Badly battered by the crypto bear market, Coinbase is cutting costs and shifting its revenue model, says CEO Brian Armstrong. In Q2 of this year, Coinbase saw a 60% drop in revenue and reported a $1.1 billion net loss. In an interview with CNBC published Tuesday, Armstrong reflected on the crypto exchange’s decade-long history and plans for the future. One…
Bankrupt crypto lending company Celsius countersued decentralized finance (DeFi) protocol KeyFi and its CEO Jason Stone on Tuesday in the United States Bankruptcy Court claiming Stone misrepresented himself as an expert in DeFi and Stone and KeyFi lost Celsius coins through incompetence and deceit. The suit came several weeks after KeyFi sued Celsius for allegedly failing to honor a profit-sharing…
Bitcoin (BTC) price remains pinned below $22,000 as the lingering impact of the Aug. 19 sell-off at $25,200 continues to be felt across the market. According to analysts from on-chain monitoring resource Glassnode, BTC’s tap at the $25,000 level was followed by “distribution” as profit-takers and short-term holders sold as price encountered a trendline resistance following a 23 consecutive day…
The AI-generated avatar creation cross-platform for the metaverse, Ready Player Me, has raised $56 million in a Series B funding round led by Andreessen Horowitz (a16z). The startup’s co-founder and CEO Timmu Tõke says the funding will be used to scale the cross-platform metaverse avatar system. Investors Inject Ready Player Me With Fresh Capital, CEO Says ‘Interoperability’ Is the Key…
Troubled crypto lending platform Celsius filed a countersuit in United States Bankruptcy Court on Tuesday against Jason Stone and his company KeyFi, which calls itself a DeFi aggregator. In the filing, Celsius alleges Stone falsely represented himself as a pioneer and expert in coin staking and decentralized finance (DeFi) investments. “Unfortunately, Defendants Stone and KeyFi, Stone’s majority-owned corporate vehicle, proved themselves…
The hype surrounding nonfungible tokens (NFTs) has allowed some of the world’s most iconic brands to rake in hundreds of millions of dollars in additional revenue, underscoring the mass consumer appeal of digital collectibles. Leading brands including Nike, Gucci, Dolce & Gabbana, Adidas and Tiffany have amassed a combined $260 million worth of sales from NFTs, according to data from…
Crypto lending platform Celsius Network has filed a lawsuit claiming that custodian Prime Trust failed to turn over roughly $17 million worth of cryptocurrency. In a Tuesday filing with U.S. Bankruptcy Court in the Southern District of New York, Celsius’ legal team brought a complaint against Prime Trust, alleging the company did not return $17 million worth of crypto assets…
United States Congressman Tom Emmer sent a four-page letter to Treasury Secretary Janet Yellen on Tuesday regarding the Treasury Department’s sanctioning of cryptocurrency mixer Tornado Cash on Aug. 8. In his letter, Emmer posed a series of questions that seek to clarify the position of the Treasury Department’s Office of Foreign Assets Control (OFAC). Emmer said that OFAC, acting under…
In 23 days the Ethereum network will transition to a proof-of-stake (PoS) consensus algorithm after operating as a proof-of-work (PoW) blockchain since July 30, 2015. While the change may not mean much to ethereum users and traders, what’s changing under the hood is a very big deal. You’ve Heard About The Merge, Why Is It a Big Deal? Next month…
According to multiple sources, on Tuesday, China officially began rolling out the next round of its central bank digital currency (CBDC) pilot test program. In the city of Guanzhou, it is now possible to pay for public bus rides with the digital yuan (e-CNY) CBDC on 10 transit routes, the first ever in the country. To do so, passengers simply…
