United States-based cryptocurrency exchange Coinbase has beaten revenue expectations for the fourth quarter of 2022 but continued to see its transaction volume decline. Net revenue for the exchange came in at $605 million for the quarter, beating the $589 million revenue reportedly estimated by Wall Street analysts Transaction volumes decreased 12% compared to the prior quarter, however, Coinbase pointed to…
The New York State Department of Financial Services (NYDFS) has announced enhancements to its ability to detect illegal activities with virtual currency among the entities its regulates. The new capacities are part of its efforts to keep pace with the industry and respond proactively to the virtual currency market, it said. The NYDFS released a short statement on its new…
Bitcoin is largely not moving again, with the amount of dormant coins nearly at a new all-time high. According to blockchain analysis firm Glassnode, the number of Bitcoins that have not moved for at least six months—dubbed “old supply”—stands at 14.99 million, worth roughly $370 billion at today’s prices. The all-time high is 15.029 million, Glassnode added, from December. But…
The Proof of Stake Alliance (POSA), a nonprofit industry alliance, has published two white papers examining on the status of deposit tokens in United States securities and tax law on Feb. 21. The papers were authored by representatives of over 10 industry groups. Liquid staking is the practice on blockchains using a proof-of-stake consensus mechanism of issuing transferrable receipt tokens…
Solana Spaces—Solana-themed retail storefronts—announced the closure of its company-owned and operated stores on Tuesday, another ambitious initiative frozen by the prolonged crypto winter. “We’ve made the difficult decision to sunset our stores in NYC and Miami by the end of February, and to pivot our Solana onboarding efforts into digital products like DRiP, our free NFT product with more than…
The price of Ether (ETH) rallied 18% between Feb. 13 and Feb. 16 but has since been range trading near the $1,700 level. Despite the recent price improvement, Ether derivatives metrics remain neutral-to-bullish ponder the investors the tighter regulatory environment and the potential impact of Ethereum’s Shanghai upgrade. Investors’ biggest concern right now is regulation, especially after the United Kingdom’s Financial…
Cryptocurrency exchange Coinbase reported revenue increased slightly from the previous quarter, capping off a year that saw the exchange’s business model stymied by depressed digital asset prices. Company sales totaled $605 million in its fourth quarter, beating analyst expectations that anticipated revenue would come in at around $588 million, according to FactSet. The figure represents a near 75% decline compared…
Eight days ago, Paxos announced that the company would no longer mint the stablecoin BUSD. Since then, the coin’s market capitalization has been sliding lower as redemptions have become more prominent. Meanwhile, a data researcher from Nansen has discovered that Binance, the largest cryptocurrency exchange by trade volume, has increased its usd coin holdings by $1.5 billion over the last…
According to a medium post on Feb. 20, the Interchain Foundation (ICF), a non-profit organization behind the creation of the Cosmos (ATOM) interblockchain communications (IBC) ecosystem, has committed to spending approximately $40 million in 2023 to develop its core infrastructure and applications. As a part of the Interchain Stack, which is utilized by around 50 blockchains, these include the Tendermint…
Crypto-friendly Silvergate Bank has clinched the title of most shorted stock on Wall Street—a strong indication that traders think the beleaguered bank’s stock price will continue to go down. Of all the shares in Silvergate that are available for investors to buy and sell, 73.5% of them are being sold short, according to data from MarketWatch. The next most shorted…
