FinTech news in crypto exchange category

Wall Street expected Coinbase to report $581.2 million in revenue and earnings per share of -$2.44 with adjusted EBITDA of -$201.8 million driven by 8.4 million monthly transaction users

Launchpad Capital led Rocketplace seed round, which also included participation from TTV, Accomplice, Menlo Ventures and Soma Capital. But Beryl maintains that the startup’s biggest differentiator lies in the fund distribution model. Meanwhile, points out CEO Louis Beryl, customers will need appropriate disclosures and compliance, especially as regulation increases in the industry. Beryl was also a partner at both a16z and Y Combinator, and also founded Solid Energy Systems, which went public via a SPAC merger on the NYSE earlier this year.

Coinbase’s Q2 results Coinbase’s quarter included a large gain in costs compared to the year-ago period — around $500 million — and a sharp revenue decline.

A source close to the company noted that there was a reduction of 7%, or 68 members, in Gemini’s company-wide Slack channel Monday morning. The company had not widely communicated the extent of Monday layoffs internally, leaving employees to speculate on the exact number of co-workers laid off in this most recent downsizing.

While Binance.US says it’s not a subsidiary or affiliate of Binance itself, the company launched as a legal independent entity in 2019 and is tied to Binance through its founder, Changpeng Zhao, as well as through its licensing agreements with Binance that cover its core technology and naming rights.

Other major crypto companies have also been slowing hiring in response to a downturn in prices – Coinbase, Gemini close competitor, announced plans last month to reverse its prior headcount growth projections, and Latin American crypto exchange Bitso let go of 80 employees last week.

Choi noted that headcount growth is a key input in the company’s financial model, and that slowing the rate of hiring is important in ensuring Coinbase can reach the profitability guidance it has set for investors.

Hayes stepped down from his prior role as CEO of BitMEX in October 2020, though sources told The Block that he played a role in the layoffs, in part through his support of BitMEX pivoting away from its core focus on derivatives.