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The Paradoxes of Coinbase
And Coinbase, compared to FTX, was a boring and bloated casino. It had fifteen times the number of employees FTX did, and only about a fifth of FTX’s volume. Charging retail investors fees between five and fifty times what FTX charged, it was still running big losses. Even so, it was a public company, with a market capitalization of more than $75 b
... See moreMichael Lewis • Going Infinite: The Rise and Fall of a New Tycoon
The strategy was something like the opposite of Binance’s. When FTX launched, in May 2019, Binance was merely one of a handful of crypto exchanges with roughly the same market share, of roughly 10 percent. One of those, BitMEX, soon ran afoul of the US Department of Justice, for “willfully failing to establish, implement and maintain an anti-money
... See moreMichael Lewis • Going Infinite: The Rise and Fall of a New Tycoon
Coinbase lets people buy and sell cryptocurrencies, but in every other way, it’s like a centralized exchange on which you’d trade equities, bonds, currencies, or commodities.
Packy McCormick • The Dao of DAOs - Not Boring by Packy McCormick
Coinbase, the exchange that serviced the greatest number of US customers, appeared willing to take more regulatory risk. It listed roughly five hundred coins, including some that the SEC pretty clearly viewed as securities, and its CEO, Brian Armstrong, took to Twitter to criticize the regulators for “sketchy behavior.” Coinbase itself had no excha
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