Coinbase has been benefiting from the current 'hostile regulatory environment', according to Bitwise. This comes amidst new class-action lawsuits against the company for alleged deceptive practices and sale of digital asset securities. Long-standing customers claim the exchange is in violation of securities laws. Projection for the
Q1 2024 earnings for Coinbase suggests an increase, ascribed partly to strategic decisions taken by the company. The company's legal chief has been in opposition to SEC chairman Gensler's claim that most crypto tokens are securities, and the soaring profits could equally be attributed to this feat as they experienced a 72% increase in revenue, topping $1.6 billion, thus outperforming analysts' expectations. Collaboration with
Lightspark means Coinbase now integrates Bitcoin's Lightning Network, and partnerships such as these position Coinbase as a strong competitor in the crypto market. An additional notable point is the move to focus on payments as the next growth driver for the company. However, despite significant earnings, the stock price seems to shrug off the excellent performance hence indicating a potential investment opportunity.
Coinbase News Analytics from Tue, 05 Dec 2023 08:00:00 GMT to Tue, 07 May 2024 21:33:47 GMT -
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