Tech, Business, Finance and Everything Else
Coinbase (COIN) debuted on the Nasdaq stock exchange on April 14, 2021, through a direct listing, meaning no shares were sold at a pre-determined price. While Nasdaq provided a reference price of $250 per share, the stock actually began trading at $381 and closed its first day at $328.28 per share.
Sam Bankman-Fried, the founder of the now-bankrupt cryptocurrency exchange FTX, was found guilty on all seven counts of fraud and conspiracy on Thursday. The verdict marks a spectacular fall from grace for the 31-year-old, who was once hailed as a wunderkind of the crypto world.
Bankman-Fried was accused of misappropriating billions of dollars in customer funds from FTX to enrich himself and his associates. The prosecution argued that Bankman-Fried used the money to fund his lavish lifestyle and to prop up his other businesses, including the trading firm Alameda Research.
Bankman-Fried denied the charges, but the jury was not persuaded. After deliberating for just five hours, the jury found Bankman-Fried guilty of all seven counts, including wire fraud, securities fraud, and money laundering.
Bankman-Fried faces up to 115 years in prison when he is sentenced on March 28, 2024. His conviction is a major blow to the cryptocurrency industry, and it raises serious questions about the regulation of digital assets.
Report came out today that Coinbase (COIN) is currently in talks to acquire 2TMM, owner of Mercado Bitcoin, Brazil’s largest crypto exchange.
Mercado Bitcoin has reached 3.2 million customers in 2021, of which 1.1 million were added last year, with a trading volume of $7.1 billion in 2021.
Why it matters:
This gives Coinbase a very strong position in a market in which they have been struggling to gain traction. Brazil and South America overall is going to be a very important market in future for cyptocurrencies.