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Coinbase Announces it WIll Go Public on April 14

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After months of speculation, Coinbase has finally set a date for one of the most anticipated events in the cryptocurrency ecosystem: its direct listing and the disclosure of financial results for the first quarter of 2021.

On April 1st of 2021. the Securities and Exchange Commission (SEC) declared effective Coinbase’s registration statement on Form S-1, enabling the cryptocurrency exchange to start trading of its Class A common stock on Nasdaq Global Select Market under the ticker “COIN”.

While the reference price is still to be announced and as such, investors will need to wait for it to be disclosed on April 13 according to Bloomberg, the exchange will be making its financial results for Q1 of 2021 public 8 days before the start of the direct listing, allowing potential investors to use it as a guide.

As 2021 has seen one of the biggest bull runs in the history of the crypto market, it is expected that the financial results will reflect the increasing popularity of the platform over the last few months, which is expected to be one of its best quarters.

While it has initially believed that Coinbase would be going public through an Initial Public Offering (IPO), as more information came to light it became clear it would be making use of a Direct Listing approach instead.

How Much is Coinbase Worth?

There has been much speculation on how much Coinbase is valued, with some experts valuing it somewhere between $90 and $104 billion as the result of analyzing part of the private share transactions that were taking place back in February.

On March 17th, Coinbase shared that the average price of private transactions was $343.58, valuing the company around $68 billion, significantly higher than its value in the last fundraiser in 2018 which saw it valued at $8 billion.

The information disclosed with the Financial Reports for Q1 of this year is sure to have an impact on the initial price of the shares, probably increasing it due to the success of the crypto market ever since December of 2020 and given Coinbase’s position on it.

The last financial report was published by Coinbase as part of the S-1 regulatory filing with the SEC, which showed the company had a total profit of $322 million during 2020. The revenue during the same period was over $1.2 billion, more than twitch those of 2019.

A Milestone for Crypto

Coinbase’s debut on Nasdaq will make it the first major cryptocurrency exchange to take place on Wall Street, which has become increasingly open to investing in cryptocurrencies after years of widespread skepticism.

While the use of a direct listing will allow the acquisition of Coinbase shares by interested parties, the offer will be limited by employees and investors who hold shares at this time and the interest in selling, which will prevent whales from acquiring them immediately upon listing.

The relationship between the crypto industry and the SEC has been bumpy over the last years as the entity issued complaints against Ripple and LBRY over the last months, becoming the target of widespread criticism among crypto enthusiasts.

With Coinbase going public, the cryptocurrency market is likely to gain more visibility and trust from institutional and private investors who have seen it as a highly volatile and risky investment with ties to shadowy activities, a perception that mainstream media has repeated over and over.

As the market capitalization of the cryptocurrency market continues to get closer to $2 trillion, news about crypto as a legitimate investment continues to normalize in news outlets that originally took a skeptical position, which is a reflection of the progress the crypto industry has achieved over the past years.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://blockonomi.com/coinbase-will-go-public-on-april-14/

Blockchain

Reef Finance’s Schedules Mainnet Release for May, Promises Polkadot Integration

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Reef Finance has announced that its Substrate-based mainnet will see the light of day in May 2021. Called Reef Chain, it promises to “make DeFi easy” by enabling developers to use a highly scalable and fully EVM-compatible network that’s integrated into the Polkadot ecosystem.

Reef Chain Coming in May

Reef Finance is a cross-chain DeFi operating system allowing traders to access liquidity from centralized and decentralized exchanges through its smart liquidity aggregator and yield machine. The project outlined the date for its long-anticipated mainnet launch in a press release shared with CryptoPotato.

According to it, Reef Chain will be launched next month after finishing the final checks of the current Maldives testnet. The precise date will “depend on the result of the rigorous tests being conducted right now, though the team is confident that they will be completed soon.”

Upon its release, Reef Chain will enable DeFi developers to produce scalable and EVM-compatible systems integrated into the Polkadot ecosystem. Reef’s new product will be rolled out as a standalone blockchain based on the Substrate framework. This feature will simplify the integration to the Polkadot parachain network.

The mainnet’s compatibility with EVM, meaning developers can write contracts in Solidity or Vyper and deploy them on the chain, and its ability to bridge with other blockchains, including Ethereum, should enhance its interoperability features.


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No Better Timing

Denko Mancheski, CEO of Reef Finance, outlined Reef Chain’s launch as perfect timing because of the “insatiable” demand for DeFi and the issues he sees with the current ecosystem. More specifically, those are the record-high transaction costs on the Ethereum network and even the struggling lately Binance Smart Chain.

Apart from promising scalability and deeper liquidity integration, Reef Chain is also “committed to helping out developers in their quest to bring their DeFi idea to life.” It plans to do so by enabling them access to Reef’s user base, network partners, investors, exchanges, and media.

“We know the struggles of up and coming developers all too well, and a lot of the time, technical skills are only a part of the equation. By tapping into Reef’s business network, DeFi builders will multiply their chances of success.” – concluded Mancheski.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/reef-finances-schedules-mainnet-release-for-may-promises-polkadot-integration/

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CEO of a Turkish Crypto Exchange Thodex Reportedly Runs Off With $2 Billion

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Nearly 400,000 users of a Turkish cryptocurrency exchange were left out of their accounts without being able to withdraw their funds. The platform’s website has been down for several days, while reports suggest its CEO has already fled the country with up to $2 billion.

Turkish Exchange Does a Rug Pull?

Bloomberg reported yesterday that Thodex, a Turkey-based crypto exchange, has ceased trading, citing an “unspecified partnership transaction.” The founded in 2017 trading platform issued a statement explaining that all services will remain shut down for about five working days. However, the message reassured customers that they shouldn’t worry about their funds.

Approximately at the same time, though, users started to complain about their inability to access their own assets. Some took it to Twitter to exemplify the absurdity of the situation.

More recent coverages asserted that the exchange’s chief executive officer and founder, Faruk Fatih Ozer, who refrained answering comments before, had fled the country.


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Users Alleging of Fraud

Upon the news of Ozer’s alleged escape from Turkey, users of the local exchange hired a law firm to file a complaint against Thodex. Oguz Evren Kilic, representing an unspecified number of Thodex customers, confirmed the development, saying, “we have filed a legal complaint on Wednesday.”

He speculated that the funds on the Turkish exchange could be worth “hundreds of millions of dollars,” keeping in mind that the user base is just shy of 400,000. A prosecutor in Istanbul has reportedly launched an investigation.

According to another report, Thodex’s CEO and founder has run away in Thailand with an estimated amount of roughly $2 billion.

It’s worth noting that Turkish authorities have already taken a steep approach towards the cryptocurrency industry. CryptoPotato informed last week of the country’s latest rule on digital assets, banning users from using them as payment instruments from April 30th.

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Source: https://cryptopotato.com/ceo-of-a-turkish-crypto-exchange-thodex-reportedly-runs-off-with-2-billion/

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Blockchain

Chainlink is uniquely placed to play this out in the market

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2021 has been a good year for Chainlink, the project growing leaps and bounds over the past few months. What’s more, LINK has continued to build on its foundations from last year, with the altcoin surging up the charts over the past few months. In fact, on the back of the wider market’s bullishness, LINK touched a new ATH on the charts just a few days ago.

At the time of writing, however, the aforementioned bullishness had given way to a wave of corrections, with the altcoin trading at a price level that was 18% away from its ATH.

Source: LINK/USD on TradingView

What does this mean then? Has LINK’s price rally finally exhausted itself? On the contrary, a closer look at factors such as ecosystem-centric developments, metrics, and technical fundamentals would suggest quite the opposite.

The most crucial of these ecosystem-centric developments came to the fore a few days ago when the project released the whitepaper for its next protocol upgrade – Chainlink 2.0. As the DeFi sector’s leading decentralized oracle provider, this is a significant development, especially in light of the inflows that have been moving into DeFi over the past few months.

The whitepaper in question proposed a roadmap of Chainlink’s future, one which sought to address the limitations that were part of the initial whitepaper. Smart contracts with limited functionality, for instance. According to a recent report by OKEx Insights,

“Chainlink 2.0 addresses these limitations by enabling hybrid smart contracts in DONs — allowing blockchain protocols to access off-chain data sources and perform off-chain computations.”

What’s more, 2.0 also seeks to make oracles much more scalable, with the addition of the ability to perform off-chain calculations and the introduction of a “transaction-execution framework for Decentralized Oracle Networks which processes off-chain transactions and oracle reporting.”

Finally, Chainlink 2.0 will also be a step towards strengthening privacy protections on the blockchain network with the addition of confidentiality-preserving adapters and support for confidential layer-2 systems.

Needless to say, this a major update, one that could have major repercussions on the value of LINK on the price charts. However, contrary to expectations, when the paper was first made public on the 15th of April, the altcoin’s market failed to react. In fact, it corrected instead.

Why? Well, because the rest of the market corrected too on the back of Bitcoin’s depreciation and fall below the $60,000-level. In doing so, what can be argued is that LINK’s price is yet to price in the aforementioned development. This means that when the bearish phase passes and consolidation ensues, there is potential for a lot more upside in the Chainlink market.

In fact, it can be hypothesized that LINK, more than most altcoins in the space, is better placed to see more upside in its price action in the near term. This, because despite how it has performed over the past week, LINK’s fundamentals remain pretty strong.

Consider this – According to Glassnode, the top 1% of LINK addresses now hold over 84.44% of the altcoin’s supply, a 3-year high. This finding is a testament to the accumulation trend in the Chainlink market, one that underlines the confidence the market’s whales have in the alt’s long-term credentials.

Source: Glassnode

Further, LINK’s Exchange Outflow Volume (7d MA) also touched an ATH of $3,753,855.00 recently, with the same suggesting that more and more people are now moving their crypto-assets off exchanges to HODL, with these unlikely to be sold anytime soon.

Here, it’s worth noting that in the past, whenever this metric has risen, the altcoin’s value has fallen on the charts immediately after. However, LINK’s price has also touched higher highs whenever recovery has ensued, meaning, this could be a sign to buy in.

Source: Glassnode

Finally, the number of active LINK addresses also surged to a 1-month high in the last 48 hours, despite the general market bearishness another sign of there being a lot of optimism associated with the alt’s price performance.

It’s no wonder then that many in the community expect the cryptocurrency to reignite its rally in the near term, especially since traditionally, the cryptocurrency has maintained a lower correlation with the king coin, when compared to the likes of Ethereum and Litecoin. This, coupled with its strong fundamentals, might allow LINK to surge again, independent of the rest of the market.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/heres-why-chainlinks-price-rally-isnt-over-yet

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