The Big Read: The Master of Destruction Rides AgainRead more

Left: Mike Belshe. Right: Mike Novogratz. Art by Shane Burke.

Why Galaxy Digital May Be Backing Out of BitGo

By Akash Pasricha · Aug. 17, 2022 3:14 PM PDT

The crypto world may get its own Elon Musk vs. Twitter-esque legal battle! Well, it might not be quite as grand, but here it is: BitGo, a crypto custodian and financial services platform for institutional investors, is threatening to sue a much larger crypto financial services firm, Galaxy Digital, after the latter pulled out of last year’s $1.2... The crypto world may get its own Elon Musk vs. Twitter-esque legal battle! Well, it might not be...

Coinbase CEO Brian Armstrong in India in April. Photo by Bloomberg.

Coinbase Will Need Its Cash to Fend Off the Competition

By Akash Pasricha · Aug. 10, 2022 4:13 PM PDT

There was a lot to take away from Coinbase’s grim earnings report from Tuesday night. So let’s get right into it.The Numbers: Coinbase put up a net loss of $1.1 billion—its widest quarterly loss since at least 2019. Quarterly revenue ($803 million) was the lowest it’s been since late 2020, and yet quarterly operating expenses ($1.85 billion)... There was a lot to take away from Coinbase’s grim earnings report from Tuesday night. So let’s...

Robinhood CEO Vlad Tenev. Photo by Bloomberg. Art by Mike Sullivan.

Robinhood’s Rough Week; Haun Ventures Marketing Chief Gets Political

By Aidan Ryan · Aug. 3, 2022 4:20 PM PDT

Where does Robinhood go from here?It’s been a tough week for the stock and crypto trading firm. On Monday, the New York State Department of Financial Services fined Robinhood $30 million in the department’s first crypto-related enforcement move, alleging anti-money laundering, cybersecurity and consumer protection violations. Where does Robinhood go from here?It’s been a tough week for the stock and crypto trading firm....

SEC Chairman Gary Gensler and Coinbase CEO Brian Armstrong. Art by Mike Sullivan.

The SEC Has a Point, But So Does Coinbase

By Akash Pasricha · July 27, 2022 4:21 PM PDT

SEC Chairman Gary Gensler and Coinbase CEO Brian Armstrong. Art by Mike Sullivan.

The SEC Has a Point, But So Does Coinbase

By Akash Pasricha · July 27, 2022 4:21 PM PDT

If you follow crypto, you probably find yourself becoming an expert in a few different fields, depending on the day. One day you’re an engineer, the next day you’re an art enthusiast. Some weeks you’re a trader, and this week, you were likely a securities lawyer. It’s been a dizzying week of developments around Coinbase. Its stock has... If you follow crypto, you probably find yourself becoming an expert in a few different fields,...

Photo courtesy of Bloomberg

Crypto Gets a Lesson in Macroeconomics

By Akash Pasricha · July 20, 2022 4:31 PM PDT

Some data points in crypto really just stump you. Here’s one: Since Coinbase opened its NFT Marketplace to the public on May 4, it has processed roughly $3.1 million in transactions, according to a dashboard on Dune Analytics. GameStop, on the other hand, launched its NFT marketplace nine days ago on July 11, and it has processed more than $8.2... Some data points in crypto really just stump you. Here’s one: Since Coinbase opened its NFT...

Kyle Samani and Tushar Jain of Multicoin Capital (left). Samuel Harrison and Banafsheh Fathieh of Lightspeed Faction (right). Photos courtesy of companies.

Despite a Market Meltdown, the Crypto Winter in Venture May Be Short Lived

By Akash Pasricha · July 13, 2022 5:21 PM PDT · 1 comment

Talking to crypto venture capitalists these days feels a bit like talking to hockey players on the car ride home from the last big tournament of the season. There was a lot of action in a really short period of time. The stands were full and everyone was watching. There were winners and there were losers. Now it’s summer and everyone’s resting... Talking to crypto venture capitalists these days feels a bit like talking to hockey players on...

Art by Mike Sullivan

Bankrupt Crypto Lenders Aren't a Blockchain Problem

By Akash Pasricha · July 6, 2022 2:31 PM PDT

Crypto has been really quiet this week (sarcasm!), so let’s get the headlines on paper first:Voyager Digital, a New York-based crypto lending company, filed for Chapter 11 bankruptcy on Wednesday. The company has $654 million in outstanding loans to Three Arrows Capital, the crypto hedge fund that a British Virgin Islands court ordered to... Crypto has been really quiet this week (sarcasm!), so let’s get the headlines on paper first:...

Three Arrows Capital Co-Founder and CEO Zhu Su. Photo: Bloomberg. Art by Mike Sullivan

What’s Next After the Three Arrows Meltdown

By Aidan Ryan · June 29, 2022 3:12 PM PDT

Three Arrows Capital Co-Founder and CEO Zhu Su. Photo: Bloomberg. Art by Mike Sullivan

What’s Next After the Three Arrows Meltdown

By Aidan Ryan · June 29, 2022 3:12 PM PDT

Hopes of a near-term recovery in crypto prices have all but vanished. Now, all eyes are on liquidity crises playing out at crypto lending firms like Celsius and BlockFi as well as the crypto hedge fund Three Arrows Capital.The latest: Sky News reported on Wednesday that a court in the British Virgin Islands has ordered the liquidation of Three... Hopes of a near-term recovery in crypto prices have all but vanished. Now, all eyes are on...

FalconX Chief of Staff Austin Reid. Photo: FalconX. Art by Mike Sullivan

FalconX Deal a Bright Spot in Bleak Market for Crypto

By Aidan Ryan · June 22, 2022 1:59 PM PDT

It’s been a rough couple of weeks for crypto companies as token prices have dropped, bellwethers such as Coinbase have laid off staff, and the crash in two cryptocurrencies—terraUSD and luna—has trashed confidence in digital assets. But some startups have been able to lock in new funding rounds or deals. FalconX on Wednesday said it raised... It’s been a rough couple of weeks for crypto companies as token prices have dropped, bellwethers...

Celsius CEO Alex Mashinsky. Photo by Bloomberg. Art by Mike Sullivan.

What the Celsius Freeze Could Mean for Crypto; Recapping Coinbase’s Turbulent Month

By Aidan Ryan · June 15, 2022 2:44 PM PDT

As crypto prices continue to plunge, all eyes are on big crypto investors and the lenders that helped speculative investors juice their bets. Trouble in recent days at crypto lender Celsius and crypto hedge fund Three Arrows Capital has placed the industry on edge just weeks after the implosion of the algorithmic stablecoin TerraUSD—in turn... As crypto prices continue to plunge, all eyes are on big crypto investors and the lenders that...

Galaxy Digital CEO Mike Novogratz. Photo: Bloomberg. Art by Mike Sullivan.

Crypto Recruiters Feel the Chill; Breaking Down the Digital Asset Bill

By Aidan Ryan · June 8, 2022 1:10 PM PDT

Over the past few weeks, we’ve been covering the downturn in crypto prices and how that’s affecting crypto companies. For some, it’s triggered layoffs and hiring freezes. But as my story on Tuesday this week shows, there’s also an effect on the broader ecosystem of firms that have helped facilitate the massive growth in the industry. For... Over the past few weeks, we’ve been covering the downturn in crypto prices and how that’s...

Art by Mike Sullivan

Why B2B Blockchain Startups May Fare Better in a Bear Market

By Akash Pasricha · June 1, 2022 4:11 PM PDT

Art by Mike Sullivan

Why B2B Blockchain Startups May Fare Better in a Bear Market

By Akash Pasricha · June 1, 2022 4:11 PM PDT

Stablecoins and decentralized finance have all dominated headlines in the past month. But ultimately, finance and payments still represent just one category of crypto startups. Founders are working on applying blockchain in several other ways, too. Stablecoins and decentralized finance have all dominated headlines in the past month. But...

Ken Li, executive director of investments and M&A at Binance. Photo: Binance

What Binance Labs Is Telling Founders Amid Downturn; Haun Ventures Adds to Deal Team

By Aidan Ryan · May 25, 2022 1:15 PM PDT

Investors haven’t been shy about warning founders that the next crypto winter is upon us—though most are spinning the downturn as a big opportunity for those that can weather the storm to come out even stronger. Andreessen Horowitz seemed to prove this logic right, at least as far as funding opportunities go, when it announced its mega new $4.5... Investors haven’t been shy about warning founders that the next crypto winter is upon us—though...

Stéphane Ouellette, CEO and co-founder of FRNT Financial. Photo: FRNT. Art by Mike Sullivan.

What the Crypto Meltdown Means for Latecomers

By Akash Pasricha · May 18, 2022 4:00 PM PDT

After stablecoin Terra USD (UST) and its sister token Luna both crashed last week, investors and founders are regrouping to wrap their heads around the longer term fallout. Sure, the stablecoin fiasco helped fuel a broader selloff that everyone saw front and center; the market cap of all cryptocurrencies is less than $1.3 trillion, down... After stablecoin Terra USD (UST) and its sister token Luna both crashed last week, investors and...

Coinbase CEO Brian Armstrong. Photo by Bloomberg.

Coinbase Plans For Crypto Winter; UST Stablecoin in Freefall

By Aidan Ryan · May 11, 2022 1:00 PM PDT

Coinbase is already feeling the chill from plunging crypto prices. But the exchange isn’t planning on going into hibernation during the next crypto winter. The company reported a drop in users and revenue in the first quarter, and said it expects that trend to continue in the current period as slides in token prices have traders heading for... Coinbase is already feeling the chill from plunging crypto prices. But the exchange isn’t...

Art by Mike Sullivan

Crypto-Friendly Funders to Finance Musk Twitter Bid; Block Bitcoin Revenue Falls

By Akash Pasricha · May 5, 2022 5:46 PM PDT

Art by Mike Sullivan

Crypto-Friendly Funders to Finance Musk Twitter Bid; Block Bitcoin Revenue Falls

By Akash Pasricha · May 5, 2022 5:46 PM PDT

Elon Musk is getting some help for his Twitter bid from a few crypto-friendly funders, which could add momentum to decentralize Twitter or move it to a blockchain. But with a recent report that Musk may seek to take the company public again in three years, it’s unclear if that ambition is realistic. A new Securities and Exchange Commission... Elon Musk is getting some help for his Twitter bid from a few crypto-friendly funders, which...

Photo: Bloomberg

The NFT Market May Not Be Doomed After All

By Akash Pasricha · May 4, 2022 6:23 PM PDT · 1 comment

Coinbase opened its NFT marketplace to the general public on Wednesday, after amassing a waitlist totaling nearly 2.8 million people. The launch coincided with the announcement by crypto exchange Kraken that it was opening a waitlist for its own NFT marketplace. All of these are meant to compete with dominant marketplaces like OpenSea, but they... Coinbase opened its NFT marketplace to the general public on Wednesday, after amassing a waitlist...

Crypto M&A Surges as Startups Become Targets—and Buyers

Crypto M&A Surges as Startups Become Targets—and Buyers

By Aidan Ryan · May 3, 2022 5:45 PM PDT

Last month, San Francisco-based checkout software startup Bolt announced that it was acquiring crypto and blockchain software startup Wyre for $1.5 billion. The deal got us thinking about the rise of mergers and acquisitions involving crypto startups since 2020. (Bolt, meanwhile, is facing challenges including declining revenue growth, my... Last month, San Francisco-based checkout software startup Bolt announced that it was acquiring...

A Bored Apes display at the Bored & Hungry restaurant in Long Beach, Calif. Photo by Bloomberg

crypto startups

Yuga Labs’ Metaverse Land Sale Underscores Pressure on Ethereum

By Aidan Ryan · May 2, 2022 6:44 PM PDT · 1 comment

It was a weekend of heavy traffic, and I’m not talking about cars. Two major blockchains, Ethereum and Solana, suffered significant disruptions due to a surge of transactions related to non-fungible tokens. The gridlock was so bad that one popular NFT creator has floated the prospect of building its own blockchain—underscoring the urgency of... It was a weekend of heavy traffic, and I’m not talking about cars. Two major blockchains,...

Robinhood CEO Vlad Tenev. Photo: Bloomberg. Art by Mike Sullivan

Robinhood Reports Drop in Crypto Revenue; Apollo Hires Ex-J.P. Morgan Crypto Banker

By Aidan Ryan · April 28, 2022 4:07 PM PDT

Robinhood CEO Vlad Tenev. Photo: Bloomberg. Art by Mike Sullivan

Robinhood Reports Drop in Crypto Revenue; Apollo Hires Ex-J.P. Morgan Crypto Banker

By Aidan Ryan · April 28, 2022 4:07 PM PDT

Is it finally safe to say the meme stock craze is dead?It was another rough quarter for retail brokerage and crypto trading firm Robinhood, which reported its first quarter results on Thursday. The company reported total net revenue of $299 million, a 43% decrease from the first quarter last year when the explosion of “meme-stock” activity led... Is it finally safe to say the meme stock craze is dead?It was another rough quarter for retail...

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