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Crypto Exchange

Coinbase Aims For USD 1B Direct Listing, Reveals Results and Plans

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oday, US-based major crypto exchange Coinbase filed to go public via USD 1b direct listing on the Nasdaq Global Select Market under the symbol COIN this year.

In the filing with the US Securities and Exchange Commission, the company said it had 43m verified users last year and 2.8m monthly transacting users. Also, they claim that they work with 7,000 institutions and 115,000 ecosystem partners in over 100 countries.

The company said its goal is to become the primary financial account for their retail users and the one-stop shop for institutions’ crypto asset investing needs. They admitted that the company competes against a growing number of decentralized and noncustodial platforms too.

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As of December 31, the company said it had USD 90bn worth of assets on the platform and registered USD 456bn lifetime trading volume.

Coinbase added that, since inception through December 31, 2020, they generated over USD 3.4bn in total revenue, largely from transaction fees. For the year ended December 31, 2020, transaction revenue represented over 96% of their net revenue.

“You can expect volatility in our financials, given the price cycles of the cryptocurrency industry. This doesn’t faze us, because we’ve always taken a long-term perspective on crypto adoption. We may earn a profit when revenues are high, and we may lose money when revenues are low, but our goal is to roughly operate the company at break-even, smoothed out over time, for the time being. We are looking for long-term investors who believe in your mission and will hold through price cycles,” according to CEO and Founder Brian Armstrong, 38, who was paid USD 1m in salary last year or USD 59.5m in total with other compensations such as options awards, per the prospectus.

Per the company, now they directly integrate with over 15 blockchain protocols, support over 90 crypto assets for trading or custody, and offer a suite of subscription products and services “that have enhanced the customer value proposition and power of our platform.”

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“Retail users are now engaging with multiple products — across the four quarters ended December 31, 2020, on average, 21% of retail users who invested also engaged with at least one non-investing product per quarter,” they said.

The company aims to grow more stable revenue from subscription products and services, and expects that they will contribute a larger portion of their total revenue. Coinbase said they experienced 126% annual growth in revenue from these products and services from 2019 to 2020.

Consolidated statement of operations data

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Coinbase Aims For USD 1B Direct Listing, Reveals Results and Plans 102
Source: Coinbase

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As reported, a major competitor of Coinbase, Binance expected to have profits of USD 800m to USD 1bn in 2020, up from about USD 570m in 2019.

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Binance

Binance’s Trading Volume Hits $100 Billion in Just One Day

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Binance continues to see unprecedent trading activity while attempting to sail through regulatory hurdles

Binance’s daily volume hit an eye-popping $100 billion on Oct. 20, according to a tweet by CEO Changpeng Zhao.

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The leading crypto exchange recorded this crucial milestone on the day Bitcoin, the largest cryptocurrency, reached a new all-time high of $67,276.

Despite introducing stricter measures for users due to severe regulatory scrutiny, Binance enjoys a comfortable lead over other crypto exchanges in both spot and derivatives trading, according to data provided by CoinMarketCap.

Eerier this month, the trading platform also announced a $1 billion ecosystem fund.         

Meanwhile, the decentralized finance sector is catching up with centralized behemoths. The total value locked in DeFi protocols has hit $100 billion for the first time.

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Crypto Exchange

Binance Smart Chain DeFi protocol PancakeHunny suffers flash loan attack

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As the users argue “what’s better,” Ethereum or Binance Smart Chain, the latter saw another decentralized protocol being exploited. PancakeHunny on BSC was attacked by a flashloan and no, this wasn’t a first for the protocol.

Blockchain security and data analytics company Peckshield Inc. announced the attack on Twitter.

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The last time that this protocol was exploited, was in June, wherein the team had noted the creation of a smart contract to exploit the Hunny Minter Smart Contract. The contract was subsequently executed 91 times, as per the team.

The team took a long time to respond to the hack this time but assured the users that their funds were safe. The team added in a preliminary report,

“On 20 October 2021, at 0920 UTC. A smart contract was created to exploit the Hunny TUSD vault. The Contract was subsequently executed 26 times.”

PeckShield provided some details about the same noting,

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According to the agency, this hack was possible due to a profit inflation bug, which converts the relatively small amount of harvested ALPACA, to a large amount of TUSD for staking. PeckShield added,

“These converted TUSDs are then counted as profit, now inflated to mint large amount of $HUNNY!”

Source: Twitter

Actions taken by the team

The PancakeHunny team has stopped the minting process for the TUSD vault while assuring that funds in Hives were all SAFE. The exploit did not affect other Hives and Vaults but the price of HUNNY.

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They added that the issue has been identified and the team will change its rooting to higher liquidity pools to prevent the aftereffects of price manipulation of LP pools.

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Coinbase

NBA Makes Coinbase Its Exclusive Crypto Partner

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Coinbase has joined FTX in scoring major partnerships in the sports industry     

The National Basketball Association has announced a multi-year deal with Coinbase, America’s biggest crypto trading platform in an Oct. 19 press release.   

Coinbase will act as the exclusive partner of the NBA, NBA G League, Women’s National Basketball Association (WNBA), and other leagues. 

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As part of the deal, the exchange will have a brand presence during televised games as well as unique content and activations that are meant to boost crypto awareness.  

Kate Rouch, Coinbase’s chief marketing officer, says that the company is proud of joining forces with the NBA:

The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission.  Nobody believes this more than NBA and WNBA fans. We’re proud to become the Leagues’ official cryptocurrency partner.

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The shares of Coinbase are up roughly 3% at press time. 

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