Crypto exchange Coinbase (COIN) will continue operating its crypto staking service despite facing lawsuits from state and federal regulators over the program and several of its other offerings, Coinbase CEO Brian Armstrong said Wednesday at the Bloomberg Invest Conference.
“We're not going to wind down our staking service,” Armstrong said. “Again, as these court cases play out, it's really business as usual.” He noted that the exchange’s staking service accounts for about 3% of overall net revenue.
His comments came after the SEC on Tuesday sued Coinbase for a swath of violations, including allegations the company sold unregistered securities. A ten-state coalition led by the Alabama Securities Commission also took aim at the exchange, slapping Coinbase with allegations the company’s staking program had violated various state securities laws.
A D V E R T I S E M E N TA D V E R T I S E M E N T
Coinbase’s staking service is a cornerstone of the company’s strategy to diversify its largely trading fee-dependent revenue base. In 2022, roughly 90% of the company’s revenue came from transaction fees, but the company’s earnings have plunged as a prolonged crypto bear market has caused some investors to turn away from trading.
Coinbase CEO Armstrong Says Not Shutting Down Staking Service
Crypto exchange Coinbase (COIN) will continue operating its crypto staking service despite facing lawsuits from state and federal regulators over the program and several of its other offerings, Coinbase CEO Brian Armstrong said Wednesday at the Bloomberg Invest Conference.
“We're not going to wind down our staking service,” Armstrong said. “Again, as these court cases play out, it's really business as usual.” He noted that the exchange’s staking service accounts for about 3% of overall net revenue.
His comments came after the SEC on Tuesday sued Coinbase for a swath of violations, including allegations the company sold unregistered securities. A ten-state coalition led by the Alabama Securities Commission also took aim at the exchange, slapping Coinbase with allegations the company’s staking program had violated various state securities laws.
Developers behind the Arbitrum-based Jimbos Protocol are gauging the best way for the project to move forward after its version 2 (V2) faced a $7.5 million exploit over the weekend.
Jimbos said it was working with security researchers to reclaim lost funds – the same people who’ve previously helped Euler Finance recover over $200 million – and added that they would contact law enforcement by 4 P.M. UTC on Monday if the attacker failed to return the money.
Mastercard drops NFT that unlocks access to its Artist Accelerator, supporting emerging musicians
MIAMI, APRIL 12TH, 2023
The Mastercard Artist Accelerator combines the power of blockchain with the timeless passion for music and a first-of-its-kind curriculum for both artists and fans.
The free, limited-edition Mastercard Music Pass NFT is available to music and Web3 fans through the end of the month.
