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.comRisky business: Cryptocurrency a medium of exchange, and investment
Cryptocurrency is increasingly being accepted as a medium of exchange; in fact, the nation of El Salvador last year officially adopted Bitcoin as official currency, much like the American dollar. Bitcoin’s success has led to the creation of other forms of cryptocurrency; some are pinned to the value of tangible assets such as the dollar, others are based solely on their market value. As with many assets that are on the rise, the value of cryptocurrency has been volatile. Speculation on the currency’s market value can inspire large buys, which drive up the price and spur new investors. Cryptocurrency offers an alternative for those who want such a secure medium of exchange — as long as it’s left alone.
myrgv.comCoinbase 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.comBitcoin 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.comCoinbase 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.comCoinbase 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.comBitcoin is cratering again, showing why people should be cautious before investing in cryptocurrency
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. "People should only invest really what they're willing to lose," said Daniel Polotsky, CEO of CoinFlip, one of the largest bitcoin ATM companies in the U.S. "And, most of the people that do that lose money." People should only invest really what they're willing to lose. Daniel Polotsky CEO, CoinFlip
cnbc.comBitcoin surpasses $50,000 for first time as major companies jump into crypto
Bitcoin's price broke above $50,000 for the first time in history Tuesday, continuing its blistering rally as major companies appear to be warming to cryptocurrencies. The world's largest digital currency by market value rose more than 3% to an all-time high of $50,487 at about 7:30 a.m. Bitcoin has gotten a boost from news of large firms like Tesla and Mastercard showing support for crypto. Tesla's use of corporate cash to buy bitcoin sparked speculation over whether other major companies would follow suit. Bitcoin skyrocketed to nearly $20,000 in late 2017 before losing more than 80% of its value the following year.
cnbc.comBitcoin is skyrocketing. What does it mean for investors?
The reason is the price of Bitcoin, the most popular form of cryptocurrency, which has skyrocketed to record levels. The price of Bitcoin on Sunday was more than $33,000, a record high, before dropping to over $31,000 on Monday morning. But what exactly is it, and what does it mean for investors in the short term and long term? It’s a similar concept to having tokens in an arcade or casino chips, and exchanging real money for them or cashing them out for real money. Many feel Bitcoin is the currency of the future and want to buy it now.