Coinbase Overshoots 2017 Revenue Goal By 66%

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.

 

Reference: https://cointelegraph.com/news/coinbase-overshoots-2017-revenue-goal-by-66-making-1-bln-rejects-further-vc-funding

50 Cent Makes Millions Selling Album For Bitcoin

Curtis “50 Cent” Jackson made a lot of money by being an early believer in Bitcoin, TMZ.com reported on Tuesday. After giving the cryptocurrency a chance 4 years ago, he is now reaping the benefits which amount to over $7 mln, according to current exchange rates.

The rapper is reported to have kept all of his bitcoins without selling them for years until 2018. During that time the cryptocurrency has grown immensely — with the current price set at around $11,000, Jackson’s 700 coins are now worth more than $7 mln.

Reference: https://cointelegraph.com/news/50-cent-makes-millions-selling-album-for-bitcoin

Canada Unable to Meet Electricity Demands of Bitcoin Miners

Canada’s Hydro Quebec will have to turn away cryptocurrency miners looking to setup operations in the province. The electricity supplier has been inundated with requests from cryptocurrency miners looking to setup operations in energy-rich province Quebec, according to Reuters.

Many miners, including giants like China-based Bitmain, have made it clear that they are looking to setup new mining operations overseas in countries with low power costs and surplus of energy. The crack down on cryptocurrency exchanges in China, as well as talks of power regulations applying to miners, has prompted miners to consider new sites to operate from.

 

Reference: cointelegraph.com

Katy Perry has joined the crypto craze

Perry’s nails are now decorated with 3D images of five cryptocurrencies superimposed over a background of US dollar bills: the currencies are Bitcoin, Ethereum, Litecoin, Stellar and Monero. The singer did not disclose the reasons behind her selection.

The post – captioned “$—CrYpTo ClAwS—$” – has managed to amass over 150,000 likes.

Perry has also tagged the Instagram accounts of all five cryptocurrencies – ethereum_updates, litecoinofficial, bit, stellarlumens and moneroofficial.

Reference:
https://cointelegraph.com/news/katy-perry-posts-her-new-crypto-claws-on-instagram

Coincheck has lost $400 Million in NEM Coins Hacking

How do you lose $400 million in crypto currency? That’s the question that one of Japan’s biggest crypto currency exchanges Coincheck is trying to answer. Coincheck’s co-founder Yusuke Otsuka said 500 million NEM coins worth about $400 milion were sent illicitly outside the venue. The news has spooked investors in Japan, where many investors are still wary of crypto currency exchanges 4 years after the Mt. Gox collapse, which was the world’s leading Bitcoin exchange at time, and Mt Gox hacking and collapse had crashed the price of Bitcoin by nearly 90% at that time from $1000 to $100 within a week. This new loss in Jan 2018 is one of the biggest of investor assets since Bitcoin’s launch. Japan’s Financial Services Agency is looking into the case.

Reference:
https://www.bloomberg.com/news/articles/2018-01-26/cryptocurrencies-drop-after-japanese-exchange-halts-withdrawals

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