Coinbase posts first profit in 2 years thanks to altcoin bubble
Owing to the surging alt-coins and the ETF hype, Coinbase ended 2023 with a full-year profit of $95 million, a significant recovery from the $2.62 billion loss it incurred in 2022.
Owing to the surging alt-coins and the ETF hype, Coinbase ended 2023 with a full-year profit of $95 million, a significant recovery from the $2.62 billion loss it incurred in 2022.
Binance’s Indian offshoot WazirX has had its assets frozen by the country’s economic criminal investigation unit in yet another reputational blow to the scandal-plagued digital currency exchange.
Though developers quickly applied band-aid measures and flipped Solana's power switch off and on once again, the user community is becoming more vocal in its dissatisfaction with the recurring problems.
Upbit has issued an investment warning about Litecoin (LTC) to its users, who have been left on edge because of its upgrade that introduces confidential transactions.
The indictment by Turkish prosecutors also seeks similar sentences for 20 other defendants whom it charges with informatics systems fraud and money laundering.
While the launch came with much fanfare around Coinbase and the promise of a regulated, compliant central exchange, some notable names in the digital currency sector are flagging serious problems with the company and their offer.
The cuts amount to 950 people, on top of the 1,100 Coinbase cut back in June; its CEO Brian Armstrong says the layoffs are part of a plan to cut operating expenses by 25%.
The lone bright spot on Coinbase’s subscription and services chart was interest income, which shot up 213% to $101.8 million, thanks largely to the U.S. Federal Reserve hiking its lending rates.
Shutting its affiliate program is the latest in a concerning sequence of decisions that signal Coinbase may not be in as strong a financial position as many believe.
The announcement follows reports over the past few days that the Celsius Network had been borrowing millions of dollars worth of USD stablecoins (USDC and USDT) to cover withdrawals.
The deals are reportedly intended to help Forbes “maximize its brand and enterprise values” by turning readers into “long-term, engaged customers of the platform.”
A bogus claim that Walmart would accept payments in Litecoin (LTC) has left the media’s reputation in tatters while further sullying the ‘crypto’ sector’s image as a hotbed of crooks and chancers.