Coinbase lays off 18 percent of workforce as CEO braces for ‘crypto winter’
Placeholder while article actions loadCryptocurrency exchange Coinbase announced it would cut 18 percent of its workforce Tuesday as fears of a recession mount and crypto values plummet, shedding sometimes thousands of dollars per share by the day. Choose your plan ArrowRight The cuts will affect roughly 1,100 workers, leaving the firm with a staff of roughly 5,000. Coinbase’s stock fell 5.4 percent in morning trading, and crypto shares continued to see volatility: Bitcoin lost 4.9 percent to trade near $22,000. The leading cryptocurrency has lost more than two-third of its value in the past seven months. Coinbase will also cover four months of health insurance for U.S. employees and four months of mental health care for international employees, Armstrong said.washingtonpost.com
US recovers most of multimillion-dollar ransom payment made to Colonial Pipeline hackers
The Justice Department has recovered most of a multimillion-dollar ransom payment made to hackers after a cyberattack that caused the operator of the nation’s largest fuel pipeline to halt its operations last month, officials said Monday.
FTC: Don’t lose out. Learn to spot cryptocurrency investment scams
Cryptocurrency has gotten lots of attention as a new way to invest. But here’s the thing: scammers are taking advantage of people’s understanding (or not) of cryptocurrency investments, and how they work. And younger people are losing big.
Court Authorizes Service of John Doe Summons Seeking Identities of U.S. Taxpayers Who Have Used Cryptocurrency
The IRS is seeking the records of Americans who engaged in business with or through Kraken, a digital currency exchanger headquartered in San Francisco, California. “This John Doe summons is part of our effort to uncover those who are trying to skirt reporting and avoid paying their fair share.”Cryptocurrency, as generally defined, is a digital representation of value. On April 1, 2021, a federal court in the District of Massachusetts granted an order authorizing the IRS to serve a similar John Doe summons on Circle, a digital currency exchange headquartered in Boston. Today’s order from the Northern District of California grants the IRS permission to serve what is known as a “John Doe” summons on Kraken. The United States’ petition does not allege that Kraken has engaged in any wrongdoing in connection with its digital currency exchange business.justice.gov
Coinbase valuation soars to $68 billion ahead of highly anticipated crypto listing
Cryptocurrency exchange Coinbase has reached an implied $68 billion valuation ahead of its highly anticipated direct listing on the Nasdaq. The latest valuation is based on a volume-weighted average share price Coinbase cited in a revised S-1 filing released Wednesday. The company reported private shares trading at $343.58 apiece for the first quarter of 2021 ended March 15, which increases the company's valuation 13-fold. According to PitchBook data, the company was last valued at $8 billion in October 2018. The revised regulatory filing also shows that the company has more than 196 million shares outstanding for the first quarter of 2021, resulting in the latest valuation figure.cnbc.com
Bitcoin tops $1 trillion in value again as the cryptocurrency's price jumps
In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is on display in front of the Bitcoin course's graph on February 09, 2021 in Paris, France. Bitcoin's value surpassed $1 trillion on Tuesday as the price of the cryptocurrency jumped. The digital coin's price rose on Tuesday and its market capitalization went above $1 trillion in mid-morning trade Singapore time, according to CoinDesk. It is only the second time that bitcoin's value has surpassed a $1 trillion after hitting that milestone for the first time on Feb. 19. Bitcoin's market capitalization held above $1 trillion for a few days, before falling below that mark.cnbc.com
Coinbase and Roblox take a page from Google, keeping marketing costs way down ahead of public debuts
Cryptocurrency exchange Coinbase and gaming app Roblox are both getting set to go public through a direct listing of their shares. Both companies spend less than 10% of their net revenue on sales and marketing. With limited marketing, Coinbase emerged as the most popular crypto exchange for consumers. Their skimpy marketing spend is a rarity. To be exact, Coinbase spent 4.4% of its revenue on sales and marketing costs in 2020, while for Roblox it came to 6.3%.cnbc.com
Coinbase files for direct listing after revenue more than doubles in 2020
Cryptocurrency exchange Coinbase on Thursday filed to become a public company and revealed that its revenue more than doubled last year. According to the filing, Coinbase had net revenue of $1.14 billion in 2020, up from $483 million the previous year. Additionally, Coinbase reported about $136 million in other revenue, which includes direct sales of crypto assets and interest income, pushing its total revenue for the year above $1.2 billion. Trading in bitcoin and ethereum made up 56% of users' trading volume, Coinbase said. "Our net revenue is substantially dependent on the prices of crypto assets and volume of transactions conducted on our platform.cnbc.com
Can You Survive Only on Cryptocurrency?
With news that Facebook is joining the cryptocurrency game, the question is: Can you survive on it? Cryptocurrency, such as Bitcoin or Ethereum, is a digital currency that uses encryption to make transactions secure. Luke Mones, the host of Inside Edition's digital show, The Breakdown, attempted to only use cryptocurrency in New York City for 48 hours to see if it could be done. One business that did take cryptocurrency was Midoma, a salon in Midtown. Why Leaving Money to Your Pets Isn't CrazyThe Breakdown: What Happened to the Venomous Sand Spider Stolen From Philadelphia's Insectarium?