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🌙 Coinbase Earnings Moon 🚀

🌙 Coinbase Earnings Moon 🚀

The company beat expectations with $1.6B in revenue – a 72% increase from the previous quarter.

Mike Gavela
May 02, 2024

Crypto Roundup - May 2

Coinbase has reported a substantial increase in revenue for the first quarter of 2024, driven by a significant rise in transaction revenue, which reached $529 million. This marks an 83% increase from the previous quarter, buoyed by heightened crypto asset volatility and enthusiasm surrounding Bitcoin spot ETF approvals. In another development, the Web3 publishing platform Mirror has been acquired by Paragraph and will pivot to a new social app named Kiosk. This shift reflects a broader trend of Web3 tools evolving to meet changing user and market demands. Finally, the cross-chain interoperability protocol LayerZero is preparing for an airdrop, drawing closer to the snapshot date, which is critical for determining participant eligibility.

Top Stories:

Coinbase Transaction Revenue Soars: Reached $529 million in Q1, driven by high crypto volatility and positive market developments.
Web3 Platform Mirror Acquired: Mirror sells to Paragraph, pivots to a new social app, indicating shifts in the Web3 publishing landscape.
LayerZero Nears Airdrop: The protocol approaches its airdrop snapshot, increasing anticipation among stakeholders in the crypto community.

FUNDRAISES

BREAKING: Pantera Capital invests in The Open Network, looking to capitalize on Telegram users
— The Block (@TheBlock__)
2:37 PM • May 2, 2024

Today, we're excited to announce:
- Paragraph is taking ownership of the Mirror product
- We’ve raised $5m from USV and Coinbase Ventures
We're thrilled to accelerate our mission of fundamentally changing how creators build & grow direct relationships with their audience.
— Colin Armstrong (@colinarms)
4:18 PM • May 2, 2024

OTHER HEADLINES

Jack Dorsey's Block Adding More Bitcoin to Balance Sheet, Presents Road Map for Others

The company announced the news alongside its first quarter earnings report on Thursday afternoon.

www.coindesk.com/business/2024/05/02/jack-dorseys-block-adding-more-bitcoin-to-balance-sheet-presents-road-map-for-others

BlackRock Sees Sovereign Wealth Funds, Pensions Coming to Bitcoin ETFs

The asset manager has been helping educate pension funds, endowments and sovereign wealth funds about the new spot bitcoin ETF products, BlackRock’s head of digital assets said.

www.coindesk.com/business/2024/05/02/blackrock-sees-sovereign-wealth-funds-pensions-coming-to-bitcoin-etfs

Terraform claims SEC offered ‘no evidence’ for $4.7B in disgorgement

Judge Jed Rakoff will listen to arguments by the SEC, Terraform Labs and Do Kwon on May 22 regarding disgorgement, interest and civil penalties in the civil case.

cointelegraph.com/news/terraform-sec-no-evidence-judgment

CRYPTO TWITTER (X)

Updated $EIGEN details:
- 100 $EIGEN allocated to all 280,000+ wallets
- Investor vesting doesn’t begin until $EIGEN transferability
- $EIGEN Transferability targeted for Sept
— DavidHoffman.eth/acc🦇🔊 (@TrustlessState)
11:14 PM • May 2, 2024

ENS Update 🧵: In 2023 Unstoppable Domains (UD) obtained a patent for technology ENS Labs developed as open-source. Today, we petitioned USPTO to challenge the validity of that patent, and to ensure the web remains a collaborative space. Here's why and what’s at stake.
— ens.eth (@ensdomains)
2:49 PM • May 2, 2024

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