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Coinbase to cut jobs by 20%, and Cameron Winklevoss pens new letter to DCG board: CNBC Crypto Worldt

CNBC Television

Updated on Jan 17,2023

Coinbase to cut jobs by 20%, and Cameron Winklevoss pens new letter to DCG board: CNBC Crypto World

today coinbase Cuts 20 of its staff in a,second major round of layoffs,ftx's chief engineer reportedly looks to,cut a deal with prosecutors and what's,going on with Genesis grayscale and,their parent company digital currency,group David seamer of wave Financial,weighs in,welcome to cnbc's crypto world I'm,Tanaya McKeel it's a day of green for,crypto markets by noon Eastern Bitcoin,Rose to 17 300 ether continued trading,above thirteen hundred dollars and,cardano ticked higher to 32 cents,let's talk about the top stories first,coinbase is cutting a fifth of its,Workforce to right-size its business for,the bear Market the crypto exchange,plans to slash about 950 jobs and it's,the second round of sweeping layoffs the,companies announced in the past year,back in June coinbase cut 18 of its,staff saying the company grew too,quickly during the bull market and that,it needed to manage costs in a phone,interview with CNBC coinbase's CEO Brian,Armstrong partly blamed the implosion of,FTX for the latest round of layoffs,the cuts will bring coinbase's operating,expenses down by 25 and the company said,it expects losses to be within the 500,million dollar guard rail at set last,year,coinbase's shares jumped 4.3 percent by,noon Eastern after the announcement,next fdx's former chief engineer nishad,Singh is hoping to strike a cooperation,deal with Federal prosecutors that's,according to a report from Bloomberg,which cited people familiar with the,matter seeing hasn't been accused of,anything but he reportedly met with the,southern district of New York last week,and Bloomberg notes that in such,meetings people are usually granted,limited immunity to share any,information they have Singh was,instrumental in writing the software,that built ftx's crypto exchange and,bankruptcy court documents show he,received more than 500 million dollars,in loans from Alameda research finally,Cameron winkelvoss is speaking out once,again over the challenges between,Genesis and Gemini in an open letter to,the board of parent company digital,currency group Winklevoss claims,customers of its earned service were,quote defrauded by Genesis dcg and its,CEO Barry silbert William kovas goes,even further saying that silbert is,unfit to run the company and that there,is no path forward with him at the helm,dcg responded to the letter on Twitter,saying quote this is another desperate,and unconstructive publicity stunt from,Cameron Winklevoss to deflect blame from,himself and Gemini who are solely,responsible for operating Gemini earn,and marketing the program to its,customers,about a week ago Winklevoss wrote,another open letter in which he accused,silbert of bad faith stalling tactics,over Frozen funds owed to the crypto,company and its customers,okay for our main story we're sticking,with digital currency group crypto,world's Jordan Smith spoke with David,seamer who's the CEO of wave financial,and says the company's done business,with Genesis the two of them spoke about,what's going on at dcg and the,implications of a potential bankruptcy,okay so I have to begin with the news on,Friday Bloomberg reporting that the dcg,is being investigated by U.S officials,over internal transfers and I'll make it,clear that no one is accused of criminal,conduct right now but the pressure on,the company is growing so what's your,reaction to that probe I would have been,shocked if there wasn't a probe the with,everything that's happening crypto all,the new scrutiny that's coming out,um especially what you know this is,something who sounds like more from what,happened back in May June uh when 3ac,and a lot of other people you know kind,of uploaded,um so it's totally logical I mean as a,is a crypto fan I've been waiting for,the SEC to actually get more involved in,some of these problems because it,actually is kind of necessary not that I,know that what they'll do will be,actually helpful but it's important that,all these investigations happen and,there clearly has been a lot of,wrongdoing focusing on dcg and some of,its businesses for right now let's talk,about Genesis first the company laid off,30 of its staff recently it's it's,shutting down its wealth management,business just how dire or does the,situation look there for that company ah,really dire and I would I would put that,more in the the dcg diet or not just,Genesis and the whatever HQ was so I,mean we were actually like in 2021 and,by the first part of 2022 we were the,largest counterparties that they told us,with Genesis did a lot of trading with,them and I actually don't know why they,didn't lay off more employees from the,Genesis side like they called us right,after the FTX news and they basically,started talking about how Genesis might,be bankrupt and they actually want to,keep working with them like you know do,we trades for them and we're just like,what are you talking about you're,announcing you're going into bankruptcy,like how would that even work like you,want me to I said sure you know we do,have some

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Coinbase Facing More Trouble | Bitcoin Looking To Break Out
SVB MoffettNathanson's Lisa Ellis on Coinbase: We assume the crypto market begins to recover in 2024
More HORRIBLE NEWS For Coinbase Users
ANOTHER FTX COLLAPSE? HUGE CRYPTO NEWS!!!! #COINBASE #CRYPTO #CRYPTONEWS
Why Twitter, Redfin, Coinbase are rescinding job offers
Coinbase’s ‘business model is defunct’ amid crypto winter, analyst says
Coinbase to lay off 20% of workforce, stock rises premarket

Coinbase Facing More Trouble | Bitcoin Looking To Break Out

welcome back to cryptos are awesome,George we're all George there's the,market Bell,you know what today is looking like a,pretty good day even though futures,was indicating red but now Market has,turned green and Bitcoin looks like it,wants to continue heading higher so,let's talk about these things and let's,talk about what's going on with coinbase,yes we got more drama with coinbase are,they in trouble well,let's take a look let's take a look so,good morning guys welcome welcome you,can see right now bitcoin's at 17 3,looks like it wants to head right back,up and like I said this morning we,started off in the green and that's,awesome that is awesome a lot of people,were fearful this morning about what,this guy Paul is going to say and,basically he didn't say a whole lot I,mean this conversation is still ongoing,so maybe he says more stuff that's,that's damning and causing the markets,to go down uh kind of like this uh but,hopefully not hopefully not but so far,it's been reported that hey uh whatever,they're doing,seems to be working he's talking with,other Central Bankers around the world,he does stress that you know some of the,stuff that he does may not be popular,especially with the politicians but you,know what that's how it's supposed to be,he's supposed to be neutral party and,and do what he thinks is best for the US,economy right so far that's what's been,said,um but again there could be more things,coming out uh later on now what else is,going on today well I think this is,pretty big basically Microsoft is going,all in on chat GPT so if you're Google,right now you should be paying attention,Microsoft is basically buying them out,they're putting in 10 billion dollars 10,billion with a B right even though after,this funding the company would only be,worth about 29 billion so normally with,these funding rounds you put in you know,10 million 100 million whatever to make,a company equal,whatever they're evaluated at right but,they're they're putting 10 billion out,of the 29 billion and they will take 75,percent of profits until they recoup,their 10 billion and then they would,assume a 49 stake in open AI okay so,this is absolutely huge the reason being,Microsoft has spent way more than 10,billion dollars every single year to try,to compete with Google and they have,failed for over a decade Bing makes zero,traction against Google because it's,just garbage that's just how it's been,no matter what Microsoft could not,replicate the algorithm that powers,Google search,but now they have they think they have,an edge because chat gbt does more than,just search it actually tells you,right it's not just like Hey how do I,write an article it's saying write this,article about there's a big difference,Chachi BT basically will make it so that,you don't even have to do research,anymore you don't even have to think you,just tell it to write and you could tell,it to write,to a 50 uh a five-year-old or to a 15,year old or a 50 year old it could also,write in different languages I mean the,potential is endless this is why,Microsoft is going all in on chat gbt,and this could really disrupt things in,the future and Bing will be powered chat,gbt later this year and we'll see how,good that is but that's a huge huge,investment going all in Google they,better be working on something behind,the scenes that's equivalent to this,um what else is there,well the U.S House passes a bill to cut,funding for 87 000 new IRS agents I,think everyone,I think everyone is cheering for this,because you know there was there was,talks about of course hiring 87 000 new,IRS agents it would cost uh,us the taxpayers 80 billion dollars,which of course is not going to help,not really going to help with inflation,when you know when there's 80 more,billion that needs to be printed and,eventually you know we have to pay the,taxes on it and plus you know this whole,notion about how all the 87 000 new,agents will only target the super rich,we you know that's not true you know,that's not true they're targeting,everyone right so now they're trying to,the house is trying to repeal this after,a new speaker was elected right they're,trying to get rid of at least 71 billion,dollars out of the 80 billion that's,that's going towards this right so I I,think this is a win I don't think anyone,thought that this was a good idea but,there you go there you go,um all right now as for a coinbase well,more bad news coinbase laid off 20 of,their staff last year were actually 18,close to 20 now they're laying off,another 20,000 no not twenty thousand twenty,percent that'd be they don't even have,20 000 employees uh but 20 percent of,their Workforce so they're they're,laying off people left and right uh,yesterday coinbase stock actually did,really really well I think at one point,it was up like 14 but today I mean,they're still up the whole Market is,going up so that's good but this is due,to the fact that coinbase just they,don't have the market share they don't,have the vol

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SVB MoffettNathanson's Lisa Ellis on Coinbase: We assume the crypto market begins to recover in 2024

svb Moffett nathanson's Lisa Ellis who,joins us alongside our very own Kate,Rooney who got those comments from Brian,Armstrong to help break down this name,Lisa let me start with you you got to,justify to our audience how you get to,that 200 price Target what kind of,growth does that assume in the year,ahead it's certainly not coming from,Trading volumes revenues profitability,like it has in the past amid this crypto,winter and all the FTX Fallout,yeah that's true so we assume we do,assume that the crypto Market begins to,recover in 2024 consistent with this,prior Cycles typical historical crypto,Cycles have been about three years you,know so if 2021 was the last Peak year,then we put you know a recovery in 2024,although one not anywhere close to what,we've historically seen and on that,measure which is on an outlook for 2024,that's a little bit above 2021 we're,only a 200 price Target is only about,eight times ebitda in that year which,just to put it in perspective high,growth names that I cover like a block,are over 30 times ebitda so meaning you,know we could be wrong by 4X and it,would still be evaluation similar to,that level so it just gives you a sense,that like if you believe in the crypto,cycles and that crypto will recover and,that coinbase is fine as their 8K today,indicated you know that if you've got,you know the strong stomach and can,handle this level of like deep,volatility and bottoming in the market,there will be tremendous upside when we,come out on the back of this which we're,anticipating hopefully will be toward,the end of this year but that's a bit,you know uncertain of course and it,still begs the question Kate where that,Revenue where that growth is going to,come from because that trading Revenue I,mean at least the fees they're never,coming back you've got Finance in the,market slashing fees more competition,um and if coinbase is cutting now who's,developing these next products that's,going to you know develop the crypto,economy that coinbase talks about and,that's been historically the Bold case,for coinbase that they'd be able to,diversify away from Trading Revenue,they've conceded that yes eventually,trading fees will be compressed and they,say that they're gearing up for that,Brian Armstrong the rest of the,executive team have really made the case,since the IPO that this you like Lisa,said you need to have a strong stomach,it's going to be volatile they've talked,about other Cycles in crypto Winters and,said that you really got to believe in,their strategy long term and he likened,it in this scenario to the.com era the,boom and bust and the internet companies,that made it through that were more,disciplined on cost which is really what,they're trying to do now and obviously,everybody wants to be Amazon in the end,but they're making that case to,investors that we are tightening our,belts we're going to make it through,this and we were the best positioned in,the Market at this point which has been,is now sort of the new bull case that,they're going to be able to rein in,spending which they're showing with some,of these uh Cost Cuts and stock based,compensation was a huge expense for them,absolutely and So Lisa if you're,assuming then that coinbase is going to,kind of emerge from this crypto winner,it's going to survive and even thrive in,the long term the next cycle is going to,look very different though isn't it I,mean yes it's the most regulated the,most transparent play but this industry,um does that make it a profitable,business or is the next winner going to,come from somewhere else is it going to,be a private company that isn't going to,have to build with with all of those,regulations or scrutiny in place,so you're I don't know that we believe,necessarily that crypto trading which,has been the big kind of killer use case,in this cycle is going to be the the,killer use case in the next cycle but,coinbase is as Kate highlighted rapidly,diversifying their business away from,the dependency on trading and really,focusing on simply being an,infrastructure provider for the,ecosystem regardless of what use case it,is so this could be nfts so you know,digital asset transfer and ownership,which there's a huge amount of,enthusiasm behind in the industry this,could be using crypto for like the,boring but but you know sort of at least,a quick question you say they are,diversifying are they or are they just,trying to I mean Kate too is there,Revenue coming from significant Revenue,coming from other places in the company,so there there's been subscription and,services Revenue that they've tried to,move towards also institutional trading,but one question going forward they've,talked about during in this round of,layoffs also cutting another place is,insane some of the projects that were,more ambitious that aren't showing the,more near-term promise they're also,scaling back on so they're going to have,to balance cutting costs not necessarily,investing in some of the the growthier,maybe moons

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More HORRIBLE NEWS For Coinbase Users

y'all may have noticed that over a,million dollars have poured a billion,dollars excuse me have poured into the,market cap of coin coinbase's publicly,traded stock uh and I'm gonna tell you,why that's not necessarily good news,that you might think especially if,you're a user of coinbase also we're,going to talk about some unfortunate,news for Celsius users these guys are,just like getting one hit after another,anyway if you guys are enjoying these,updates as unfortunate as they are I,think it's really important to pay,attention to how this space is,developing because we're seeing Two,Worlds Collide the centralized and the,decentralized and paying attention to,these developments will make you a,better investor on how you're making,your investment decisions so anyway hit,like if you appreciate that hit,subscribe because we're putting out,videos every single day and if you want,to know even more what we were doing,with our cryptocurrencies like portfolio,updates Market updates trade alerts and,etc,etc uh Toby and I are we've had the CT,Club so there's a link for that down,below in the video description so let's,talk about coinbase so race recently the,New York regulator slapped coinbase with,a fine for like something to the tune of,a hundred million dollars or at least,that they've settled for a hundred,million dollars because coinbase is,being accused of not having,strong enough background checks for,people who are creating accounts there,and they've settled by giving The,Regulators 50 million dollars and also,using another 50 million dollars to,bolster their compliance techniques,tools what does that uh and so that's,why a billion dollars is now been poured,into the stock market uh market cap of,coin is because now those traditional,investors feel like there's more,confidence in coinbase because they're,so compliant they're so regulatory,compliant on the other side of this the,people who are actually using coinbase,are going to experience far more,barriers of Entry to either create an,encounter or to continue to have an,account there you're gonna have to Fork,up a lot more of your personal,information that either maybe they're,willing to or even able to provide and,don't forget that this information is,extremely sensitive and private and uh,any any collection of this type of data,of your investment uh activities your,personal identifying information time,that to you and your Investments being,stored by some third party whoever,they've chosen to store this information,is number one a threat to your privacy,number two a threat to your security and,also let's not forget that what's,happened with Celsius and also FTX these,users who are on exchanges I'm not,saying that coinbase is going bankrupt,but there is always that possibility,nothing is impervious to the fallacy of,centralization especially centralized,exchanges so if coinbase does declare,bankruptcy all of this information that,they're now collecting because when you,use centralized platforms you are the,unsecured creditor means that you're,that in the unsecured creditor at the,time of the Court proceedings your,information becomes public record,because the court proceedings and that's,what's happening with Celsius users and,FTX users even though,these poor people they lost all their,money that they were entrusting to,someone else uh now also they're,basically,being like uh completely exposed to the,amount of money they're investing their,names and the type of account that they,were in and the type of transactions,they were sending all that information,that makes you feel disgusted to think,that it's going to be public knowledge,because a judge has deemed it to be so,so that's what's happening with coinbase,so just be warned if you're a coinbase,user,um now we're going to talk about Celsius,recently a judge believe it or not has,granted 4.2 billion dollars of user,funds to be the property of Celsius,so they're literally making it legal for,them to take their their users funds uh,is it because of the terms of service,that these users agreed to at the time,of depositing their coins onto Celsius,they weren't actually depositing coins,onto Celsius they were lending Celsius,their coins and maybe because of the,terms of service and this legal jargon,that no one ever reads the terms of,service let's be real who like maybe,point zero zero five percent of people,ever read this and that's what they were,actually agreeing to what kind of,precedent does this set for Voyager for,FTX users for anyone who has been,wronged by a custodial platform and,they're losing their coins is this,really a precedent that you want to see,is that a judge is actually going to say,yeah actually uh your coins although you,you were told that they were still yours,you were advertised a certain way you're,misled to act in a certain way it's,actually legally their funds so,self-custody as best you can if you want,to know how and why and all those good,things check out the links to the videos,

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ANOTHER FTX COLLAPSE? HUGE CRYPTO NEWS!!!! #COINBASE #CRYPTO #CRYPTONEWS

today one of the biggest crypto,exchanges coinbase is laying off 20 of,their staff they're also warning a,further contagion in the crypto market,so what this means is that the CEO of,coinbase believes there's going to be,some type of catastrophic event in the,crypto market like there was for FTX,last year this year that's why he's,laying off more people he believes that,cryptos are going to struggle this year,but we have some information to,disapprove what this guy is saying and,that it is false and not to panic so,we're going to be going over this,particular information what it means for,the crypto market and how cryptos are,actually going to perform and why,they're going to perform the way they,are going to do so this year so make,sure you stick around to the very end of,this video it's going to be a short,sweet and get to the point so what we,can see here ladies and gentlemen is if,we go to the crypto Market we can see,cryptocurrencies are looking very very,very bullish cryptocurrencies ever since,the start of this new year which marks,this exact area about right here we can,see ever since the new year has started,cryptos have only gone up this refers to,every single cryptocurrency Dogecoin,Solana Shiba Inu Gala these all coins,are mooning and they are pumping and,looking very very bullish and there's a,lot of reasons why this is actually,taking place but let's get into this,article so the CEO of coinbase lays off,20 of the staff and he warns our further,contagion in the crypto market now they,already took out a whole bunch of people,last year uh in coinbase because the,crypto Market was crashing all last year,and the reason why companies like FTX,and other companies were firing people,like coinbase and many other crypto type,of companies and exchanges they're,firing people because there's not a,whole bunch of interest in,cryptocurrencies as there was the last,several years and we are in entering,into some whatever recession the stock,market has been crashing everything has,been kind of brought down because of the,FED raising interest rates and that has,really killed the investing market for a,temporary period of time so when there's,not a lot of volume coming into the,crypto Market when there is not a lot of,trading as there used to be they don't,need all the employees that they did,have when there was crazy bull markets,when things were pumping like crazy they,don't need all those people right now,but this doesn't mean anything regarding,the cryptocurrency market this year just,because a company wants to cut down the,amount of people that they're working,for they don't need to hire them they,don't need to be paying these extra,people because the amount of volume that,the work is not needed right now so,they're laying off people this doesn't,mean anything bad for the crypto Market,but what we can see here is that as I've,been showing you cryptocurrencies are,recovering we're going up right now and,we are going up this week particularly,because we have CPI coming out this week,everyone is anticipating that inflation,is going to be coming down much faster,than expectations and eventually what,this will do is this will cause a bull,market in the stock market and the,crypto market and if this will happen,because the FED once they have inflation,coming down so fast they will have to,Pivot and cut rates and this will cause,the market to move when you raise,interest rates ladies and gentlemen it,kills the markets it kills the investing,markets and that happens because all,these people when things are doing well,and there's low interest rates people,have more money to invest to trade,people are making more money people are,spending more money people have a lot of,money to throw away to invest basically,when you're raising interest rates guess,what it does it kills that volume it,kills that liquidity that's able to get,into the investing markets but now the,FED has been raising rates for quite,some time and just based on the rumors,of the FED raising rates that crash the,market so guess what the FED is going to,be pivoting here very soon and the news,of this the rumor of this is going to,cause the market to recover very very,fast I believe the cryptocurrency market,is not going to see any lows greater,than what we saw last year and I believe,we have bottomed out we might be slow,for the first couple of months right we,might be a little bit slow coming up but,I do believe at some point this year,we're going to see a massive recovery in,the crypto market and that's when all,the volume is going to come back that's,when all these people that are expecting,cryptos to crash and to go to zero are,going to be surely surprised if you got,something out of this video please,consider giving this video a thumbs up,and subscribing and notifications on so,you do not miss these time sensitive,videos that will make you money in,crypto

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Why Twitter, Redfin, Coinbase are rescinding job offers

well unusual activity in the labor,market as companies start to rescind job,offers at a high rate workers apparently,getting caught off guard especially in,Tech Yahoo finance a senior Tech,reporter Ali garfinkel in studio with,the latest Ali this stinks first of all,for people I imagine that are getting,these job offers but who's doing this,and why is this happening so first,things first Brian rescinded job offers,are very uncommon of all the HR experts,I talk to they all said that this rarely,happens if ever and when it does happen,it happens in extreme circumstances so,this is really rare and it's happening,at three companies right now Twitter,coinbase and Redfin and it's been,happening a lot and it's been really,meaningful I think also that it's been,happening in Tech because it means that,people are even more caught off guard,this is a sector that's seen massive,expansion I mean with that said,um there's sort of two story lines,happening right on the one hand we've,heard about these major tech companies,saying we're going to pull back on,hiring and yet we're still hearing that,the tech demand whether it's for,engineers you know in software I mean,that is still there so have you spoken,to people who have their offers,rescinded and are they finding other,jobs waiting on the other end yeah it,seems contradictory right Akiko on one,hand you keep hearing the labor markets,really tight that's what the data keeps,showing us but you hear about these,rescinded offers I actually spoke to a,gentleman for this story who had offers,rescinded from both coinbase and Twitter,he was actually choosing between the two,companies and what happened is within,the span of about two weeks they both,rescinded those offers and he was you,know it's not the thing that's also,really important is a it's not happening,to just people who are just leaving,College I think that's a misconception,this partic in this particular case he,was actually a pretty senior a pretty,senior executive are they finding jobs,the answer seems to be yes everyone I've,talked to is going on a lot of,interviews there is still demand for,their labor,it's it's just uh it's it's kind of just,a weird situation that sort of keeps,playing out over and over yeah and I,guess what this might entail is the,larger Trend where as we start to get a,little bit closer to perhaps a recession,you're starting to see some of these,high growth companies say we're gonna,pull back on these job postings and,maybe a victim of that or people that,are just almost across the finish line,on some of those those postings I mean,how much of this is tied to the overall,story that we're hearing at tech,companies of we're just going to pull,back on some of these ambitious projects,or moonshot things that we were going to,staff up for because you know we got to,prioritize on cash flow right now I,think that's really perceptive Brian,because I think they are completely,inextricably intertwined you have this,moment where VC funding is really hard,to come by stocks are down everybody is,kind of in a moment where they're scared,and need to tighten their belts so,despite the fact that the data from even,a month ago two months ago shows that,the labor market is tight we are in a,very specific moment that's been playing,out for the last couple weeks and I,really do think that it is completely,connected High inflation and the broader,macroeconomic climate well into the,thing we keep hearing is that just just,hold tight right now yeah so it doesn't,everybody in these jobs are not gonna,come about maybe six years down the line,those offers may be there yeah and,that's what these and that's what these,people are hearing too keep applying,keep putting your name out there someone,will hire you could be a hiring freeze,instead of just a you know full-on uh,axing it entirely yeah I finance Valley,guard Finkle thanks so much for the,breakdown there

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Coinbase’s ‘business model is defunct’ amid crypto winter, analyst says

shares of coinbase trading a little,higher following news that the company,is set to lay off 20 percent of its,Workforce that affects about 950 people,as it grapples with the downturn in the,crypto Market since the collapse of FTX,Mizzou managing director and Senior,fintech analyst Dan dolova is joining us,now Dan you downgraded the stock to an,underperform about a month ago you had,been neutral on it for a long before,that when do we get a table reset for,coinbase what would it take,miracle,that is I guess I guess cutting getting,20 of the workforce is not a miracle,no no and I don't think it's enough I,actually think so we did some math,around it so they're going to be saving,about 250 million dollars per quarter,that's a billion dollars per year this,is not the problem right so we've been,the street bear on this one for a while,the problem with coinbase is that their,business is troubled their business,model is defunct right so they make,money off of retail trading and because,of the crypto Ice Age retail trading is,basically non-existent so at the current,volumes that they're running about 1.2,billion a day uh there's no way they can,cover their costs so I expect actually,more pain in 2023 I don't understand why,this talk is up today I really don't Dan,in the non-trading related revenue,streams that I believe we talked about,at the tail end of last year with you,where do you believe that they will,actually be able to kind of Drive some,of that demand generation in order to,ensure that within each of the cost,cutting measures that they're,implementing that on the other side of,that there's an equally balanced kind of,run rate that they can kind of March,towards that I'm investors can hang,their hat on,sure yeah and you're talking about the,the SAS the so-called SAS Revenue right,the software and services Revenue so you,know this is a this is a huge uphill,battle I think we're modeling you know,roughly you know just under a billion,dollars for next year the Run rate right,now is about 700 million I mean there I,think that the fallacy of of this thing,is that people are looking at it in in a,silo uh it's highly correlated with,crypto retail trading volumes which,means that if if if our prediction that,crypto retail trading is basically uh,going away and the fees are going away I,think you'll see those non,um you know those SAS Revenue related,stuff going with it so it's it's it's,either Reinventing the crypto economy,which is like pushing a a 747 jumbo jet,up the hill I mean it's a very hard,earned revenue and I don't see much you,know much I'm not very optimistic about,that Revenue stream at all Dan the last,time we talked to you we were talking a,little bit about Robin Hood I believe do,these cuts from coinbase what does that,mean for Robin Hood do they have to cut,further,Robinhood is actually in a great,position I mean I met with Vlad and I,think we talked about it last time I met,with Vlad in in November uh in in Palo,Alto and they're basically beyond the,big cuts they're now you know basically,making much more you know or losing less,money so to say and,um the good thing about Robin Hood is,remember like crypto is only one facet,of this whole,um you know Revenue uh Revenue stream,and the trends are actually looking good,if you look at the November Trends,December Trends they're actually looking,good,um so they're on a good on a good,trajectory and they're coming up with a,bunch of new products that are,non-crypto related like the state like,the retirement et cetera I'm very very,optimistic about Robinhood I could not,be more bullish about Robin Hood and,could not be more bearish about coinbase,uh at this juncture,with regard to the vacuum of just,confidence around crypto projects more,largely and and when that could actually,come back in in enough Force for these,companies for Robin Hood for coinbase,even for a square and a PayPower excuse,me a block and a PayPal to also see some,type of rising tide I mean how long,would you predict that this crypto,winter continues to last and really have,that impact on sentiment from new and,even existing holders or holders,I I personally don't think that we're,gonna get to see um you know I guess in,on Wall Street the new thing is the year,as a career I hope it's a little longer,but I don't think that in our,um I wouldn't say in our lifetimes but I,don't think in the foreseeable future,we're gonna see we're gonna see that,Super Bubble that coveted infused Super,Bubble that we saw with crypto where,everyone was trading I don't think we're,gonna I don't think we're gonna see that,I think it's all sort of backward,looking those are the relics of an era,that's not coming back I think it's kind,of over for coinbase I mean sad to say,that but I think it is by the way yeah,you know block or Square you know that,over focus on bitcoin I think is a big,mistake and also the change in the name,but that's a different topic Dan when,you say it's over for coinbase so are,they no

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Coinbase to lay off 20% of workforce, stock rises premarket

foreign,let's talk about coinbase as well this,morning the company coming out and it,Shares are up about one percent coming,out and announcing that the company's,going to lay off 20 of its Workforce,that's about 950 people and this comes,after the crypto trading platform cut 17,of its employees back in June so this is,on top of that the company also coming,out with some preliminary results as a,part of this statement saying,preliminary 2022 adjusted ebitda within,negative 500 million lost guard rail as,some would say in other words it had set,sort of a range of its ebitda losses,before and it's still within the range,that it had set before it seems to be,but it does talk about Fallout from,unscrupulous actors in the industry,having an effect on the business,acknowledging that the collapse of FTX,the charges against Sam bangman freed,all of that has caused problems for for,people investing in crypto oh that's,been a sentiment vacuum too for anybody,who did want to buy into the thought of,what crypto could be within their,portfolio knowing that it has more of a,risk propensity than many of the other,assets that they may hold but then at,the same time looking at the promise of,decentralized finance and trying to hold,on to hope that it would gain value so,much over an extended period of time but,within this crypto winter and the,washout that washout is taking place,among small some of these smaller and,projects that just didn't have any,validation or utilization and then even,in a regulatory framework would have,probably been left by the wayside as,well and so I think as they examine some,of their scenarios as they put in the,note from Brian Armstrong that it became,clear they needed to reduce expenses,increase their chances of doing well in,every single scenario they just came,back to having to reduce their head,count you follow the space very uh,closely right where's the Catalyst for,for a coinbase this year in terms of the,Top Line are we I don't see we're at,mid-year 2023 we're talking about a,revenue to re-acceleration for coinbase,so now you can have coinbase I think,just obsessed with cutting costs to,raise the stock price like we're seeing,here today I would I would say that this,may be just the first or the second,round of Cost Cuts in what might be,several rounds for coinbase No it's I,mean it's a great point and I think for,across the crypto industry any company,that's trying to navigate through this,winter or Ice Age landscape even as some,of our guests have called it they're,going to look across all the expenses,but then also in their charting a path,for how to make it through this crypto,winter it's going to come on the back of,where can we see any type of high margin,business that customers will continue to,flock into as we're trying to educate,the broader Market that isn't tapped,into crypto yet and try to monetize,those end users and we've seen several,efforts but I think even in some of the,analyst calls that have been out there,they have said that coinbase perhaps is,in the best scenario to be able to do,that but even they as the PowerHouse,that they are on the platform side still,have to make Cuts like this too yeah,we're going to talk to analyst Dan Dola,a little bit later on about coinbase and,his view of it I mean to your point size,in terms of what's the inflection here,is it a question of growth or is it a,question of stopping the deceleration,right do you just get to a place of,stability and that's where in this,environment I don't know if that's,enough but that's got to be the first,step right before,re-accelerating and growing again

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