Coinbase Chief Financial Officer Alesia Haas reassured investors about the company’s expenses and the volatility of cryptocurrency markets, pointing out that the company’s stock experienced a decline despite displaying strong first-quarter results.
Haas then clarified that the rise in the trading volumes during the past month resulted in higher customer support costs because the company had to recruit more support representatives as customer inquiries increased. Coinbase also confronted with growing infrastructural expenses and the costs of running programs that award USDC stablecoins. Nevertheless, according to Haas, Guavatree is focused on sensible growth at present following past mistakes of their own expansion too fast.
Despite 2.5% of the Coinbase company’s share price dropping on Friday, Haas still held expectations about the company’s long-term operation. A line of Coinbase’s Base-layer-2 blockchain is showing this multipurpose use for social, gaming, and meme coin applications. Let’s say meme coins are pieces of art in the crypto space and those dips will just happen like when you build anything in the world.
Haas did not seem worried about March when compared to January and emphasized instead the short-term volatility as just another day in crypto. It reminded me that short-term fluctuations do not change the long-term prospects of the market at all.
Coinbase released the Q1 results that the revenue turned out to be $1.58 billion, which surpassed analysts’ expectations and the net income reported $1.17 billion including a positive change in the accounting direction. Although there has been some recent stock fall, Coinbase still seems confident about its long-term growth potential due to the fast-developing crypto market.
Is India Falling Behind in the Crypto Adoption Race? US and Pakistan Rank Higher
Pakistan is among the top 10 crypto-friendly countries in the world, having obtained the 10th place, slightly behind India standing in the 11th position. Despite the developed reputation for technological innovations and tech-savvy population, India is still behind Pakistan in terms of cryptocurrency adoption.
Cryptocurrency has evolved tremendously and become wildly popular in recent years, with the number of crypto owners rising from 432 million to 580 million in 2023 as per Crypto.com. Other countries have favorably viewed the growth and promotion of this industry, but on the other hand, others have sought to regulate or suppress it.
In the world wide, Argentina is the most crypto-friendly country which provides miners and traders beneficial environment. The US has the second most crypto adoption, with a larger part of its citizens owning cryptocurrencies. Nevertheless, mining costs are a problem for miners in the US because the price of bitcoin nearly went to $87,885 per bitcoin.
Although the crypto market faces regulation challenges and impositions from the government, the US continues to be a leading destination that crypto enthusiasts flock to, attracting huge volumes of traffic on popular crypto platforms. The top 10 of the world’s crypto-friendly countries besides Switzerland are Colombia, Ukraine, UAE, Vietnam, Turkey, Canada, Singapore, and Pakistan.
Unlike India with its a rather cautious policy on crypto which is more like a grey area without effective supervision by authorities. The 2024 central budget of India introduced a 30% tax on crypto-gains and a 1% tax deducted at source. These policy uncertainties are in contrast with the unregulated environment of the country which is Pakistan.
The rise in the number of people owning crypto across the globe points to the increasing attention to cryptocurrencies all over the world. Some countries stimulate this tech development, while others put restrictions bounds on it for the sake of security reasons related to cryptocurrencies.
Could This $68 Million Mistake Have Been Prevented? Scammed Crypto Trader’s Funds Already Converted to Ethereum!
One crypto trader has just endured the agony of a loss worth $68 million in Bitcoin Wrapped (WBTC ) after inadvertently tricking on an address poisoning scam. This type of scam appears by building up a fake address so that it gives away anything to the other real one thereby enticing people to send money to the wrong place. Here, however, the recipient took their money to this fake address, which not only had similarities to the real one but, in the end, had almost emptied the wallet.
To prevent such frauds, users are recommended to take a couple of precautions before interrupting the transactions. They are supposed to validate addresses and not copy and paste them from the transaction histories. Sadly, what the trader was not aware of was how a few wrong clicks would lead him to lose a sizeable amount.
The unlawful funds, now in Ether, are used by blockchain researchers to probe the entire system. In the case of wBTC, it is impossible to freeze these funds given the fact that the code of the issuer is not designed that way. However, it is practically impossible to attempt to launder such a colossal amount of funds in any criminal case without the lawbreaking being exposed. Experts that are in the blockchain sector are closely watching the movement of the funds that have been freed, this makes it difficult for a thief to slip away without being noticed.
With the tracks being in full swing, the crypto tracking compliance platform of MistTrack has immediately urged this scammer to reconsider his action to return the money, claiming that no matter how careful one is with the return, the chances of spending them untraceable are slim. The dynamics of a crypto community give them little wiggle room, so the scammer will most likely face the same consequences as any other crook.
Check who got the $$ Spotlight $$ today!
- Imaginary Ones Secures Funding to Develop Web3 Entertainment Ecosystem. read more
- Volta Raises $4.1 Million in Seed Funding for Institutional Platform. read more
- Ex-DFS Official Raises $5 Million for Unique Crypto Venture Fund Backed by Industry Leaders. read more
- Metaverse Avatar Creator “Ready Player” Raises Funding. read more
- Nazara Invests $25 Million in US-Based Game Fund Bitkraft Ventures. read more
- Common Protocol Raises $3.2M in Funding. read more
- Dragonfly Leads $6.5M Funding Round. read more
- DeFi Protocol DFlow Raises $5 Million. read more
- NEAR Raises $150M in Major Crypto Funding. read more
- DeFi-Focused Layer 1 Berachain Gains Funding. read more
- ParaFi Raises Additional $200M for Flagship Project. read more
- NFT Labs Raises Over $2M in Funding. read more
