Coinbase To Cut 14% Of Workforce
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Launched in 2012, Coinbase (Nasdaq: COIN) is now the largest cryptocurrency trading exchange in the United States. The brokerage firm Robinhood Markets (Nasdaq: HOOD), launched in 2013, has also become very popular among crypto traders.
Morgan Stanley MS is rolling out cryptocurrency trading on its E*Trade platform charging 50 basis points per transaction, undercutting Coinbase COIN, Robinhood HOOD, and Charles Schwab SCHW. The Pricing War Begins Morgan Stanley’s 50-basis-point fee is about half of Robinhood’s 95 basis points.
Shares of crypto exchange Coinbase Global were up 3.4% in premarket trading after the company announced it would lay off approximately 14% of its staff. Chief executive Brian Armstrong said that the move comes as Coinbase aims to use artificial intelligence to become a leaner and faster company.
Morgan Stanley is rolling out crypto trading on E*Trade with lower fees than Coinbase, marking its first direct retail offering.
Coinbase (NASDAQ:COIN) stock currently trades around $191, while Wall Street’s average price target sits at $241. That implies an upside of roughly 26% from the current stock price to where analysts think the stock should be trading.
Coinbase has maintained a neutral outlook for the crypto market in Q2, citing persistent macroeconomic uncertainty while pointing to early signs of stabilization across major digital assets. Macro Forces Dominate Near-Term Outlook In its latest Charting Crypto report,
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Falling cryptocurrency prices led to weak results for Coinbase Global COIN, with net revenue falling 22.2% from last year to $1.71 billion. The company lost $2.49 per share, down from a gain of $4.68 last year. However, adjusted for cryptocurrency losses ...
U.S.-listed cryptocurrency exchange Coinbase has integrated trading protocol DFlow, allowing traders to exchange value across spot and prediction markets natively on Solana, the companies said on Monday.