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Coinbase public listing filing details 2020 revenue, major a16z stake

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As Coinbase plans to pursue a direct listing on the stock market, which would see its existing shares be traded on United States stock exchanges, the exchange has submitted an S-1 report to the Securities and Exchange Commissio, which details all the relevant data that would help investors conduct due diligence on the company.

The document represents the first time that Coinbase publicly revealed sensitive details like revenue and ownership structure.

The filing reveals that the exchange posted a direct revenue of $1.1 billion in 2020, a significant increase from $482 million in 2019. About 96% of this revenue is derived from transaction fees charged to users, with the remainder coming from subscription services. A further $136 million revenue was generated from sales of Coinbase assets to fulfill over-the-counter transactions.

The company’s operating expenses are significant. In 2020, they totalled over $880 million, with the majority being due to research and development, sales, and general administrative expenses. However, $135 million of the total expense is labeled as “transaction expenses.” The prospectus explains that these consist of blockchain miner fees and transaction reversal costs, as well as staking and verification expenses.

It is worth noting that the company actually lost $46 million due to operations in 2019, as its revenue of $533 million was not enough to cover its $579 million in losses, primarily due to administrative and development costs. For 2020, its net income amounted to $327 million.

For 2020, it is interesting to note that institutional trading generated most of its volume, though retail participation was stronger in the last quarter of 2020 than in previous months.

Crypto asset volatility compared with trading volume. Source: S-1 Filing

Finally, the ownership structure of Coinbase shows that its CEO, Brian Armstrong, only holds 11% of the company, though he has a larger share of Class B shares, which hold governance power.

Subdivision of equity within Coinbase. Source: S-1 Filing.

The filing shows that Marc Andreessen, general partner and co-founder of venture firm a16z, holds 24.6% of all Class A shares, which will be listed on stock markets. Fred Ehrsam, co-founder of Coinbase and now general partner at Paradigm Capital, still holds 11.4% of Class A shares, in addition to 9% of Class B stock. In total, executives and board directors individually hold over 53% of Class A shares and 54% of Class B shares.

The largest individual shareholder appears to be Andreessen and a16z, who are poised to benefit the most from Coinbase’s listing.

Source: https://cointelegraph.com/news/coinbase-public-listing-filing-details-2020-revenue-major-a16z-stake

Blockchain

MicroStrategy Directors Now Receive Board Fees in Bitcoin

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MicroStrategy, a publicly-listed company spearheaded by Michael Saylor, who’s arguably one of Bitcoin’s biggest proponents, will now pay the board fees to its non-employee directors in bitcoin.

  • According to a new filing with the United States Securities and Exchange Commission (SEC), MicroStrategy has modified the compensation arrangements for non-employee directors.
  • Per the document, they will “receive all fees for their service on the Company’s Board in bitcoin instead of cash.”
  • Going even further, the filing reads that “in approving bitcoin as a form of compensation for Board service, the Board cited its commitment to bitcoin given its ability to serve as a store of value, supported by a robust and public open-source architecture, untethered to sovereign monetary policy.”
  • As to the technicalities of the payments, the amount of the compensation payable to each non-employee director will remain unchanged and nominally denominated in USD. However, at the time of payment, the fees will be converted from USD into bitcoin using a payment processor and deposited to the wallets of the applicable non-employee directors.
  • With this move, the company cements its already bullish stance on Bitcoin and highlights its strong belief in the primary cryptocurrency and the technology that underpins it.
  • The company is also getting closer to owning almost 100,000 bitcoins.
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Source: https://cryptopotato.com/microstrategy-directors-now-receive-board-fees-in-bitcoin/

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ConsenSys-Backed Virtue Poker Closes $5 Million Strategic Investment Round

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Virtue Poker, a project backed by the blockchain mogul ConsenSys, has completed a strategic investment round of $5 million.

Strategic Investment Ahead of Mainnet Launch

The news comes ahead of the mainnet launch, which is scheduled to happen in May 2021.

Virtue Poker is the only blockchain-based company that’s received an official license from the Malta Gaming Authority, Virtue Poker has closed a $5 million strategic investment round led by notable investors ConsenSys, DFG Group, Pantera Capital, and Jez San from FunFair.

In a press release shared with CryptoPotato, the project’s CEO, Ryan Gittleson, said:

“After years of consultation, in-person meetings, and effort, Virtue Poker can proudly say we are the only licensed blockchain-based poker application in the market.”

The project tackles some of the pressing issues that are currently riddling major poker platforms by leveraging the capabilities of distributed ledger technology.


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“Blockchain technology provides modern and secure payment infrastructure that provides global accessibility to consumers, unlike our competitors.

By working with regulators to become a licensed online gambling company, Virtue Poker now has the legitimacy to crossover and compete for customers from legacy providers to bring blockchain-based wagering mainstream.”

The Virtue Poker team, as well as the Malta Gaming Authority (MGA), worked together for more than two years in establishing a regulatory framework that’s suitable for blockchain-based gambling applications. The company is now allowed to operate legally and compete in most global markets to deliver the promise of fair pair playing, as well as transparency to mainstream adoption.

What’s Next?

Next in the pipeline for Virtue Poker is the release of the mainnet, which is scheduled for May 2021. Phil Ivey, the legendary player and member of the Poker Hall of Fame, who’s also a stakeholder in Virtue Poker, said:

“I’ve been working with the Virtue Poker Team for over 3 years,” says Ivey. “Their innovative blockchain platform can be a major part of poker’s future.”

The project is among the first ones to be incubated by ConsenSys – it was founded not much after the debut of Ethereum.

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Source: https://cryptopotato.com/consensys-backed-virtue-poker-closes-5-million-strategic-investment-round/

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Litecoin, Dogecoin, Chiliz Price Analysis: 12 April

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Funding rates for many major altcoins were quite high, prompting that a shakeout to reset funding could occur sometime soon. On the spot trading side, Litecoin and Dogecoin saw heavy demand in the past few days as they flipped crucial levels of resistance to support. Chiliz continued to slide down the charts.

Litecoin [LTC]

Litecoin, Dogecoin, Chiliz Price Analysis: 12 April

Source: LTC/USD on TradingView

On the hourly chart, LTC formed a rising wedge pattern (white) and dipped from $228 to $217 before resuming its move upwards. The $220 area of demand lived up to its name, and the $230 and $244 levels have been flipped to support.

LTC was trading at $256 at the time of writing. The $270 and $287 are levels of overhead resistance.

While the Awesome Oscillator was forced to retreat to the zero lines, on longer timeframes, momentum was strongly bullish.

Dogecoin [DOGE]

Litecoin, Dogecoin, Chiliz Price Analysis: 12 April

Source: DOGE/USDT on TradingView

Dogecoin flipped the $0.062 level from resistance to support a few days ago and has seen strong buying volume since. The RSI reached into overbought territory and pulled back to 66 as DOGE also saw a pullback from $0.075 to test the $0.0716 retracement level.

A deeper retracement to $0.066 is also possible. After this correction, DOGE would likely begin another move toward $0.08, and some extension levels are plotted in gray.

Dropping beneath the 50% retracement level at $0.062 will see DOGE descend toward $0.05 once more.

Chiliz [CHZ]

Litecoin, Dogecoin, Chiliz Price Analysis: 12 April

Source: CHZ/USDT on TradingView

Chiliz was in a steady downtrend since reaching highs at $0.94. CHZ has support at $0.47 and $0.42, and a further drop could see demand step in at $0.37. However, there was no sign that CHZ was ready to begin recovery toward $0.9 again.

The A/D line showed strong, steady selling pressure on CHZ which has forced the coin to trend lower down the charts in recent weeks. It appeared to be only a matter of time before CHZ broke beneath the $0.4 mark.


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Source: https://ambcrypto.com/litecoin-dogecoin-chiliz-price-analysis-12-april

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