Coinbase CEO Expects Revenue to Fall Over 50%
Posted on 12/07/2022
Bloomberg News reported that Coinbase Global Inc. revenue is set to reduce to half this year. The news site is citing an interview with Coinbase chief executive officer Brian Armstrong. The cryptocurrency industry is facing tremors, exacerbated by the fallout of FTX and Alameda Research.
Signature Bank (SBNY) plans to shrink its deposits tied to cryptocurrencies by US$ 8 billion to US$ 10 billion.
In other news, the U.S. Department of Justice accused Rikesh Thapa (age 28) of defrauding his startup tech firm of more than $1 million in U.S. currency, cryptocurrency, and utility tokens. New York-based Blockparty, a company that developed a blockchain-based protocol for live event tickets, could be the company that Thapa may have defrauded. This has not been confirmed. According to the 2018 indictment, Thapa agreed to receive and hold US$ 1 million of his company’s money in his personal bank account while the firm explored other banking options. Thapa is being charged with one count of wire fraud.
