The Ledger: Coinbase revenue shrinks, ECB calls for ban on certain crypto

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Updated December 9, 2022 | Published December 9, 2022

2 mins read

Regulators take a keen interest, Malta thinks again about NFTs, and Cloudbet sees record activity during the World Cup.

There has been a lot of regulatory chatter this week, not least because of the collapse of FTX, motivating global and national watchdogs to sit up and pay attention.

Malta decided to remove NFTs from the 2018 Virtual Financial Assets (VFAs) law introduced in an attempt to regulate the crypto industry as a whole.

Meanwhile, a top European Central Bank (ECB) official said that cryptocurrencies that were too energy-heavy and lacked any real asset backing should be removed from the financial landscape. They are no more than a bubble, ECB board member Fabia Panetta said.

The FIFA World Cup in Qatar is ongoing, with Cloudbet seeing an interesting trend. The company’s first-time depositors are up by a record level, along with crypto deposits.

Interestingly, the market collapse did not send players scurrying although the sportsbook reported that TRON has become the most popular betting currency.

Speaking about football, FootballCoin launched its Fantasy Football World Cup 2022 with the  interest in the event hardly subsiding.

In other news, Barcelona midfielder Javier Mascherano teamed up with SaaSGo, a web3 SaaS platform to launch his own collection of NFTs, and also joined as an ambassador to the platform.

The market continued to operate in difficult conditions. Coinbase confirmed that its revenue will be 50% of what its 2021 financial year numbers were, with the cryptocurrency exchange’s stock performing poorly on the NASDAQ.

Bybit, a fellow cryptocurrency, said that it will also seek to reduce its workforce by 30% in a bid to contain the ongoing crypto winter.

AAX former VP and head of research Ben Caselin said this week that the exchange was unlikely to reopen, with the majority of its staff submitting voluntary leave notices or being laid off amid a murky managerial crisis.

Others, such as Crypto.com and BlockFi have also sought similar measures. Coinbase even suspended BNB Chain deposits as another measure. Taking stock of the market this week, Bank of America said that the cryptocurrency market is indeed down, but it’s not quite out yet.

Meanwhile, Genesis and Gemini are scrambling to recover $900m in consumer funds, raising yet another concern for the sector’s big names.

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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