Market Analysis Report (19 Apr 2019)

Coinbase Reportedly Generated $520 Million in Revenue in 2018

San Francisco-based digital asset exchange Coinbase earned an estimated $520 million in revenue during 2018, according to a report from Reuters. The report revealed some rough calculations, or approximations, of Coinbase’s global revenue based on the exchange’s growth and expansion into UK-based markets. According to the news outlet’s estimates, Coinbase’s UK revenue grew by as much as 20% in 2018 to around €153 million (appr. $173 million).

The exchange’s UK arm, which books the firm’s non-U.S. revenue, accounts for almost a third of the firm’s overall revenue, said Coinbase UK chief executive Zeeshan Feroz. That suggests, according to Reuters calculations, worldwide revenue of around $520 million last year.

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IOTA Partners with EVRYTHNG to Launch IoT Applications

EVRYTHNG, an internet-of-things (IoT) platform that “activates every consumer product to make it intelligent, interactive and trackable,” has partnered with IOTA, a non-profit foundation which develops permissionless, distributed ledger technology (DLT)-based platforms.

The partnership between the two entities involves incorporating some of IOTA’s core technologies with EVRYTHNG’s Blockchain Integration Hub. After the integration of both technology platforms, consumer product brands will “have an easy way to rapidly test, scale and deploy IoT applications,” the announcement noted. Holger Köther, the Director of Partnerships at the IOTA Foundation, stated:

“IOTA’s distributed ledger technology moves beyond blockchain by enabling secure, feeless, data transfer and payments to advance IoT. Due to the nature of the supply chain and its lack of transparency and trust, IOTA’s Tangle technology is uniquely positioned to address these challenges. This partnership with EVRYTHNG clearly demonstrates how both consumer brands and their customers can benefit from greater transparency in the sourcing and manufacturing of consumer products.”

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South Korean Crypto Exchange Coinnest Announces Closure

Cryptocurrency exchange Coinnest, once South Korea’s third largest, is shutting down. The exchange posted a notice on its website saying that as of Tuesday it is no longer operating, adding that users will need to withdraw any funds held on its platform by April 30. The fees for withdrawals and the minimum threshold have been lowered to assist the process, the company informed. While the notice was vague as to the reasons for the closure, a Coinnest official stated:

“It is a natural result of a decrease in trading volume. Both regulatory issues and business decisions have served as a background for this decision.”

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