Robinhood’s Crypto Revenue Decreased in Q3 of 2022 by 12%
Plus the top crypto news this week from Stack
Hi everyone,
Here are this week’s top stories in crypto.
Huobi Delisted Husd Stablecoin, and It Fell 72% From the Dollar Peg, While GALA’s Price Sank by 30% Following a White Hack Attack
HUSD was once a popular stablecoin. However, it has fallen from its $15 peg by 72% after the cryptocurrency exchange known as Huobi made an announcement that it would delist the asset; Huobi also said that users would still be provided with the opportunity to exchange HUSD tokens for Tether (USDT), which is the largest stablecoin by market capitalization.
The price of the GALA cryptocurrency also suffered after reports of a $1 billion attack began circling the web. However, the attack was initiated as a means of safeguarding the network, where it aimed to prevent exploitation. It was constructed by pNetwork as the pGALA token was no longer considered safe.
GameStop NFT Marketplace Went Live on ImmutableX, While Steph Curry Filed a Trademark for the Curryverse
The non-fungible token (NFT) marketplace by GameStop went live on the blockchain platform known as ImmutableX. The NFT platform has been operating as a public beta since July 2022. However, this official launch will now enable users to access Web3 games currently being built on ImmutableX, including Gods Unchained, Guild of Guardians, and Illuvium, as well as additional NFT gaming assets.
Furthermore, the National Basketball Association (NBA) megastar Steph Curry will introduce his own version of the MEtaverse to the 650 million fans of the NBA, where there was a filing for a “Curryverse” trademark application on October 26. If approved, the United States-based trademark application, filed by SC30 Inc., will grant Curry exclusive rights for “entertainment services, namely, personal and virtual and metaversal appearances.”.
DBS Said That It Tested Blockchain DeFi Protocols for Forex and Bond Transactions, While Binance CEO Claims There Are Over $1 Billion to Spend
Singapore-based DBS Bank, which is the largest lender in Southeast Asia, made an announcement that it is one of the first banks to test trading of foreign exchange and government securities using permissioned decentralized finance (DeFi) liquidity pools through the utilization of a public blockchain. This is a part of Project Guardian, which will explore and test financial technology developments.
Zhao “CZ” Changpeng, who is the CEO and Founder of Binance, said that the cryptocurrency exchange might spend more than $1 billion on deals this year. He is considering targets, such as banks.
“There are people who hold certain types of local licenses, traditional banking, payment-service providers, even banks. We’re looking at those things.“ Zhao said in an interview at the Web Summit conference in Lisbon,
Robinhood’s Crypto Revenue Decreased in Q3 of 2022 by 12%, While Coinbase Lost $545 Million and 500,000 Customers in Q3
Robinhood experienced a cryptocurrency transaction revenue decrease of 12% to $51 million throughout the third quarter of 2022. However, the company did report growth in other areas, where it saw lower-than-expected net losses. Furthermore, Robinhood also listed new crypto assets and extended access to the self-custodied crypto wallet throughout the quarter.
Coinbase reported that in the third quarter of 2022, they lost $545 million. Furthermore, when it comes to the user count, the company lost 500,000 users and now sits at 8.5 million users. Coinbase has now put its focus on building subscriptions and services revenue, such as Coinbase Pay, its merchant crypto payment technology offering.
Crypto Influencers Might Face Market Manipulation Charges
The European Union has begun preparations for deploying the Markets in Crypto Assets (MiCA) bill. This bill was finalized in September of 2022, and European Parliament officials voted 28 to 1 in favor of the legislation in October.
However, this bill needs to pass one final vote and covers everything from stablecoins to cryptocurrency mining and even non-fungible tokens (NFTs) and money laundering. There are also clauses that could affect crypto influencers. Specifically, crypto influencers commenting on social media without a disclosure could end up in trouble, and if they are deemed to profit from the efforts of their actions, this will be considered market manipulation in the EU once MiCA is in force.
Thanks for reading,
James