Coinbase Lost Momentum

- Advertisement -


Hello everyone and welcome back to Chain reaction,

- Advertisement -

In our Chain Reaction Podcast This week, Anita and I sat down with Mercedes Bent of Lightspeed Venture Partners about supporting blockchain startups and the future of consumer fintech. More details below.

- Advertisement -

Last week we talked about how the crypto industry needs to take the time to think about buying the love of their followers. This week we take a look at the misadventures of America’s favorite publicly traded cryptocurrency company.

If someone forwarded this message to you, you can subscribe to TechCrunch newsletter page. Follow me on Twitter while you are there!


Coinbase Suspends UPI Payments in India Days After Launch

- Advertisement -

Image Credits: Robert Nickelsberg/Getty Images

the hottest double

While the crypto markets have been relatively stable since last week’s pompous dump-o-ram, there was a grim mood among institutional investors and retail buyers this week, predicting that crypto winters will hit all households over the next few years.

The message from VCs to crypto-startups and mega-corporations was to “cut off the extra fat,” a statement that doesn’t sit well with the lavish launch parties and 5x hire plans that many founders seem to have been working on in the past month. It was a period of unprecedented crypto startup boom, but Coinbase’s life has looked a little less pleasant since Bitcoin and the public markets reached their tumultuous peak last November.

Coinbase is currently trading below $65 per share after being down more than 80 percent from its November all-time high. Many other tech stocks on the public market were also hit, but compared to how much revenue Coinbase generated last year, it’s clear that investors didn’t live up to their expectations for the company’s future performance. In 2021, Coinbase had a net revenue of $7.4 billion and currently has a market capitalization of less than $14 billion. This is madness.

Public market investors may not have the most rosy opinion of Coinbase, but the question is how it will actually affect the company. Well, the firm is adjusting its growth expectations for one reason. COO Emily Choi announced this week that the company is slowing down: “This year we planned to triple the size of the company. Given the current market conditions, we believe it prudent to slow down hiring and reassess…”

This is expected, but not good for a company that has several large competitors chasing their market share. The company has diversified its offerings in an effort to leverage its network and provide more browsers for the nascent web3 world, but it’s unclear what consumer demand the crypto world is looking at next year compared to the last couple, something that has left the company in a rather bleak position for the near term. …


latest podcast

Hey this Anita, here to give you an update on our latest issue of Chain Reaction where we unpack the latest web3 news block by block for the crypto-curious.

In this episode we talked about 30-year-old blockchain billionaire Sam Bankman-Fried (SBF) is buying a 7.6% stake in Robinhood and what it may be planning to do to help turn the tide in a difficult first half of the year. We have also explained the difference between custodial and non-custodial wallets as Robinhood just announced it is launching the latest – the latest in a series of new products designed to attract more users to its platform.

Since we were talking about Robinhood, we had to discuss what’s going on with its competitor, Coinbase, which this week said it would slow down its hiring plans due to the crypto market crash. We also gave listeners an update on the disgraced UST, the stablecoin that (sort of) started it all.

Our guest this week was Mercedes Bent, an investor at Lightspeed Venture Partners, who helped us decipher the term “metaverse” and talked about some of the long-term potential she sees in sectors like web3 video games.

Subscribe to Chain Reaction Apple, Spotify or your alternative podcast platform to keep up with us every week.

Anita Ramaswami


keep track of money

Where is startup money moving in the crypto world:

  1. Cross chain wallet BitKeep cans of $15 million from Dragonfly
  2. Treasury management startup Coin shift receives $15 million from Tiger Global
  3. Crypto launch Fine raises $24 million from a16z
  4. Social Startup Web3 CyberConnect receives $15 million from Animoca and Sky9
  5. Smart contract security launch Sertor receives $36 million from Jump
  6. Cryptocurrency company Encode Club raises $5 million from Galaxy Digital and Lemnis Capital
  7. Cryptocurrency games Metatheory banks 24 million dollars from a16z
  8. Investment DAO seed club receives $15 million from Union Square Ventures, others
  9. Crypto investment company Elwood Technologies receives $70 million from Goldman Sachs
  10. Web3 studio Taste Team stole $11 million from Animoca

TechCrunch+

Animoca Brands plans to add education to its multi-billion dollar NFT and gaming business

Animoca Brands has grown into one of the biggest firms in the world of the metaverse, play-to-earn games and NFTs, but its co-founder Yat Siu told TechCrunch that the company wants to enter a new sector: education. No, not teaching about crypto topics, but more general educational tools that can be applied to more than one discipline. Sioux said he hopes to boost the teacher economy with a “study to earn” or “teach to earn” model so that both teachers’ and students’ time can be rewarded in the form of tokens or money. This push could be a new wave for the crypto ecosystem to introduce additional ways to earn rewards.


Thank you for staying tuned and getting Chain Reaction in your inbox every Thursday by subscribing to TechCrunch Newsletter Page,

Lucas Matney




Credit: techcrunch.com /

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox