Coinbase Financial News

Major crypto exchange Coinbase is introducing certain derivatives to retail clients on June 27.

Credit ratings agency Moody’s has downgraded the Corporate Family Rating (CFR) and guaranteed senior unsecured notes of crypto exchange Coinbase, and stated that both ratings have been placed under review for further downgrade.

Binance.US, following in the footsteps of Robinhood, which launched no-commission cryptocurrency trading in 2018, has eliminated trading costs for Bitcoin spot market deals.

In a new blog post published Thursday, Coinbase says that starting Monday, all of its customers in the Netherlands will need to complete new Know Your Customer, or KYC, requirements when transferring digital assets to wallet addresses that are not based on the exchange. This includes providing the recipient's full name, the purpose of the transfer and the recipient's complete residential address. Transfers between Coinbase accounts are not affected by the new rule. 

Coinbase’s professional trading platform Coinbase Pro will cease to exist as the cryptocurrency exchange is restructuring services to bring them all into one platform.

Coinbase Pro users are ostensibly not content with the service’s discontinuation, expressing concerns that the new platform might not offer similar fee advantages.

Interestingly, following the sharp carnage and unabated liquidations from the crypto space, several exchanges halted the withdrawals from their platform, adding to investors' worries. Even several crypto-related companies, directly or indirectly, have announced to reduce their headcount significantly, anticipating a dull and long crypto winter.

Check out the companies making headlines in midday trading Wednesday.

Bankers quitting finance to capitalise on the boom in digital assets have instead been greeted with a new “crypto winter”.

Bankers quitting finance to capitalise on the boom in digital assets have instead been greeted with a new “crypto winter”.

Crypto firms are reportedly scaling back their spending on sports-related advertising and sponsorship as winter continues to bite in the markets.

Bankers quitting mainstream finance to capitalise on the boom in digital assets have instead been greeted with a new “crypto winter”.

crypto world over the past few weeks is enough to make even the most enthusiastic Web 3 supporter take a step back and assess his position. With Bitcoin diving to an 18-month-low and showing no signs of stopping anytime soon, crypto lenders such as Celsius halting transactions to curb the volatility amongst crypto assets and exchanges like Coinbase firing staff to keep itself steady, the outlook for the entire industry seems to have changed drastically from just a few months ago when products and technologies like NFTs and metaverse was on everybody’s minds. Added to these are global headwinds that have created the perfect storm that we’re seeing the crypto industry go through currently. Indeed, with 40-year-high inflation in the US pushing the Fed to raise interest rates, daily items getting costlier thanks to high oil prices, the uncertainty over the war in Ukraine and the threat of Covid-19 and possibly monkeypox lurking just around the corner, things have decidedly taken a turn for the worse wherein investors have started dumping riskier assets such as equities and crypto assets.

The crypto sector was hit the hardest by the recent plunge in markets. Coinbase cut 1,000 jobs – about a fifth of its employees, while Crypto.com and BlockFi are slashing a combined 400 jobs.

A class-action suit was filed against Coinbase on Thursday claiming the trading platform was negligent in its listing of the TerraUSD stablecoin and alleging that it failed to disclose its financial relationship with Terraform Labs. This is the second class-action suit outstanding against Coinbase. A suit was filed last month in connection with the depegging of GYEN in November. 

The 2022 version of crypto winter has been unlike anything we’ve seen before. As I warned last month, the meltdown of the Terra ecosystem didn’t end with Luna Classic (LUNC) hitting zero. The biggest threat was contagion. As the dust began to settle, we finally got a glimpse of who was left holding the bag. Crypto lender Celsius and Singapore-based venture firm Three Arrows Capital suffered heavy losses during the debacle. These firms, once a staple of the budding crypto industry, now risk demise following weeks of massive selloffs in the market. 

The crypto sector was hit the hardest by the recent plunge in markets. Coinbase cut 1,000 jobs – about a fifth of its employees, while Crypto.com and BlockFi are slashing a combined 400 jobs.

Mumbai/Bengaluru: Top cryptocurrency exchanges including CoinSwitch Kuber, WazirX and CoinDCX have written to the Unified Payments Interface (UPI) manager, the National Payments Corporation of India (NPCI), to restore UPI services for crypto players and discuss the regulator's concerns regarding UPI usage for trade in cryptocurrencies.

With Bitcoin tanking and the industry hunkering down for a crypto winter, in the last few days Coinbase has set out plans to reduce its workforce by 18%, BlockFi by 20%, Crypto.com by five per cent and Gemini by 10%. However, Binance says it is hiring for 2000 roles, while Kraken is adding 500 employees and OKX says it will increase headcount by 1500 over the next year.

Coinbase has cut 18 per cent of its workforce, or roughly 1,100 jobs

After the announcement of layoffs from Crypto.com and BlockFi plan, another global exchange Coinbase has announced to vacant its chairs from the offices across the globe. Crypto exchange Crypto.com and lending platform BlockFi plan to cut a total of more than 400 jobs, whereas Coinbase announced to layoff as many as 1,100 employees or 18 per cent of its workforce on Tuesday.