Read

/send

<div class="protos"> 
 <div> 
  <div> 
   <div> 
    <p>During <a rel="noopener noreferrer nofollow" title="Coinbase" href="https://thebittimes.com/tag/coinbase.html">Coinbase</a>’s Q2 <a rel="noopener noreferrer nofollow" title="earnings" href="https://thebittimes.com/tag/earnings.html">earnings</a> call on Thursday, chief and founder Brian Armstrong stammered a reply to a question about stablecoin <a rel="noopener noreferrer nofollow" title="USDC" href="https://thebittimes.com/tag/usdc.html">USDC</a>, unexpectedly revealing that its market cap had gone up after <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> sold all its holdings.</p> 
    <p>“USDC market cap is up after Binance pulled out,” Armstrong stuttered out during Coinbase’s earnings call. The unexpected answer seemed to imply that crypto exchange Binance was a holder of Circle and that USDC is safer now that Binance no longer holds the stablecoin.</p> 
    <p>Coinbase is a member of the consortium that owns USDC. It’s the preferred stablecoin for the exchange’s operations.</p> 
    <p>However, USDC’s market cap is shrinking fast, dropping from $44.5 billion at the start of this year to just $26 billion at press time. Earlier this year, the Federal Deposit Insurance Agency had to take over Circle’s main banks, namely Signature and Silicon Valley Bank, to prevent a bank run. This controversial move effectively saved USDC.</p> 
    <h2 class="wp-block-heading" id="h-coinbase-earnings-q2-2023">Coinbase earnings Q2 2023</h2> 
    <p><a rel="noopener noreferrer nofollow" title="Coinbase" href="https://thebittimes.com/tag/coinbase.html">Coinbase</a> <a rel="noopener noreferrer nofollow" title="earnings" href="https://thebittimes.com/tag/earnings.html">earnings</a> for the second quarter of 2023 show it made $663 million in net revenue, continuing its decline from last year. Q2 2023 <strong>revenue from trading volume was less than half</strong> of last year’s second quarter — down to $92 billion compared to $217 billion in Q2 last year.</p> 
    <p>Trading activity on <a rel="noopener noreferrer nofollow" title="Coinbase" href="https://thebittimes.com/tag/coinbase.html">Coinbase</a> is on a steady decline. Traders seem to be increasingly trading bitcoin in the current bear market, with bitcoin trading comprising 40% of the total volume compared to just 31% in Q2 2022. <a rel="noopener noreferrer nofollow" title="Coinbase" href="https://thebittimes.com/tag/coinbase.html">Coinbase</a> still holds up to $3.3 billion in debt, and only reported $485 million worth of crypto assets of its own. It’s currently holding $130 billion in customers’ assets.</p> 
    <figure class="wp-block-embed is-type-wp-embed is-provider-protos wp-block-embed-protos"> 
     <div class="wp-block-embed__wrapper"> 
      <blockquote class="wp-embedded-content" data-secret="rRoG0BL8We">
        SEC Coinbase demand would have meant ‘end of crypto in the US’ 
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“SEC Coinbase demand would have meant ‘end of crypto in the US’” — Protos" src="https://protos.com/sec-coinbase-demand-would-have-meant-end-of-crypto-in-the-us/embed/#?secret=iOGMP3Rrel#?secret=rRoG0BL8We" data-secret="rRoG0BL8We" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe> 
     </div> 
    </figure> 
    <p><em>Read more: Drug gang used <a rel="noopener noreferrer nofollow" title="Coinbase" href="https://thebittimes.com/tag/coinbase.html">Coinbase</a> to launder crypto from prison</em></p> 
    <p>Ever since Coinbase went public on the NASDAQ, Coinbase executives including Brian Armstrong haven’t stopped selling stock. Stock price went public at $342 and sits at $90.75 at press time.Coinbase is currently facing a court battle against the Securities and Exchange Commission (SEC) for selling unregistered securities – an accusation that Coinbase denies.&nbsp;</p> 
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;</em><em>Twitter</em><em>,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p> 
   </div> 
  </div> 
 </div> 
</div>

Brian Armstrong revealed Binance sold all its USDC in Coinbase earnings call

目次

TheBitTimes

2023年8月4日公開の他の記事

Coinbase Beats Q2 Earnings Forecast Amid Ongoing SEC Lawsuit

Justice Department: FTX’s SBF to Go to Jail Before Trial

Trader Joe is now live on Ethereum Mainnet!

Elon Musk Denies Rumors of Twitter Stock Trading Tool Development!

Mahjong Blockchain Game Mahjong Meta Closes $12 Million Funding Round Led by Dragonfly, Folius Ve...

Coinbase Plans to File a Filing to Seek Dismissal of the SEC’s Case!

ニュースレターを購読して暗号資産の最新情報を毎日入手！