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Coinbase, the largest cryptocurrency exchange in the US, saw a significant surge in its stock price after it released its Q1 2023 earnings report. The San Francisco-based exchange exceeded analysts&#39; profit and revenue expectations, reporting $736 million in revenue for the first three months of 2023, a 22% increase from the previous quarter. Despite facing regulatory challenges in the US, Coinbase&#39;s share price rose by 13% following the earnings report. This positive momentum builds on the company&#39;s recovery from its disappointing figures in 2022.Coinbase&#39;s CEO, Brian Armstrong, took measures to cut costs in January, reducing the company&#39;s headcount by 950 people. This decision seems to have paid off, with the exchange decreasing its operating expenses by 24% within the first quarter. Additionally, the value of assets on Coinbase&#39;s platform experienced a 62% surge to $130 billion, boosted by Bitcoin&#39;s 72% surge from the beginning to the end of Q1.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/e46c0092f89446cc99eeb39b72363155.jpeg" />Brian Armstrong: <a href="https://encrypted-tbn3.gstatic.com/licensed-image?q&#61;tbn:ANd9GcQ6nu_DnNx5tDAisn90_wrSb-zhWjMpskkXG3Ar9mbD1jfCh9Vu--3rlLFlf5RCWMLpKK4x58HqGIzQ5Vw" rel="noopener noreferrer nofollow">Steven Ferdman/Getty Images</a>Although Coinbase reported a loss of $79 million for Q1, this figure is far less severe than the loss of $1.98 it posted a year ago. The exchange&#39;s revenue was also down compared to Q1 of last year, where it reported $1.1 billion in sales. However, it still surpassed analysts&#39; forecasts, highlighting the company&#39;s growing momentum.Coinbase&#39;s Vice President of Investor Relations, Anil Gupta, pointed to growth in revenue from trading, subscriptions, and services, as well as significant reductions in operating expenses as the driving factors behind the company&#39;s success. Gupta noted that Q1 2023 was a &#34;real turning point&#34; for Coinbase.Coinbase&#39;s monthly transacting users (MTUs) decreased year-over-year, but the exchange reported an average of 8.4 million MTUs during Q1, suggesting the upward recovery of digital asset prices improved Coinbase&#39;s appeal to retail traders.2022 was generally a tough year for crypto, with Coinbase facing headwinds due to macroeconomic factors and the crypto market&#39;s collapse. The exchange&#39;s trading volume decreased to $145 billion this quarter from $309 billion a year ago. Despite this setback, the company&#39;s revenue from subscriptions and services grew to $361 million within the quarter, compared to $151 million last year.Coinbase&#39;s business is not solely focused on individual consumers but also on institutional customers such as banks, hedge funds, and corporations. The exchange&#39;s services, including asset custody and staking, are areas of contention between Coinbase and the SEC. However, Coinbase is now seeking expansion opportunities outside the US, unveiling its Bermuda-based international exchange on Tuesday, which offers financial products such as perpetual futures on Bitcoin and Ethereum that are not allowed in the US.Coinbase asserted its commitment to transparency and compliance, hoping that its focus on these areas will help the firm in the face of increased regulatory scrutiny. The exchange has also decided to close its Bitcoin borrowing service next week to appease regulators. However, if regulatory challenges persist in the US, Coinbase is preparing to move its headquarters outside the country, potentially to the UK.Catch up on our published articles for the week!<h4>News</h4><ul><li>Cybercriminals Offering Verified Crypto Accounts for Sale at Up to $1000 on the Dark Web – Report &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/cybercriminals-offering-verified-crypto-accounts-for-sale-at-up-to-1000-on-the-dark-web-report/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>Coinbase Faces Class-Action Lawsuit Over Alleged Violation of Biometric Privacy Laws in Illinois &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/coinbase-faces-class-action-lawsuit-over-alleged-violation-of-biometric-privacy-laws-in-illinois/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>Samsung Bans Employee Use of Generative AI Tools Over Data Security Concerns &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/samsung-bans-employee-use-of-generative-ai-tools-over-data-security-concerns/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>Litecoin Community Tests Experimental Fungibility Standard, LTC-20, and Issues Test Token &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/litecoin-community-tests-experimental-fungibility-standard-ltc-20-and-issues-test-token/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>Blur’s New Collateralized Lending System for NFTs Receives Mixed Reactions from Crypto Community &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/blurs-new-collateralized-lending-system-for-nfts-receives-mixed-reactions-from-crypto-community/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>ByBit Launches Internal Cryptocurrency Lending Service for Users &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/bybit-launches-internal-cryptocurrency-lending-service-for-users/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>ARK Invest Adds Over $8 Million Worth of Coinbase Shares to Its Portfolio ETFs &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/ark-invest-adds-over-8-million-worth-of-coinbase-shares-to-its-portfolio-etfs/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>Biden Administration Pushes for 30% Crypto Mining Tax &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/biden-administration-pushes-for-30-crypto-mining-tax/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>Gate Italy Registers As VASP With Italian Regulator OAM &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/gate-italy-registers-as-vasp-with-italian-regulator-oam/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>Three Arrow Capital Co-founders Face Regulatory Action for Unlicensed Exchange in Dubai &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/three-arrow-capital-co-founders-face-regulatory-action-for-unlicensed-exchange-in-dubai/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>UK Government Aims to Crack Down on Financial Fraud With Legislation and Increased Policing Tactics &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/uk-government-aims-to-crack-down-on-financial-fraud-with-legislation-and-increased-policing-tactics/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>US Judge Permits Legal Notice to Be Served to Crypto Influencer via Twitter &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/us-judge-permits-legal-notice-to-be-served-on-crypto-influencer-via-twitter/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>Binance BNB Chain Emerges As the Busiest Blockchain With 10.9 Million Active Addresses in April 2023 &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/binance-bnb-chain-emerges-as-the-busiest-blockchain-with-10-9-million-active-addresses-in-april-2023/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>Crypto.com Embraces AI Technology, Launches AI-Powered Assistant “Amy” &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/cryptocom-embraces-ai-technology-launches-ai-powered-assistant-amy/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>Community Reacts As Coinbase Launches International Platform Amidst Regulatory Challenges &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/community-reacts-as-coinbase-launches-international-platform-amidst-regulatory-challenges/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>Coinbase to Stop Providing New Loans Through Its Borrow Service &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/coinbase-to-stop-providing-new-loans-through-its-borrow-service/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>PacWest Bancorp Suffers Major Blow As Stock Prices for US Regional Banks Take a Dive &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/pacwest-bancorp-suffers-major-blow-as-stock-prices-for-us-regional-banks-take-a-dive/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>OKX Ventures Backs AlienSwap to Become Leading NFT Marketplace with New Investment &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/okx-ventures-backs-alienswap-to-become-leading-nft-marketplace-with-new-investment/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>U.S. Media Outlets Renew Efforts to Uncover Non-U.S. Clients of FTX in Ongoing Legal Battle &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/u-s-media-outlets-renew-efforts-to-uncover-non-u-s-clients-of-ftx-in-ongoing-legal-battle/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>Nigeria Unveils National Blockchain Policy to Foster Economic Growth and Innovation &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/nigeria-unveils-national-blockchain-policy-to-foster-economic-growth-and-innovation/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>Bitget Invests $10 Million in New Initiative to Foster Blockchain Education and Innovation &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/bitget-invests-10-million-in-new-initiative-to-foster-blockchain-education-and-innovation/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>CEX Records Trading Volume Dip in April 2023 Following Three Months of Growth &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/cex-records-trading-volume-dip-in-april-2023-following-three-months-of-growth/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>Coinbase Reaffirms Commitment to US Market Amid Regulatory Uncertainty &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/coinbase-reaffirms-commitment-to-us-market-amid-regulatory-uncertainty/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>Kamala Harris Meets With Top AI CEOs to Discuss Necessary Safeguards for AI Technology &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/kamala-harris-meets-with-top-ai-ceos-to-discuss-necessary-safeguards-for-ai-technology/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>Open-Source Community’s Advancements Threaten Google’s AI Efforts, Says Senior Engineer &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/open-source-communitys-advancements-threaten-googles-ai-efforts-says-senior-engineer/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>nChain Invests $2.4 Million in Asset Layer, Secures 20% Equity Stake to Boost Digital Asset Platform &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/nchain-invests-2-4-million-in-asset-layer-secures-20-equity-stake-to-boost-digital-asset-platform/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>New York State Attorney General Proposes Crypto Regulations to Protect Investors and Consumers &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/new-york-state-attorney-general-proposes-crypto-regulations-to-protect-investors-and-consumers/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>Kenya Plans to Impose 3% Tax on Digital Assets Transfer to Tackle Fiscal Deficit &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/kenya-plans-to-impose-3-tax-on-digital-assets-transfer-to-tackle-fiscal-deficit/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>Zimbabwe to Offer Gold-Backed Digital Currency for Purchase to Investors Starting May 8, 2023 &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/zimbabwe-to-offer-gold-backed-digital-currency-for-purchase-to-investors-starting-may-8-2023/" rel="noopener noreferrer nofollow">Read more</a>.</li></ul>Markets<ul><li>Litecoin (LTC) Retraces After Hitting $100: Can LTC Halving Lead to New ATH? &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/litecoin-ltc-retraces-after-hitting-100-can-ltc-halving-lead-to-new-ath/" rel="noopener noreferrer nofollow">Read more</a>.</li><li>Pepe Coin Makes Impressive Market Debut, Surpasses Shiba Inu and Dogecoin in Market Capitalization &gt;&gt;&gt;<a href="https://defi-planet.com/2023/05/pepe-coin-makes-impressive-market-debut-surpasses-shiba-inu-and-dogecoin-in-market-capitalization/" rel="noopener noreferrer nofollow">Read more</a>.</li></ul><h4>ICYMI…</h4>British Newspaper, Evening Standard, Commemorates King Charles’ Coronation with Free NFTsThe Evening Standard, the fourth largest newspaper in Britain, has made a grand entry into the crypto space by offering free non-fungible tokens (NFTs) commemorating the coronation of King Charles. This move marks the first time a major UK company has ventured into the cryptocurrency market. The NFT is available on the<a href="https://www.niftygateway.com/collections/coronation-trevor-jones" rel="noopener noreferrer nofollow"> Nifty Gateway</a> marketplace and features an animated copy of “The Oath” by Trevor Jones, which showcases St. Edward’s Crown, the centrepiece of the UK’s Crown Jewels.The NFT is an open edition, meaning there is no limit to the number of NFTs that can be minted. As of May 5 at 11:30 p.m. UTC, users had already minted 9,200 copies of the NFT. However, users can only mint the token between Thursday, May 4 and Sunday, May 7, after which the opportunity will expire.The UK government has expressed its interest in becoming a “crypto hub” since April 2022. The Royal Mint initially planned to issue its own NFT, but these plans were dropped in March 2023. Despite this, the UK plans to establish post-Brexit crypto regulations, and the Financial Conduct Authority (FCA) has already implemented strict regulations on the industry. The FCA has recently taken action against unregistered crypto ATMs and non-compliant advertising, and even targeted specific crypto companies, such as Binance.According to Statista, the UK crypto industry could see $1.89 billion in revenue in 2023, indicating that the country may become a leading player in the crypto market in the near future.Spotlight on interesting projectsBetDEXThe <a href="https://www.betdex.com/" rel="noopener noreferrer nofollow">BetDEX Exchange</a> is a sports betting exchange built on the Monaco Protocol, allowing for peer-to-peer wagering.The Exchange is licensed and regulated under the jurisdiction of the Isle of Man via the Gambling Supervision Commission. BetDEX is a key contributor to the Monaco Protocol, a permissionless decentralized and open-sourced protocol built on the Solana blockchain, supporting prediction and betting markets.For more information, visit <a href="https://www.betdex.com/" rel="noopener noreferrer nofollow">https://www.betdex.com/</a>.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/4e17e8be1040449fadc5575b690f42a6.png" />If you want more content like this, visit <a href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, <a href="https://medium.com/&#64;defi-planet" rel="noopener noreferrer nofollow">Medium</a>. and <a href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.

Weekly Round-Up #49 | Coinbase's Q1 Earnings Beat Analyst Expectations Despite Regulatory Challenges

DeFi Planet

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