commodities and securities. He said;

“There’s still probably 20%, I would say, of Congress where they’re either just very hostile to it, or are just ignorant of it, but it’s not the majority view at this point. We can hopefully get something there in the US and then go for the rest of the G20 as well.”

Coinbase is the second-largest cryptocurrency exchange in the world and processes nearly $1.2 billion daily.

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Crypto overall is fine despite FTX’s insolvency, says Changpeng Zhao

  • Binance CEO said more companies would be affected by the collapse of the FTX crypto exchange.

  • He pointed out that the overall crypto market is fine despite FTX’s insolvency.

  • CZ’s tweet on Coinbase caused a lot of misunderstanding in the crypto community.

The crypto industry is fine despite recent events

Changpeng Zhao, the CEO of Binance crypto exchange, believes that the crypto market overall is fine despite FTX’s bankruptcy. When asked about the effects of the FTX collapse, CZ told Bloomberg that;

“I think we will see a little bit of contagion. Whenever a trading platform collapses, there are many other people or institutions with money on the platform. I think we saw Genesis halting withdrawals. I think there would be one, two, or a couple of others that would be affected. Every time a platform fails, there are cascading effects. But overall, the industry is fine.”

This latest cryptocurrency news comes a few days after CZ tweeted about Coinbase. Bloomberg hosts said his tweets suggested that there might be liquidity issues with some crypto firms like Coinbase and Grayscale. However, CZ deleted the tweet a few hours later. When asked if investors should be worried, he clarified that;

“I didn’t tweet about Grayscale, and I didn’t say there were liquidity issues at Coinbase. I was just referring to two articles. One article revealed that Coinbase said Grayscale has 635k bitcoins with them. The other article said Coinbase revealed a few months ago that Grayscale only had 600k bitcoins on the exchange. I just posted to confirm if the two numbers were correct. That caused a lot of misunderstanding within the community, and I deleted the tweet.”

CZ’s tweet is not to spread rumour

The Bloomberg host also asked CZ if the tweet was meant to spread rumours to create doubt about the credibility of those companies so he could build his own empire. CZ replied that;

“I don’t know if there are insolvency issues with those other businesses. The thing is, unless we get accurate financial statements, we don’t know for sure. But I am not doing that because we want to build an empire.”

He added that he blamed himself for not tweeting about FTX on time. He added that;

“As an industry, we let FTX get too big before we start questioning the company’s financial statement.”

Binance is currently the world’s leading crypto exchange and processes around $10 billion in daily trading volume. 

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I’m just as bullish on crypto as ever, says Brian Armstrong

Coinbase’s CEO has revealed that he remains as bullish as ever despite the recent events in the crypto space.

Brian Armstrong, the CEO of crypto exchange Coinbase, has revealed that he remains as bullish on crypto as ever. Armstrong said this during a recent interview with Financial Times.

When asked about his mission in the crypto space, Armstrong said the long-term goal is to promote economic freedom to people all over the world. He said;

“The mission is very long-term, and it’s almost timeless, right? There are many different ways to improve the world. But one of them is, like, if you basically let people who try good things keep the upside of their labour, they’re going to try more things.”

He added that blockchain technology would deliver the economic freedom needed all over the world. Thanks t blockchain technology, anyone can store their own assets in a way that can’t be taken away from them. People can also engage in free trade because crypto is inherently global. 

Armstrong said he remains bullish about crypto because it offers solutions that the traditional financial ecosystem doesn’t. He lamented the difficulty in moving funds all over the world prior to the launch of Bitcoin and the emergence of the broader crypto space. At some point, Armstrong said the global financial ecosystem stopped innovating until Bitcoin came along.

Although crypto adoption continues to increase, the Coinbase CEO believes there is still some way to go. He said;

“I thought that in a high inflation environment, people might use bitcoin more, like in the way you do with gold. I think it turns out we were a little bit early for that.”

He also revealed that he doesn’t trade cryptocurrencies. Instead, he holds crypto through the ups and down. 

Armstrong also said that the crypto market had gone through worse periods compared to this one (referencing the FTX collapse.) According to the Coinbase CEO, Bitcoin and the broader crypto market will bounce back with time. 

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Trust Wallet integrates with Binance Pay and Coinbase Pay

The integration with Binance Pay and Coinbase Pay is designed to enable seamless crypto transfer for Trust Wallet users.

Trust Wallet, a leading self-custodial and multi-chain wallet provider, announced on Wednesday, November 16th, that it had integrated with Binance Pay and Coinbase Pay.

In a press release shared with Coinjournal, Trust Wallet said the integration is to enable its users to enjoy seamless crypto transfers from their Coinbase or Binance accounts and empower increased access to web3.

The team added that the integration with Binance Pay and Coinbase Pay provides a solution to many issues that Trust Wallet users experience when transferring crypto from centralised exchange.

In the past, the process was cumbersome and involved multiple steps, with users having to manually input addresses, switch between apps, and select the appropriate network to complete a transfer.

However, Trust Wallet said with these new integrations, its users will no longer have to go through the tedious process. Users can make crypto transfers in a few easy steps, allowing them to directly deposit crypto into Trust Wallet from their Binance or Coinbase accounts.

While commenting on this latest development, Jonathan Lim, Global Head of Binance Pay, said;

“Binance Pay is excited to be integrated with Trust Wallet to simplify the process for users to transfer their crypto assets between two services. Trust Wallet is the first decentralized wallet we supported, Binance Pay looks forward to becoming the key access to Web3 by bridging the worlds of CeFi and DeFi.”

The integration is designed to bridge centralised and decentralised wallets, creating a more open ecosystem for users and allowing them to experience the best of both the CeFi and DeFi worlds.

Bipul Sinha, Group Product Manager at Coinbase, also commented that; 

“At Coinbase, we’re looking to build a bridge to web3, bringing more people the benefits of seamless access to the cryptoeconomy. We designed Coinbase Pay to make it easier than ever for users to get web3 ready, with the ability to fund their self-custody wallet or dapps in a few easy steps. We’re excited to work with leaders like Trust Wallet to bring this ease to the ecosystem.”

In his comment, Eric Chang, Head of Product at Trust Wallet, said;

“Our goal at Trust Wallet is to make crypto and DeFi very easy to use for everybody. With the addition of Binance Pay and Coinbase Pay, we want to introduce simpler and cheaper ways for people to access web3 while reducing as much of the friction as possible from the user journey”.

Trust Wallet is an easy-to-use, true multi-chain noncustodial wallet, which allows you to store and manage over 8 million crypto assets, including both tokens and NFTs, across 70+ blockchains.

Meanwhile, Binance Pay is a contactless, borderless, and secure user-to-user cryptocurrency payment feature on the Binance App. Coinbase Pay lets web3 users with a Coinbase account easily fund a self-custody wallet or dapp

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5 FTX alternatives you can invest with amid the current FTX crisis

The once cryptocurrency exchange giant FTX is facing an uncertain future following the current liquidity crunch and financial instability. The situation escalated after Binance backed out of a nonbinding agreement to buy out FTX.

According to sources familiar with the developments, Binance pulls out of its intent to take over FTX after going through its financial books.

The ongoing FTX crisis has pushed thousands of customers to withdraw their funds from the exchange in a bid to avoid having funds locked in the exchange in the event that it collapses completely. But where do you go after leaving FTX?

Best FTX alternatives

Here are the top 5 FTX alternatives that investors can invest with. In case you are looking for a particular crypto exchange that is not included in the list below, you can check out our full suite of broker reviews here.

1. Binance

Binance had a strategic investment in FTX in 2019. In the past few days, it has been embroidered in the FTX crisis and at some point offered to takeover FTX although it has since backed out of the deal. Binance itself operates the largest cryptocurrency exchange by trading volume making it one of the top choices for investors.

 2. Coinbase

 3. Gemini

4. Kraken

Kraken is a United States–based cryptocurrency exchange and bank, founded in 2011. In September 2020, Kraken was granted a special purpose depository institution (SPDI) charter in Wyoming, becoming the first crypto exchange to hold such a charter in the United States. It was one of the first bitcoin exchanges to be listed on Bloomberg Terminal and was valued at $10.8 billion USD by mid-summer 2022. The exchange is quite established making it a good choice for investors.

 5. KuCoin

KuCoin is a secure cryptocurrency exchange that allows you to buy, sell, and trade Bitcoin, Ethereum, and 700+ altcoins. It is a Seychelles-based crypto exchange launched in 2017. Founded as “the people’s exchange,” KuCoin’s rich set of features and low fees make it a compelling choice for advanced crypto investors, particularly outside the US.

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Coinbase, Tether, and Circle deny exposure to Alameda and FTX

Several crypto firms have come out to distance themselves with exposure to FTX crypto exchange and its sister firm Alameda amid the financial crisis facing the two firms. This comes after calls from the crypto community for transparency to let users know if there is any risk.

Tether’s Chief Technology Officer Paolo Ardoino has come out to clarify via Twitter that the Stablecoin issuer does not have exposure to either FTX or Alameda. Replying to Wu Blockchain’s tweet that said “Circle and Tether should disclose more of their financial relationship with FTX Alameda to let users know if it’s a risk,” Paolo tweeted said:

“To be clear: #Tether does not have any exposure to FTX or Alameda. 0. Null. Maybe is time to look elsewhere. Sorry guys. Try again.”

Similarly Circle’s CEO Jeremy Allaire took to Twitter to clarify that Circle also does not have any exposure to FTX or Alameda. In his tweet, Jeremy said:

“Circle has no material exposure to FTX and Alameda.  FTX has been a customer of Circle Payment APIs for the past 18 months, providing card and ACH services for customer transactions.  Circle’s crypto payments beta product uses FTX and other exchanges, for BTC/ETH liquidity.”

Coinbase confirms no exposure despite its shares dropping

The CEO of Coinbase, Brian Armstrong, also took the opportunity to assure customers that the crypto exchange has no material exposure to FTX crypto exchange or its native token FTT. The exchange tweeted saying:

“Second, Coinbase doesn’t have any material exposure to FTX or FTT (and no exposure to Alameda).”

Despite the assurance from the exchange’s CEO, Coinbase’s shares started the day with a −1.75 (3.45%) drop.

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What is wrong with Coinbase? CEO selling 2% of stake – a Deep Dive

Put an arm around a Coinbase investor today.

CEO and founder Brian Armstrong has announced he is selling 2% of his stake, in what amounts to another blow to the embattled cryptocurrency exchange.

Coinbase going public was seminal moment for crypto

Coinbase, which is the world’s second-largest cryptocurrency exchange, was the guinea pig for crypto.

The company eschewed the traditional route – the IPO – and instead pursued a direct listing, when its shares floated on the Nasdaq stock exchange in April 2021. But it wasn’t merely the method of listing that was somewhat novel; it was the fact it was going public in the first place.

It represented crypto taking its seat at the big table. No crypto company had before gone public, and it came amid a time when every coin under the sun was yielding outrageous returns for investors.  

It seems a long time ago now. Bitcoin opened at $59,000 that morning. Jerome Powell’s printer was red hot. Boomers were asking their children how to buy something called Dogecoin.

Coinbase went public that morning, and closed its first day of trading at $328 per share. That valued the crypto behemoth at close to $86 billion. The good times were rolling.  

Crypto had arrived.

Performance since IPO

And just as soon as Coinbase arrived, it fell.

As I write this, it is trading at $63. That’s an 83% meltdown from its listing, now valued at $16.6 billion. Even the wounded Bitcoin has outperformed it since then, as I plotted below.

So where did it all go wrong? Well, I suppose the first thing is the volatility. We should not be surprised that a share such as Coinbase is capable of shedding so much value so quickly. Its performance is – and always will be – symbiotic with crypto.

If crypto drops, interest in the markets plummets. Everybody wants in when their friends are tweeting about 100X returns. That means less volume, trading fees and ultimately worse performance for Coinbase.

With crypto’s peerless volatility, it should not be a surprise that Coinbase is so volatile. This was what I said at the time about it: it makes sense to buy Coinbase stock if you are an institutional investor looking for crypto and for whatever reasons – regulatory, bureaucracy etc – you cannot purchase Bitcoin directly.

Or perhaps you are an older investor, (understandably) intimidated or not as comfortable transacting in the crypto markets directly, with regards to self-custody / setting up a wallet etc. For this demographic, if looking to gain crypto exposure, it made (makes) sense to purchase Coinbase stock.

However, for anyone else, why not just buy Bitcoin directly? Why go via the Coinbase route; what advantage does it hold?

CEO sells 2% of stake

Founder and CEO Brian Armstrong holds a 19% stake in the company, worth about $3.2 billion. Soon, that will be a 17% stake, following his announcement he is selling some.

“I’m passionate about accelerating science and tech to help solve some of the biggest challenges in the world. To further this, I’m planning to sell about 2% of my Coinbase holdings over the next year to fund scientific research and companies like NewLimit + ResearchHub”

His reasons seem sound, in fairness. However, no matter what way you swing this, it’s a blow to Coinbase to have their CEO dump stock – just like it is a blow when any insider sells.

Sure, there are personal reasons why one may want to divest – I certainly would not want to have 19% stock as part of my portfolio – but the reasoning by Armstrong that he wants the money to donate does not change the fact that this is still a sell order by Coinbase’s CEO.

There are many ways to monetise stock holdings, which executives take advantage of all the time. Look no further than Elon Musk, who is famously reluctant to sell Tesla stock, instead placing it as collateral in financing packages, or using other avenues to generate cash flow.

Armstrong posted his sell order last Friday on Twitter, appending it with the comment that is “sharing this because he wants you to hear it from me first”, before insisting that “I intend to be CEO of Coinbase for a very long time and I remain super bullish on crypto and Coinbase”. 

The future for Coinbase

This is just the latest blow for Coinbase.

In June, Armstrong announced the company would be laying off 18% of its workforce, approximately 1,100 of its 6,100 employees, as the crypto markets continued to lag, hurting Coinbase’s bottom line. For comparison, its competitor FTX, which overtook Coinbase in May for trading volume for the first time, still has an employee count of only 300.  

The downsizing also came only four months after the SuperBowl, when Coinbase notoriously spent $14 million on a halftime commercial. It posted a net loss that quarter of $430 million, with shares sliding 36% – and this was before the immense contagion sparked in May that really took the crypto markets for a tailspin.

Armstrong admitted the company had expanded too quickly, but it was really a case of extremely poor planning. The crypto markets are famously temperamental, and with the pandemic boom leading to stimulus cheques, more disposable income for those locked at home, and more time at the computer given the lack of socialising and effects of quarantine, the 2020 and 2021 markets were the perfect cocktail for a Coinbase run-up.

Armstrong bet big on this continuing, but the world had other ideas. Inflation eventually came to bite, following more printing of cash than at any point in history. And with rampant inflation comes interest rate hikes, sucking liquidity out of the markets, bloated gains disappearing from stocks, and forward cashflows getting discounted at harsher rates.

It is now the exact opposite of that perfect COVID macro situation. Coinbase will need to consolidate, plan better and hope that the economy can get its act together. Because crypto is not bouncing until that happens. And if crypto doesn’t bounce, Coinbase certainly won’t.

The dog wags the tail, don’t you know?

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