Cryptocurrency exchange Coinbase is acquiring a minority stake in Circle Internet Financial, dissolving their partnership and bringing the stablecoin USD Coin fully in-house, while also adding native support for USDC on six additional blockchains, bringing the total to 15.
Coinbase has increased its offer for discounted debt by 3% after receiving less demand than expected for its $150 million debt buyback program.
Coinbase may be misrepresenting itself as an exchange and could be violating state money transmitter licenses, according to allegations made by ChainArgos' CEO and General Counsel. The company argues that Coinbase is legally an over-the-counter (OTC) broker rather than an exchange operator, and it may be in violation of its licenses with its Ethereum platform, Base.
Coinbase's new Base blockchain, which operates as a layer-2 network atop Ethereum, has gained significant traction with its application Friend.tech attracting over 100,000 users and generating $25 million in fees, pushing its total value locked past $200 million and its transactions per second above Ethereum and rival layer-2 projects Arbitrum and Optimism.
Summary: Despite economic challenges such as inflation and interest rate increases, investors should consider Coinbase Global, Tesla, and PayPal as growth stocks with long-term potential in the event of another bear market.
Coinbase's stock experienced a significant surge after a federal judge ruled in favor of Grayscale in their SEC dispute, leading to hopes of a potential Bitcoin ETF and increasing the value of COIN by over 15%.
The market cap of USD Coin (USDC) has been decreasing rapidly, reaching a two-year low due to a loss of trust after the banking crisis earlier this year and a drop in activity in the DeFi sphere, while its competitor Tether continues to rise in market cap; however, Coinbase remains bullish on USDC's future and aims to expand its adoption.
Coinbase Global is expanding its digital asset lending services, which could have implications for its stock and the crypto economy.
The lack of clear crypto regulations in the US has caused significant issues for the industry, leading to collapses and a weakening of America's position as a financial hub, according to Coinbase CEO Brian Armstrong. He emphasizes the need for clear rules that recognize the innovation potential of the technology while protecting consumers. Armstrong also highlights the potential benefits of Bitcoin exchange-traded funds (ETFs) and Coinbase's role as custodian in many ETF applications.
Coinbase has reportedly earned a $1 million profit from the $73 million Curve exploit in July, but has refused to refund victims, highlighting the tension between the decentralized nature of blockchain finance and the lack of recourse for crypto theft.
Coinbase's layer-2 network, Base, achieved a new daily transaction record, surpassing its previous high since its launch in August, but still trails behind Polygon and BSC in terms of overall transactions.
Coinbase's layer 2 blockchain Base has achieved a record-high number of daily transactions driven by the decentralized social network platform Friend.tech, while the sale of tokens held by bankrupt exchange FTX will not cause a market shock due to controlled liquidations, according to Coinbase.
Cryptocurrency exchange Coinbase holds almost 1 million Bitcoin, worth over $25 billion, with its largest cold wallet containing around 10,000 BTC.
Coinbase is looking to diversify its revenues, but for now, it remains heavily reliant on Bitcoin trading.
Coinbase's blockchain, Base, has quickly become a major player in the Ethereum-based layer-2 chain space, hosting numerous decentralized projects and seeing a high volume of transactions and new addresses, with the goal of bringing a billion users on-chain within this decade. The company aims to drive mainstream adoption by reducing costs, improving user experience, and developing better identity infrastructure, and believes that blockchain technology is moving from a speculative phase to one focused on utility for everyday people.
Coinbase, the top US crypto exchange, is focusing on international markets due to regulatory uncertainty in the US and aims to bring a billion people into crypto.
Coinbase's spot trading volume has dropped by over 50% in Q3 2023, indicating a shift in interest in cryptocurrency trading, while gaining market share as competitor exchanges face increased regulatory scrutiny.
Coinbase's spot trading volume dropped by 52% in Q3 2023 compared to the same period in 2022 due to Bitcoin's stagnant price and trading range, but a breakout may be imminent with an upside bias due to the lack of a dip below $25,000 in recent months.
Coinbase's trading volumes in the US have weakened more than expected, falling around 17% sequentially and 52% YoY, which could put its consumer take rate at risk due to increased competition and regulatory challenges, according to a research report by Berenberg.
