The Ledger: Coinbase posts slow revenue, Halloween scams flop

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Updated November 4, 2022 | Published November 4, 2022

2 mins read

The week in crypto was filled with crypto breakups, financial results and brand new initiatives.

For starters, those of you who are hopeful for better times ahead are probably right, but you may first need to brace yourselves for a crypto winter that is likely to last longer than initially hoped for.

Speaking of winter, Huobi Global, a Chinese cryptocurrency exchange, has decided to move its headquarters to the Caribbean. It’s still choosing an exact location and planning to relocate 200 of its members of staff to the new destination.

Cryptocurrency companies have been keen to get as much exposure as they can with global audiences, and they often promise cushy deals without really factoring in market downturns.

This is what is happening with DigitalBits, which owes Serie A giant Inter Milan $17m. Because of this, the football club is ending its relationship with the company.

Meanwhile, with the FIFA World Cup around the corner in Qatar, Crypto.com and Visa have teamed up to released an NFT collection that will raise funds for charity Street Child United.

On the purely gaming crypto front, SoftSwiss has announced that it has a new way to make onboarding of casino and sports betting customers so much simpler.

The company’s new in-game conversion feature will make even non-native crypto games available to play with a preferred cryptocurrency token while converting any resulting crypto winnings into a number of selected FIAT tokens, including AUD, BRL, CAD, EUR, JPY, NOK, NZD and USD.

GameStop continues to wrestle with profitability and the company is pinning its hopes on making an NFT marketplace work. This week, the marketplace launched on the ImmutableX platform.

Halloween may be over, but the trends observed during the holiday still remain. With more big holidays coming this year, it’s important to understand how cryptocurrency fraudsters use big events to their own gain.

Halloween was marked by a number of bogus coins and tokens, and scam projects. However, none of the projects observed seemed to gain much momentum, indicating that consumers are getting much smarter in their understanding of the industry.

Meanwhile, Coinbase posted its third-quarter results which paint no flattering imagery for the company, which continues to see net revenue decline and losses widen. The company has blamed its results on the constant fluctuation in the price of crypto tokens, which is expected.

Surprisingly, Dogecoin ended up beating Bitcoin gains, demonstrating that the once laughed at crypto token is actually capable of bringing some value to its holders. The currency has been dubbed a top performer by the CMI index.

All in all, it was a fun week of crypto. Do not miss reading up on the rest of our news this week to find out even more details about the constantly evolving cryptocurrency industry.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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