Coinbase sheds £0.9bn in second quarter as revenues plunge amid crypto crash August 10, 2022 Crypto giant Coinbase lost $1.1bn ($0.9bn) in the second quarter of the year as revenue dropped declined during the crypto crash. $446mn (£365m) of this loss was due to an impairment charge on the exchange’s crypto and venture investments as the “crypto winter” led to plummeting cryptocurrency prices and caused widespread losses across the industry. [...]
Former CMA chair sues crypto exchanges Binance, Kraken and others for £10bn August 9, 2022 Crypto exchanges Binance, Kraken, and others have been hit with a £10bn lawsuit in a competition dispute by the former chair of the UK’s Competition and Markets Authority. Lord David Currie filed the claim against the two crypto giants as well as exchanges Bittylicious and ShapeShift for delisting the BSV cryptocurrency from their platforms, Financial [...]
Crypto firms spend £1.9bn on sports sponsorships as they rack up advertising expenditure August 5, 2022 Crypto companies have spent $2.4bn (£1.9bn) globally over the last year and a half on sports sponsorships as they splurge on marketing. Major crypto firms have signed deals with big athletes, sporting franchises, and leagues as they seek to rival the marketing prowess of non-crypto brands, according to Bloomberg. Crypto exchange Binance has signed with [...]
Crypto firm puts out 10 per cent bounty for stolen funds after £157m vanishes August 5, 2022 Crypto firm Nomad announce today a 10 per cent bounty for the $190m (£157m) stolen funds it lost in a hack this week. The company said it would give the bounty to hackers who return at least 90 per cent of the funds and will consider them to be “white hats”, meaning Nomad would not [...]
Crypto regulation would promote financial stability and tackle ‘inefficiencies’, says Moody’s August 5, 2022 Crypto regulation would be good for financial stability, consumers, and industry efficiency as regulators around the world decide on appropriate laws, Moody’s says. Clear regulations that seek to prevent fraudulent activity and provide guidance to companies would “protect consumers and ensure that the industry does not become a source of financial instability,” the financial services [...]
PwC global digital assets chief leaves to launch ‘crypto asset manager’ August 4, 2022 The head of PwC’s crypto business has left his position at the Big Four accountancy firm to launch his own “crypto asset management firm” with a view to drawing institutional investors into cryptocurrencies. The new fund, Nine Blocks Capital Management, is set to use a $75m initial investment from Hong Kong fund Nine Masts, to [...]
MPs set to scrutinise government crypto hub plans in fresh inquiry August 4, 2022 MPs are set to scrutinise the Treasury’s plans to make the UK the “global home of crypto” in a fresh inquiry into the wider crypto and digital assets sector, launched today.
Robinhood lays off almost a quarter of staff as crypto crash continues August 3, 2022 Trading platform Robinhood cut about 23 per cent of its staff as the crypto crash persisted and economic outlook dampened. The company, which enables crypto trading, had previously laid off 9 per cent of its staff to manage costs. The layoffs follow other crypto companies cutting staff as the “crypto winter” causes prices of major [...]
Revolut will offer 22 new cryptocurrencies for UK customers August 3, 2022 Revolut announced today it will offer 22 new cryptocurrencies to its UK customers, expanding the trading platform’s crypto offering to over 80 tokens. The new crypto offerings include Metaverse token APE, DeFi tokens REQ, ETC, and other tokens like CLV, FORTH, AVAX. Revolut previously increased the cryptocurrencies available on its app to 60 tokens from [...]
Michael Saylor quits as MicroStrategy CEO after Bitcoin losses August 3, 2022 Crypto advocate Michael Saylor stepped down as CEO of MicroStrategy after the software company took a near $1bn (£0.8bn) loss in Bitcoin. Saylor, a prominent supporter and investor of Bitcoin, will now be Executive Chairman after MicroStrategy faced an impairment charge of over $917m (£757m) on its Bitcoin holding in the second quarter of 2022 [...]