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“We have No Exposure to failed Crypto Firms,” Celsius,3AC, and Voyager- Coinbase Stated 

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  • No Exposure to Failed Crypto Firms- Coinbase Stated. 
  •  Coinbase witnessed a hike of 14 percent in the Stocks.

Coinbase Global Inc was established in June 2012 and was co-founded by Brain Armstrong and Fred Ehrsam. It is an American-based cryptocurrency company.   

Coinbase is headquartered in more than seven countries like London, New York, Chicago, Portland, San Francisco, Dublin, and Tokyo.  

Coinbase and its officials mentioned in a statement that they did not have any counterpart exposure with bankrupt crypto exchanges Like celsius network, voyager, and 3AC capital venture. 

In a blog post on the official website of Coinbase, it is Highlighted that it has “ No finance exposure” with other funding ventures and crypto exchanges Like celsius network, voyager, and 3AC capital that met bankruptcy. 

Report analysis of the crypto market has shown an upgraded movement in the Stocks of Coinbase with a hike of more than 14 percent from last week.    

The deduction of the number of employees in Coinbase is taken by monitoring the continuous downtrend of cryptocurrencies and increasing volatility in the crypto market. 

According to the reports of last Friday, July 15, 2022, Coinbase chief executive officer Brian Armstrong informed about reducing the number of employees in Coinbase Inc by 18%. 

Several Firms, Including the Celsius network and others, met with bankruptcy because of over-debiting and not returning funds to the investor in a decided period, According to the Coinbase statement.  

On July 13, 2022, Celsius, a globally famous DeFi platform headed by Alex Mashinsky, filed bankruptcy under Chapter 11 of Bankruptcy laws of the United States. 

Coinbase is in the third position in the ranking of crypto exchange platforms and is powerful in competing in the crypto market. 

ALSO READ – What is Crypto Mining?

Conclusion 

Coinbase is also fighting harder in the crypto exchange market to retain its position, and it has been proving itself successful in the exchange market from the last few times the stocks of Coinbase Inc gained a hike of 14 percent. The downtrend is continuing with severe fluctuations in the crypto market. Last Wednesday, July 20, 2022, the price of Bitcoin reached $ 24,195; this may be a positive sign of growing the market.   

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