Moody’s said further downgrades could follow if Coinbase doesn’t diversify from its current revenue model or it’s unable to turn a profit even in a prolonged bear market.
Founded in 2012, Coinbase — named after the Bitcoin (BTC) coinbase transaction that rewards miners for validating blocks — is one of the oldest, largest cryptocurrency exchanges, having supported tens of millions of users since its launch.
Coinbase offers a range of services including custodial wallets with secure buying, selling and storage of cryptocurrencies; advanced trading and exchange services via Coinbase Pro; and USD Coin (USDC), a stablecoin backed by United States dollar reserves that is built on the Ethereum ERC-20 token standard, offering the advantages of cryptocurrencies without the price volatility.
Coinbase has been a popular choice for newcomers seeking to gain exposure to the burgeoning cryptocurrency space.
Dutch users need to provide the recipient's full name, the purpose of transfer and full residential address to move digital assets off the platform.4210
Launched in 2018, Coinbase Pro was designed to feature unlimited trading volumes, supporting more than 250 cryptocurrencies.22096
The cryptocurrency exchange is accused of failing to do due diligence, among other things, after users lost large sums as a result of the depegging of stablecoins.13759
It has been a chaotic week for digital assets. Two firms may be inching closer to insolvency while Coinbase, one of the largest crypto exchanges, laid off almost a fifth of its staff.7727
“Anybody who is getting laid off from a crypto platform and wants to work for FINRA, give me a call," said president and CEO Robert Cook.1499
After initially slowing down hiring, Coinbase announced plans to reduce its headcount by 18%, with the CEO citing a starting economic recession.3913
The petition was quickly removed, and the number of signatures was not shown, but its list of objections to the Coinbase status quo got a big reaction from the CEO.5657
Card payments for NFTs were first announced in association with Coinbase’s latest NFT marketplace in January.5132
Previous crypto bear markets triggered much bigger layoffs, with some firms like ConsenSys reportedly firing up to 60% of its workforce in 2018.2942
Paul Grewal, the chief legal officer of Coinbase, highlighted that the funds of customers are protected legally and physically.4851
Kraken’s Jesse Powell came under fire for listing the second-generation LUNA; separately, he railed against TradeFi’s crypto exchange claims.8055
Institutions that reportedly purchased 10,939 BTC from Coinbase in December 2020 are not selling yet.4793
U.S.-based crypto exchange Coinbase ranked 437th on the elusive Fortune leaderboard, while Sam Bankman-Fried was highlighted by TIME magazine in the innovation category.1481
Coinbase has added BNB Chain and Avalanche to its list of supported networks for the Coinbase Wallet, which will give traders far greater access to tokens that are not listed on the Coinbase exchange.11315