Tag: coinbase

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Coinbase Lays Off Over 60 Employees – Top Crypto Updates

Coinbase lays off over 60 employees

Coinbase is laying off more than 60 staff in its recruiting and institutional onboarding departments. The latest round of layoffs is a sign that the exchange may still be trying to cut costs in the ongoing bear market. The company’s layoffs also come just five months after the exchange laid off 18% of its staff to prepare for what it said at the time could be an “extended crypto winter.”

Crypto prices today: Bitcoin up 3%, ETH rises 6.8%

Bitcoin is currently trading at $17,243.2, an increase of 3.05% over the previous day. Ethereum rose 6.8% over the last 24 hours to $1,258.91. Solana rose 10.2% to $17.1, while Cardano is trading higher by 2.4% at $0.360. Avalanche (AVAX) rose 3% to $14.87. The global crypto market cap stands at $869.91 billion, a 3.8% increase over the previous day.

FTX US warns users that trading could be halted in a few days

FTX US alerted users on a potential halt to trading functionality “in a few days”. The company is facing a severe liquidity crunch and attempting to raise money to keep it out of bankruptcy. Although FTX US has been referred to as a separate company from the global FTX.com business, the companies are intertwined. 

Following the news, millions of dollars worth of crypto have been pulled off FTX over the past couple of hours.

Crypto lender BlockFi halts withdrawals

Crypto lender BlockFi Inc. is pausing withdrawals and limiting activity on its platform, becoming the latest casualty of the sudden collapse of FTX. “Given the lack of clarity on the status of FTX.com, FTX US, and Alameda, we are not able to operate business as usual,” said BlockFi in a statement. The company also added that its priority is to protect its clients.

US senators commit to advancing crypto bill despite FTX collapse

United States senators Debbie Stabenow and John Boozman have doubled down on their commitment to publishing a final version of the Digital Commodities Consumer Protection Act 2022 (DCCPA) in the wake of FTX’s shocking collapse. If the DCCPA passes into law, the Commodity Futures Trading Commission (CFTC) would be granted an extension of regulatory powers over the crypto sector. 

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Coinbase Posts Q3 Loss as Volumes Drop – Top Crypto Updates

Coinbase revenue declines 28% in Q3 as trading volume falls

Coinbase reported net revenue of $576 million for the third quarter (Q3 CY22), down 28% from the previous quarter. Transaction revenue fell 44% compared to Q2 as fewer users were active on the crypto exchange amidst a brutal bear market. Coinbase’s monthly transacting users dropped 5% and trading volumes fell 27% during Q3. The company’s total loss stood at $544.6 million.

Crypto prices today: Bitcoin up 1.1%, ETH rises 1.7%

Bitcoin is currently trading at $20,572.75, an increase of 1.17% over the previous day. Ethereum rose 1.71% over the last 24 hours to $1,578.24. Solana is up 1.56% to $32.41, while Cardano is trading higher by 3.5% at $0.411. Avalanche (AVAX) rose 1.6% to $18.98. The global crypto market cap stands at $1.03 trillion, a 1.35% increase over the previous day.

Kraken launches 70 ETH, Solana NFT collections on new marketplace

Crypto exchange Kraken has launched the beta version of its new platform for its non-fungible token (NFT) marketplace. The launch includes a curated offering of 70 top-selling NFTs on the Ethereum and Solana blockchains. Users can buy and sell NFTs within the Kraken ecosystem without incurring blockchain network fees (gas fees).

Goldman Sachs to standardize crypto data for institutional investors

Wall Street giant Goldman Sachs plans to provide an online resource that explains and categorizes cryptos for institutional clients. The service, called Datanomy, will help institutional investors get data and insights into hundreds of coins and tokens. Datonomy is a joint project with global index provider MSCI and crypto data firm Coin Metrics.

Canada plans crypto, stablecoin consultation

Canada’s federal government announced that it is launching a consultation on “cryptocurrencies, stablecoins, and central bank digital currencies.” This includes a legislative review addressing the financial stability and security of virtual digital assets.

A section of Canada’s Fall Economic Statement (a mini-budget doc) stated that cryptos are “transforming financial systems” and the country’s financial regulatory frameworks have to “keep pace.”

India’s crypto, Web3 industry forms new advocacy body

India’s crypto industry has formed a new advocacy body almost four months after the previous one was disbanded. The body will be called Bharat Web3 Association (BWA), a shift in branding toward Web3 from the earlier Blockchain and Crypto Assets Council (BACC). Leading members of the new association involve Polygon, Hike, Coin DCX, CoinSwitch Kuber, Zebpay, and WazirX.

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Google Partners With Coinbase to Accept Crypto Payments – Top Crypto Updates

Google partners with Coinbase to accept crypto payments

Google Cloud has partnered with crypto exchange Coinbase to drive Web3 innovation. The tech giant will receive crypto payment via an integration with Coinbase. Crypto payments will initially be rolled out to a handful of customers involved in the Web3 industry. Google will also use Coinbase’s custody service, Coinbase Prime.

Under the agreement, Coinbase will use Google Cloud to build its advanced exchange, grow data services, and process blockchain data at scale.

Crypto prices today: Bitcoin falls 0.5%, ETH down 1.1%

Bitcoin is currently trading at $19,031.7, a decline of 0.54% over the previous day. Ethereum is down 1.13% over the last 24 hours to $1,281.16. Solana fell 3.98% to $30.07, while Cardano is trading lower by 7.18% at $0.365. Avalanche (AVAX) fell 4.69% to $15.28. The global crypto market cap stands at $908.69 billion, a 1.62% decline over the previous day.

Crypto.com enters France, invests $145M in Paris HQ

Crypto platform Crypto.com will set up its European regional headquarters in Paris. The firm will invest 150 million euros ($145.7 million) in France to support the establishment of its market operations. The cash will go towards setting up its European HQ in the capital and hiring local talent in the fields of compliance, business development, and product.

Last month, France’s market authority AMF gave Crypto.com regulatory approval, registering it as a digital asset service provider. 

Crypto platform Pillow raises $18 million in Series A round

Crypto investment platform Pillow (run by Pillow Digital Technologies Pte Ltd) has secured funding of $18 million in a Series A round co-led by Accel, Quona Capital, and Jump Capital. The digital personal finance platform aims to accelerate the adoption of crypto services in emerging economies including those in Africa and Southeast Asia.

Indian crypto exchanges praise OECD reporting framework

Indian crypto exchanges are cheering the new tax reporting framework released by the Organization for Economic Co-operation & Development (OECD). The framework ensures “the collection and automatic exchange of information on transactions for relevant crypto assets”. It covers exchanges, brokers, and ATM operators that facilitate exchanges between crypto assets.

Crypto exchanges are also hoping the Crypto-Asset Reporting Framework (CARF) of the OECD will prompt the Indian government to frame its own regulations and lower taxes, helping revive the crypto market.

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EU Lawmakers Pass Crypto Assets Regulation Bill – Top Crypto Updates

EU lawmakers pass Crypto Assets Regulation Bill

European Union lawmakers have signed the Markets in Crypto Assets Regulation (MiCA)— landmark legislation that hopes to regulate the digital asset space within the union. The MiCA bill asks those issuing crypto to publish a “crypto-asset white paper” containing information about their project.

The EU Parliament also passed an anti-money laundering bill that requests crypto transfers include data on the payer and payee. 

Crypto prices today: Bitcoin down 1.7%, ETH falls 2.8%

Bitcoin is currently trading at $19,090.06, a decline of 1.71% over the previous day. Ethereum is down 2.77% over the last 24 hours to $1,281.75. Solana fell 4.2% to $31.55, while Cardano is trading lower by 6.17% at $0.396. Avalanche (AVAX) fell 5.4% to $16.01. The global crypto market cap stands at $919.65 billion, a 2.39% decline over the previous day.

Portugal plans to impose 28% tax on crypto gains

The Portuguese government has proposed a new crypto tax policy that would take effect as part of its 2023 national budget. It will impose a 28% capital gains tax on cryptocurrency gains made within one year. However, gains realized after one year of holding the crypto assets will be exempt from such a tax. The government also intends to impose a 4% tax on any free crypto transfers.

Coinbase gets Singapore digital payment token license

The Monetary Authority of Singapore (MAS) has granted Coinbase in-principal approval for a digital payment token (DPT) license to operate in Singapore. The central bank has given out 17 in-principle approvals and licenses for DPT platforms under the Payment Services Act.

Bitcoin mining difficulty rises 14%, hits all-time high

Bitcoin mining difficulty hit a new all-time high of 35.61 trillion hashes on Monday, rising over 13.55% from the previous measure. New miners continue to join the network while existing miners ramp up their operations. The climbing difficulty comes in response to a total network hash rate of 257 exahashes per second (EH/s), which is near the record high that was reached last week. 

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WazirX Lays Off 60+ Employees – Top Crypto Updates

WazirX lays off 40% of its employees: Report

Indian crypto exchange WazirX has laid off several employees, the company said in a statement shared with CoinDesk. Around 50-70 employees, or 40% of the exchange’s workforce of 150, were laid off amid adverse economic conditions, the ongoing crypto winter, and India’s anti-cryptocurrency stand. WazirX’s daily trading volumes have been declining from a one-year high of 478 million in October 2021 to 1.5 million in October 2022.

Crypto prices today: Bitcoin falls 0.4%, ETH down 1.6%

Bitcoin is currently trading at $19,203.16, a decline of 0.45% over the previous day. Ethereum is down 1.61% over the last 24 hours to $1,292.03. Solana fell 1.9% to $32.23, while Cardano is trading lower by 2.1% at $0.422. Avalanche (AVAX) fell 2.4% to $16.61. The global crypto market cap stands at $926.71 billion, a 1.01% decline over the previous day.

Coinbase suffers ‘major outage’ for customers with US bank accounts

Leading crypto exchange Coinbase paused transactions for users in the US due to technical issues. In a tweet, the company said users were unable to take payments or make withdrawals involving US bank accounts. It identified the issue as a problem with “ACH withdrawals, deposits, and buys failures.” Automated Clearing House Network (ACH) is a system used for transferring funds electronically in the U.S. between bank accounts. The issue has now been rectified.

Celsius ex-CEO withdrew $10M before it froze customer accounts: Report

According to a Financial Times report, Alex Mashinsky, who resigned as CEO of Celsius on Sept. 27, allegedly withdrew $10 million from the crypto exchange in May. This was just weeks before the crypto lending company filed for bankruptcy and froze withdrawals in June. A spokesperson for the ex-CEO said he “withdrew a percentage of crypto in his account, much of which was used to pay state and federal taxes.”

Read more here.

Crypto banking platform Juno raises $18M in Series A funding

Crypto digital banking firm Juno has raised $18 million in a Series A funding round to expand products and operations. It also plans to launch its first tokenized loyalty program. This round was led by ParaFi Capital’s Growth Fund and included well-known crypto industry figures from Coinbase, Polygon, and Messari.

Juno is a digital banking platform that encourages users to spend crypto in their everyday transactions. Its flagship product, the Juno card, allows users to transact with Circle’s stablecoin USDC.

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Filecoin Reports Strong Growth Ahead of FVM Launch – Top Crypto Updates

Filecoin reports strong growth ahead of FVM launch

Decentralized filesharing protocol Filecoin saw a nearly seven-fold growth of data suppliers since the start of 2022. The project plans for a major upgrade in early 2023. The network’s storage providers were increasing at a rate of 20% each month, with most activity in North America, Korea, and Hong Kong. 

This comes ahead of the launch of Filecoin Virtual Machine (FVM), a software platform for developers to create decentralized applications (dApps) based on the Filecoin network.

Crypto prices today: Bitcoin falls 1.3%, ETH down 3%

Bitcoin is currently trading at $18,784.28, a decline of 1.35% over the previous day. Ethereum is down 2.95% over the last 24 hours to $1,288. Solana fell 4.7% to $32.24, while Cardano is trading lower by 3.18% at $0.441. Polkadot (DOT) fell 1.45% to $6.22. The global crypto market cap stands at $917.41 billion, a 1.98% decline over the previous day.

ZebPay’s CEO Avinash Shekhar quits; to launch own Web3 startup

Amidst uncertainties and challenges in India’s cryptocurrency ecosystem, crypto exchange ZebPay’s Avinash Shekhar has decided to quit as CEO. He will now work on his own startup, which will be operating in the Web 3.0 and crypto tax compliance space. ZebPay will hold a minority stake in this new start-up. Shekhar will continue to be ZebPay’s board member and consultant for the long term. 

Coinbase sued over patent infringement

Veritaseum Capital LLC has sued Coinbase, alleging that the crypto exchange has infringed on a patent awarded to Veritaseum founder Reggie Middleton. According to Veritaseum, Coinbase has used the patent for some of its blockchain infrastructure, and the company is seeking ~$350 million in damages.

Interpol issues red notice for Terraform founder Do Kwon

Interpol has issued a red notice for Terraform founder Do Kwon. It requested law enforcement agencies worldwide to locate and arrest him. Do Kwon’s blockchain startup collapsed earlier this year, wiping out $40 billion of investor wealth. In the past few weeks, South Korean prosecutors have intensified their investigation into Kwon, and said he was “not cooperating” and “clearly on the run”.

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Cardano Vasil Upgrade Completes First Phase – Top Crypto Updates

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Cardano Vasil upgrade completes its first phase

Cardano blockchain’s long-awaited upgrade, the Vasil hard fork, successfully completed its first phase early Friday morning. Vasil will bring improvements to the Cardano network, making it more scalable and increasing its efficiency and cost-effectiveness. [Hard forks are permanent updates to a blockchain protocol that require all nodes or users to upgrade to the latest version of the protocol software.]

Crypto prices today: Bitcoin rises 2.8%, ETH up 5.8%

Bitcoin is currently trading at $19,307.9, an increase of 2.8% over the previous day. Ethereum is up 5.7% over the last 24 hours to $1,340.56. Solana rose 5% to $32.9, while Cardano is trading higher by 5.52% at $0.467. Polkadot (DOT) rose 3.6% to $6.52. The global crypto market cap stands at $948.23 billion, a 3.94% increase over the previous day.

Coinbase denies proprietary trading and crypto ‘market maker’ allegations

Coinbase has denied allegations that it engages in proprietary trading but asserts that some of its competitors do. A Wall Street Journal report published on Thursday alleges that Coinbase hired traders to use the company’s own funds to make trades and stake crypto to make a profit. In response, the crypto exchange wrote up a blog denying the claims, arguing the report confused “client-driven activities” with prop trading.

INX launches trading platform for SEC-registered crypto

INX Digital Company has created a platform to allow the trading of US Securities & Exchange Commission (SEC)-registered security tokens and various cryptos. The product will be open to both retail and institutional investors. It will also include services for issuers seeking to raise capital via a security token offering.

Indian Govt. working on how GST tax could be applied to crypto

India’s Ministry of Finance is reportedly working on how the Goods & Services Tax (GST) could apply to crypto transactions. Previously, local media reported that the government was considering imposing either an 18% or 28% GST on crypto assets. GST may only be applicable on margin or service fees and not on the entire value of the asset.

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Busan Taps FTX to Develop Crypto Exchange – Top Crypto Updates

Busan taps FTX to develop crypto exchange

South Korean city Busan signed an agreement with crypto exchange FTX to develop blockchain-based businesses in the coming months. This partnership is in line with the city’s broader plans to become a global blockchain and financial hub. Busan City and FTX will work together to develop and promote various blockchain-focused businesses and establish the Busan Digital Asset Exchange.

Crypto prices today: Bitcoin, ETH falls 1%

Bitcoin is currently trading at $20,204.46, a decline of 1% over the previous day. Ethereum is down 0.94% over the last 24 hours to $1,573.41. Solana fell 1.91% to $32.17, while Cardano is trading higher by 0.2% at $0.454. Avalanche (AVAX) has fallen by 3.56% to $19.52. The global crypto market cap stands at $986.23 billion, a 0.8% decline over the previous day.

OpenSea adds Polygon support to expand features

NFT marketplace OpenSea announced the integration of the layer two scaling solution Polygon into its Seaport protocol implementation. The most important new feature is the ability to use the native token of the Polygon network, MATIC, to list and buy on OpenSea. In the coming months, OpenSea will be adding support for Klaytn and other Ethereum virtual machine (EVM)-compatible chains as well.

U.S. Congressional Committee probes Coinbase, FTX, Binance on fraud prevention

A U.S Congressional Committee has sent letters to the leading crypto exchanges in the U.S., requesting “information and documents” showing how each company is working to combat crypto-related fraud. Coinbase, FTX, Binance, Kraken, and KuCoin received a four-page letter requesting all documents related to crypto fraud since 2009.

The Federal Trade Commission estimates crypto fraud will con victims out of a whopping $1 billion in 2022 alone.

Japan’s FSA proposes tax breaks for crypto

Japan’s Financial Services Agency (FSA) proposed easing corporate tax rules for crypto assets and lighter levies for individual stock investors. Companies could be exempted from paying taxes for paper gains on crypto coins that they hold after issuing them. The move supports Prime Minister Fumio Kishida’s “New Capitalism” vision, which seeks to boost the world’s third-largest economy. He has offered support to help the country’s Web3 businesses grow.

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Ethereum Foundation Confirms Date for Merge Upgrade – Top Crypto Updates

Ethereum Foundation confirms date for merge upgrade

The Ethereum Foundation announced that the ETH merge upgrade will be fully completed between September 10 and 20. The network will move from a proof-of-work consensus mechanism to a proof-of-stake blockchain next month in a much-awaited upgrade known as “the merge.” 

In proof-of-work, crypto transactions are verified through mining. Meanwhile, in proof of stake, a network participant gets selected to add the latest batch of transactions to the blockchain and earn some crypto in exchange.

Crypto prices today: Bitcoin up 1.3%, ETH rises 3.4%

Bitcoin is currently trading at $21,697.9, an increase of 1.3% over the previous day. Ethereum is up 3.45% over the last 24 hours to $1,702.09. Solana rose 2.7% to $36.1, while Cardano is trading higher by 0.97% at $0.465. Uniswap (UNI) is up 2.4% to $7.19. The global crypto market cap stands at $1.05 trillion, a 1.7% increase over the previous day.

Cybercriminals have stolen over $100 Million in NFTs: Report

As per a report by blockchain analysis provider Elliptic, over $100 million in non-fungible tokens (NFTs) have been stolen in the last year. Nearly $8 million in illicit funds has been laundered using NFTs since 2017. Cybercriminals netted an average of $300,000 per scam. The report reveals that $24 million in NFTs were stolen through scams in May 2022 alone.

Coinbase to launch liquid staking token before Ethereum merge

Coinbase (COIN) will introduce its own liquid staking token called, Coinbase Wrapped Staked ETH (cbETH), ahead of the Ethereum blockchain’s Merge in September. After the merge, the token can be used to stake ether (ETH) through Coinbase. Liquid staking allows investors to generate extra yield on top of standard rewards for staking or locking coins in a network.

Crypto startup weTrade to offer zero trading fees on crypto coins

weTrade, a Bengaluru-based crypto startup, has announced plans to offer zero trading fees for buying and selling coins on its platform. Users will be able to conduct crypto transactions for as low as ₹100. The company has eliminated trading fees for the 50+ coins available on its platform, including Bitcoin, Solana, and Ethereum.

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Celsius Countersues KeyFi for ‘Gross Mismanagement’ – Top Crypto Updates

Celsius countersues KeyFi for ‘gross mismanagement’

Crypto lending platform Celsius filed a countersuit in U.S. Bankruptcy Court on Tuesday against Jason Stone and his company KeyFi. In the filing, Celsius alleges Stone falsely represented himself as a pioneer and expert in coin staking and decentralized finance (DeFi) investments. The countersuit alleges KeyFi stole millions of dollars in coins from Celsius-controlled wallets and transferred them to wallets that they owned.

Crypto prices today: Bitcoin up 0.2%, ETH rises 1.6%

Bitcoin is currently trading at $21,322.51, an increase of 0.18% over the previous day. Ethereum is up 1.69% over the last 24 hours to $1,627.57. Solana fell 0.21% to $34.90, while Cardano is trading higher by 0.74% at $0.456. Polkadot (DOT) is up 1.2% to $7.5. The global crypto market cap stands at $1.02 trillion, a 0.69% increase over the previous day.

Coinbase to cut costs, focus on subscriptions

Coinbase is cutting costs and shifting its revenue model, said CEO Brian Armstrong. He wants the crypto exchange to move away from trading fees as its main source of revenue. While such fees bring in revenue during bull markets, cash flow dries up when bearish sentiment takes hold.

In other news, a Coinbase customer is suing the exchange for $5 million for failing to properly secure customers’ accounts and “flouting” federal securities laws.

Metaverse, NFT Tokens have crashed more than 20% this week

Gaming and NFT-related cryptos, including Flow (FLOW), Axie Infinity (AXS), Decentraland (MANA), and Gala (GALA), have posted severe losses over the past week. FLOW, the token powering everything on the layer-1 blockchain flow, has fallen more than 23% over the past week.

The primary reason behind the bearish price action across the market can be linked to calls for further interest rate hikes in September. 

Nearly 15% of Indians traded in crypto in last six months: KuCoin Survey

As per a KuCoin Survey, over 115 million crypto investors in India either hold crypto or have traded crypto in the past six months, accounting for 15% of the Indian population aged 18 to 60 years. Despite the government’s stance on digital assets and the levying of a 30% tax on income from digital assets, the Indian crypto market is expected to reach $241 million by 2030, the report said.

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Crypto Markets Fall on Release of Fed Minutes – Top Crypto Updates

Crypto markets dip on release of Fed minutes

Crypto markets fell after the U.S. Federal Reserve released minutes from its July 27 meeting in which the agency said it will continue to hike interest rates in order to manage inflation. The minutes stated that inflation was still too high, despite the labor market being strong and unemployment low—and there was no evidence it would subside just yet. Inflation in the U.S. is currently at a four-decade high. 

Crypto prices today: Bitcoin falls 3.8%, ETH down 5%

Bitcoin is currently trading at $23,395.64, a decline of 3.8% over the previous day. Ethereum fell 4.9% over the last 24 hours to $1,842.99. Solana fell 7.45% to $40.88, while Cardano is trading lower by 5.12% at $0.538. Avalanche (AVAX) has fallen by 6.82% to $25.85. The global crypto market cap stands at $1.12 trillion, a 4.08% decline over the previous day.

Coinbase has a serious insider trading problem: Report

Three finance researchers at the University of Technology in Sydney claim that insider trading is “systemic” in the crypto industry. They have estimated that such activity has taken place on up to 25% of Coinbase listings in the last four years, resulting in at least $1.5 million in ill-gotten profits. “Our findings identify cases that are yet to be prosecuted,” they wrote.

Coinfund launches $300M Web3 fund to bet on next ‘industrial revolution’

Crypto-focused investment firm Coinfund is launching a massive $300 million venture capital fund for Web3 founders looking to finance their crypto projects. The fund will prioritize a “founders first” philosophy when identifying Web3 projects that already have early traction in the market and aim to shape the next blockchain-based version of the internet.

Crypto scam revenue falls 65% amid market downturn: Report

As per Chainalysis 2022 Crypto Crime Report, revenue from crypto scams fell 65% year-on-year (YoY) to $1.6 billion so far this year as crypto prices declined. The total number of individual transfers to scams was at its lowest level in four years. The fall in asset prices made fraud schemes less alluring. Also, there are fewer inexperienced people in the market now than when prices were increasing.

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DeFi Exchange Curve Finance Gets Hacked – Top Crypto Updates

DeFi exchange Curve suffers frontend hack

Decentralized trading platform Curve Finance confirmed reports that its website had suffered a frontend attack on Tuesday. Hackers compromised a Curve website or domain name to redirect users or their transactions to a malicious destination. According to blockchain detective Zachxbt, hackers stole $570,000 in ETH and sent it to the FixedFloat crypto exchange to launder the money.

Crypto prices today: Bitcoin falls 3.7%, ETH down 5.4%

Bitcoin is currently trading at $22,043.15, a decline of 3.24% over the previous day. Ethereum fell 5.4% over the last 24 hours to $1,680,34. Solana fell 6.8% to $39.51, while Cardano is trading lower by 4.3% at $0.510. Avalanche (AVAX) declined by 4.1% to $27.33. The global crypto market cap stands at $1.08 trillion, a 3.74% decline over the previous day.

WazirX is an intermediary whose platform was misused: Zanmai Labs

Zanmai Labs (WazirX’s parent company) issued a statement saying that all its users are KYC compliant and WazirX acts like an intermediary whose platform was misused. The firm said it has no affiliation with users who are the subject of an Enforcement Directorate’s (ED) investigation for transactions they carried out on the exchange. The statement comes after Binance removed its off-chain fund transfer channel with Wazirx.

Last week, ED conducted searches on one of the directors of Zanmai Labs and issued a freezing order on its bank accounts. The exchange has been accused of helping 16 fintech companies to divert their alleged proceeds of crime using crypto.

Coinbase posts loss in Q2 as trading volumes fall

Coinbase Global Inc. reported a larger-than-expected quarterly loss for the April-June period (Q2 CY22) as trading volumes fell drastically. Volumes at the crypto exchange fell more than 60% YoY to $217 billion in Q2, with retail participation sinking 68% and institutional trading falling 46%. Coinbase expects trading volumes in the third quarter to be even below that of Q2.

Mercado Libre to expand crypto trading across Latin America

E-commerce firm Mercado Libre plans to expand its crypto trading feature across the region after a successful start in Brazil. In December 2021, users of Mercado Pago (Mercado Libre’s digital wallet) were allowed to buy and sell Bitcoin, Ether, and stablecoin Pax dollar (USDP) in Brazil after integration with the Paxos blockchain infrastructure.