Crypto Three Things (8/10)
Aug 10, 2022
“It takes a great man to be a good listener —Calvin Coolidge
1) Coinbase posts a record $1.1B loss: The U.S.-based crypto exchange racked up its biggest ever quarterly loss – a stark contrast with the $1.6B net profit registered just last year. Revenue for the company slumped 61% to $808.3M, missing estimates. Though the trading platform peaked above 100M users for the first time, monthly active users fell to 9M, down from a record of 11.2M in the final quarter of 2021.
Titan’s Takeaway: Coinbase’s performance indicates how optimistic expansion in happy times can lead to a painful sting when the market turns.
2) Reddit partners with FTX in crypto push: Reddit announced Tuesday that users will now be able to buy Ethereum directly on its platform after an integration with FTX Pay. The program, currently available in the r/cryptocurrency and r/fortnite subreddits, aims to bring the blockchain experience to the regular Reddit user.
Titan’s Takeaway: This initiative is the latest twist in Reddit’s continuous pursuit of community-driven growth and engagement. As NFTs and crypto proliferate mainstream culture, Reddit’s influence should only increase as the self-proclaimed “front page of the internet.”
3) Curve Finance gets $570K stolen in hack: DeFi protocol and crypto exchange Curve Finance experienced a security incident related to the platform’s frontend. The company was quick to “find and revert” the issue but did not emerge entirely unscathed. The malicious actor behind the hack fled the scene with roughly $570K in Ethereum.
Titan’s Takeaway: Curve Finance is a revered DeFi project, and this recent attack – adding to a string of breaches in the digital token space – shows the extreme pressure crypto companies face to prevent hackers and protect users.
Cash Management
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