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Coinbase COO Asiff Hirji says IPO will not happen soon; primary focus is on diversification of revenue streams

Akash Anand

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Coinbase COO Asiff Hirji says IPO will not happen anytime soon
Source: Unsplash

In a recent interview, Asiff Hirji, the Chief Operating Officer of Coinbase, spoke about the various factors involved in the cryptocurrency exchange’s growth and the much-talked-about Initial Public Offering [IPO] of Coinbase that has been doing the rounds for the past week.

Hirji, who also holds the position of President, stated that Coinbase was approached by a high-quality investor base who ‘wanted to invest in the best name in the space’. Coinbase, which is the world’s largest cryptocurrency exchange in terms of users, has made multiple headlines recently after the launch of various products and developments.

The COO, speaking to Bloomberg, stated that the recent investments by Tiger Management, Andreesen Horowitz, and other parties are a way to build the next phase of the company. The Coinbase official also stated that the concept of cryptocurrency custody is important and the inclusion of projects such as the Coinbase Custody is aimed at diversifying the company’s revenue streams. He went on to say:

“It is great that companies are jumping into the crypto space with us. They wanted to partner with someone who was making sure developments was occurring and who could disrupt the industry. The new partnerships also gives more predictability and profitability to the organizations as a whole.”

Hirji then talked about the all-important IPO that has excited the participants in the cryptosphere. He said that for Coinbase, the concept of launching an IPO is the last priority. He assured users that the company will go public, but not anytime soon. According to him, the main focus right now was on diversifying the revenue streams and ensuring the financial point of view of the company is not distorted. In Asiff’s words:

“Even though the IPO is not going to happen anytime soon, our main focus is to change the company’s fee structure. Right now, all our revenue comes in from transactions, but that will change soon.”

The discussion on Coinbase’s IPO stemmed from the company’s confirmation on October 30 that several parties, including Tiger Management, will be party to the Series E funding of the $8 billion-valuated IPO. The exchange itself had stated that they would be contributing $300 million into the funding round. Coinbase had said:

“Coinbase is and will remain, a crypto-first company. More than anything, we’re proud of the millions of people that have turned to Coinbase as their entry-point into crypto. We take that responsibility very seriously. We strive to be an easy, trusted way for anyone to get started with cryptocurrencies.”


Analysis

XRP/USD Technical Analysis: Sideways movement to end as breakout imminent

Priyamvada Singh

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XRP/USD Technical Analysis: Sideways movement to end as breakout imminent
Source: Pixabay

As the cryptocurrency market switches their allegiance between the bull and the bear, XRP is painted red at the moment. The token is slumped by more than a percent wherein the coin is trading at $0.3 with the market cap of $12.4 billion. The 24-hour trading volume is calculated at $305.8 million.

1-hour

XRP 1-hour candlesticks | Source: tradingview

XRP 1-hour candlesticks | Source: tradingview

In the 1-hour price chart, the downtrend is ranging from $0.315 to $0.311 whereas the uptrend is extending from $0.301 to $0.308. A clear possibility of a trend breakout is visible as the prices are packed tightly, ready to explode in either direction.

The Parabolic SAR is bullish on the cryptocurrency as the dots have assembled themselves below the candles to support the bull.

The Aroon indicator is showing a greater strength in the downtrend, which is a bearish sign for XRP. However, it can be observed that the red trend is losing its power and crashing.

The Awesome Oscillator is slightly bullish on the coin as the bars have turned green at present.

1-day:

XRP 1-day candlesticks | Source: tradingview

XRP 1-day candlesticks | Source: tradingview

In the 1-day timeline, the downtrend is stretching from $0.51 to $0.31 whereas the uptrend has been observed from $0.27 to $0.3. A trend breakout is not visible as of now.

The Klinger Oscillator has made a bullish crossover by the signal line. This indicates that the reading line is traveling in favor of a green trend.

The RSI is extremely bearish on the cryptocurrency as the indicator has crashed to the bottom of the graph. A trend reversal is not expected as well, as the reading has not hit the oversold zone.

Conclusion:

In this technical analysis, it is clear that the indicators are giving a mixed sign, advocating for a sideways trend. However, since a trend breakout is predicted in the shorter timeframe, a bullish win might take over the price chart.


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Monero [XMR]’s Riccardo Spagni: BAT is lot more centralized than they purport it to be

Priya

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Monero [XMR]s Riccardo Spagni: BAT is lot more centralized than they purport it to be
Source: Unsplash

Monero’s lead developer, Riccardo Spagni aka fluffypony, spoke about Basic Attention Token [BAT], elucidating why he considers it to be centralized in the latest episode of Magical Crypto Friends.

Basic Attention Token is the digital currency used for rewarding content publishers and users for paying attention to the content, a break-through in the digital advertising sector. This also provides advertisers with more in return for their advertisements. For the very same purpose, Brave Browser browser monitors the users’ attention, while ensuring that the data does not leave the users device.

However, the Spagni stated it has a loophole on Twitter:

“I just found out that BAT has a nice loophole that lets them steal funds from users. Permissionless scamovation indeed! […] Users are NOT going to go & buy BAT when their airdropped tokens run out, no matter how slick. There’s simply too much friction. Consider what happens RIGHT NOW when most people hit a paywall: do they (1) disable their ad blocker, (2) pay the publisher, or (3) just close the tab?”

This was followed by a Twitterati, Patrick, stating that the BAT ecosystem is designed to work in manner wherein the advertisers purchase the tokens and then use them to buy advertising space on the browser. He further stated that users will earn 70% share of the revenue if they agree to view the ads, adding that they will be paid in BAT for their attention and can tip this BAT to their preferred content producers.

To which, Spagni said:

“I understand that part of it, and I think it’s safe to disregard it as (1) it’s going to be gamed making it a race to the bottom for ordinary users, & (2) very few people want to see a plethora of ads even if they’re getting paid. I also think the browser lock-in is shortsighted.”

To counter this statement, Patrick attached a tweet of Brendan Eich, the co-founder and CEO fo Brave, wherein he has remarked that Brave uses Uphold for KYC/AML process, which is required for users to be able to withdraw their funds. This is so that “the threat is DoS not theft by fraud”.

The founder added that they make use of Proof of Browsing and “buffering on the device and in a settlement, allowing anti-fraud/Sybil attack analysis and BAT claw-back”.

In the episode, Spagni stated that he found it interesting that it is “a lot more centralized than they purport to be”, adding that this is true when it comes to a lot of dApps. He further stated:

So I was having this debate on Twitter with a bad show and I said okay but that’s gonna be gained at some point you know someone’s gonna figure out the heuristics and they’re gonna have like right a bunch of bots that are gonna be indistinguishable from real humans […] it’s going to appear to be real browsing and they’re gonna airdrop these tokens onto them”

Following this, Spagni spoke about Proof of Browsing, which will determine whether the ‘attention’ is true or not, whether it is a  human or a bot, and callback if a person is taking advantage of the system. The developer stated that if a user fails to complete the KYC/AML process and Proof of Browser, then the money is taken back from the user.

“I mean it’s not it’s not yours yet because you haven’t withdrawn it, is their theory but at the end of the day that’s no different from a database because you know they’re controlling everything, they’re controlling the influx of supply into the market, they’re controlling whether or not somebody legitimately earns that […] but the reality is it’s a centralized system”


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