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Coinbase Overshoots 2017 Revenue Goal By 66% Making $1 Bln, Rejects Further VC Funding

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Gareth Jenkinson Coinbase Overshoots 2017 Revenue Goal By 66% Making $1 Bln, Rejects Further VC Funding 13680 Total views 332 Total shares NEWS America’s largest cryptocurrency exchange  Coinbase  reportedly made $1 billion in revenue in 2017, overshooting its 2017 revenue forecast of $600 mln by 66 percent,  Recode reports , citing “industry sources.” According to Recode, despite the peaked interest of outside investors, the company remains private and does not allow stock to be traded on secondary markets. The platform was swamped by an influx of new users looking to set up trading accounts as Bitcoin entered a  massive bull run  in November, 2017. Following the announcement of Bitcoin futures launch early that month on CME, Coinbase saw  100,000 new users sign up in just 24 hours . Although Bitcoin’s long bull run ended in the  week leading up to Christmas , its rise to an all time  high of $20,000 ...
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Brett King: Banking Will No Longer Be as We Know It

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Brett King: Banking Will No Longer Be as We Know It 2908 Total views 162 Total shares INTERVIEW Brett King is an author, speaker and radio host with extensive experience in the financial industry. He’s worked with  Deloitte , Center for Financial Services Innovation and Breaking Banks Radio. He’s also a Founder and Executive Chairman at Moven, a mobile banking app. King is an advocate for innovations in the banking system. The main idea he puts forth in his books, interviews, and speeches - most recently at  Money 20/20  October this year - is that banks are losing their dominance and we’ll most likely see a new era of “financial technologies without banks” services in the very foreseeable future. We decided to ask him how the banking future looks and whether  Blockchain  has anything to do with it. Cointelegraph: You believe that the banking system might become less relevant in the future. Why do you think that a...
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India’s Tax Man Knocks on Door of Cryptocurrency Exchanges; Seeks Identifying Information

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India’s Tax Man Knocks on Door of Cryptocurrency Exchanges; Seeks Identifying Information 11785 Total views 192 Total shares REGULATIONS India’s Income Tax Department, which falls under the Department of Revenue of the Ministry of Finance, began conducting surveys across the country on December 13, 2017. Investigators for the government agency visited nine exchanges spread out across Delhi, Bangalore, Hyderabad, Cochin and Gurgaon according to India’s  Economic Times . The publication also said that these surveys were undertaken under Section 133A of the Income Tax Act, which is for the purpose of gathering evidence. Tax authorities seeking identity information Business Standard  reported that the tax men visited exchanges with financial data and inputs already in their possession and wanted to know more about the workings of cryptocurrency exchanges in India. According to the  Indian Express , Section 133 A related surveys can be used for: “Gathering e...
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