Cardano and XRP beat the entire market capitalization of Coinbase
After revealing the company’s financial results in the first quarter of 2022, we see that Coinbase shares fell massively as the company reported a net loss of $ 430 million for the quarter. With the company’s share price falling by more than 12% in the last few hours, the market capitalization of one of the largest crypto exchanges in the world is now being beaten by projects such as cardano.
According to CoinMarketCap, the total market capitalization of cardano (ADA) is now around $ 20.8 billion and Coinbase is now at $ 19 billion, close to nearly $ 40 billion a week ago.
Cardano is not the only cryptocurrency to defeat one of the largest cryptocurrency trading platforms in the world, as the $ 24 billion XRP market capitalization also surpasses Coinbase.
Banks, stock exchanges, companies
Coinbase CEO: “Informal pressure” from the Central Bank of India disrupted payments
Just three days after its debut in the Indian market, the United States-based crypto exchange Coinbase abruptly stopped using the United Payments Interface (UPI), the most popular payment service in the region. Coinbase CEO Brian Armstrong later revealed that the disruption was due to “informal pressure” from India’s central bank.
Talking about Coinbase’s quarterly results for 2022, Armstrong spoke about the company’s global expansion plans, while acknowledging Coinbase’s role in initiating a conversation with regulators over the adoption of cryptocurrencies. Asked about the impact of the recent disruption to payment services in India, Armstrong said:
“So a few days after the launch, we finally deactivated the UPI due to informal pressure from the Reserve Bank of India (RBI), which is the equivalent of the local Treasury.”
Korean crypto exchanges are issuing warnings about LUNA
The major South Korean crypto exchanges have issued warnings against trading in the cryptocurrency Terra (LUNA) in the wake of the current decline in the price of this cryptocurrency.
The price of Luna has fallen by 87% in the last 24 trading periods and has fallen by 96% from its April high of $ 119.
Coinone, one of the four “big” crypto exchanges in South Korea, suspended trade LUNA, citing its sudden drop in prices. Korbit and Bithumb have issued “designated investment warnings” regarding this coin with reference to similar concerns.
The Central Bank of Israel has not yet decided on the continuation of the CBDC, despite the public
Discussions on the creation of the digital shekel have been going on since 2017, but the central bank did not start seriously considering it until 2021, when it began to explore its potential.
The public believes that the digital shekel project will help the economy by reducing cash use and improving financial technology. The central bank received 33 responses to its request for public comment on the plan, with 17 responses from fintech companies.
The central bank also noted that there were differences in privacy between respondents, with some wishing for complete anonymity. Others argue that it should be subject to anti-money laundering rules.
Jamaica will launch the CBDC this summer
Following a successful pilot program, Jamaica’s central bank’s digital currency will be publicly available this summer, Jamaica’s central bank governor Richard Byles said in an interview with Blockworks.
The CBDC, known as the Jamaica Digital Exchange or Jam-Dex, aims to make life easier for businesses and consumers, according to Byles. The Jamaican economy is based primarily on cash, and the digital Jamaican dollar offers a safer and more convenient alternative.
Jamaica first announced the Jam-Dex pilot program in 2021 with the slogan “no cash, no problem”.