Nasdaq-listed cryptocurrency exchange Coinbase (COIN) has reported Q4 net revenue of $605 million, beating analyst’ estimates of $588 million, and rising 5% from $590 million in the third quarter.

Google Cloud is set to become a validator on the Tezos (XTZ) network, allowing its corporate customers to be able to deploy Tezos nodes in order to build Web3 applications on the network.

Solana Spaces is closing down its two Solana-themed retail stores in New York City and Miami at the end of February, as both physical stores failed to onboard as many users as initially anticipated.

 Top stories in the Crypto Roundup today:

• Coinbase’s Q4 Revenue Beats Estimates
• Google Cloud to Become Validator on Tezos
• Solana Spaces to Close New York and Miami Stores
• Key Regulatory Events in January & February

Coinbase’s Q4 Revenue Beats Estimates

Nasdaq-listed cryptocurrency exchange Coinbase (COIN) has reported Q4 net revenue of $605 million, beating analyst estimates of $588 million, and rising 5% from $590 million in the third quarter.

The company reported an adjusted loss of $2.46 per share for the quarter, beating estimates of a loss of $2.52 per share. Its transaction volume has fallen 12% quarter-over-quarter to $322 million.

The company’s subscription and service revenues grew 34% quarter-over-quarter to $283 million and accounted for nearly 50% of its overall revenues in Q4. Coinbase’s shares have moved slightly up in after-hours trading.

In its shareholder letter, Coinbase said there was an improvement in crypto markets so far during Q1 as compared to Q4, resulting in transaction revenue of $120 million in January 2023. However, the company advised investors against projecting these results into the future, given the rapidly changing nature of the market as evidenced by last year's experience.

Google Cloud to Become Validator on Tezos

Google Cloud is set to become a validator on the Tezos (XTZ) network, allowing its corporate customers to be able to deploy Tezos nodes in order to build Web3 applications on the network.

Google Cloud has been slowly moving into the blockchain ecosystem, as it started running a node-hosting service for Ethereum projects in October, after becoming a network validator on Solana.

Google’s interest in blockchain and Web3 projects is made clear through these integrations, which are believed to encourage other firms to enter the industry by relying on the scale and resilience of the infrastructure Google provides.

Solana Spaces to Close New York and Miami Stores

Solana Spaces is closing down its two Solana-themed retail stores in New York City and Miami at the end of February, as both physical stores failed to onboard as many users as initially anticipated.

Solana Spaces founder, Vibhu Norby, shared that the stores are closing after the company reached an “inflection point” with them, prompting it to shift its investment focus to “DRiP,” referring to the firm’s new nonfungible token network airdrop platform.

Norby was quoted saying:

“While our stores onboard between 500 and 1,000 people per week, DRiP onboards that same quantity EVERY DAY.”

The decision to shut down the stores was made “a few weeks ago.” Both stores, which offered customers the opportunity to experience the Solana ecosystem in person through activities such as wallet onboarding tutorials or merchandise shopping, are being closed just seven months after opening.

Key Regulatory Events in January & February

Despite recent regulatory changes, digital assets have demonstrated positive performance, indicating that investors remain committed to this asset class. In January and February, a number of key regulatory events worth keeping in mind occurred.

Dive deeper into the cryptocurrency space with our latest Market Spotlight blog.

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.