Summary on 11/4: PayPal and Coinbase stocks drop after financial reports, while OKB and MATIC lead the gains.
The daily digest compiles less-covered news, long articles from abroad, insights from prominent figures, funding updates, and noticeable data changes in the cryptocurrency field, saving readers valuable time. This article compiles information up to 11/4 13:00
Table of Contents
Market Data
OKX Announces Expansion into the Bahamas, OKB Surges by 40%
OKX has obtained an operating license in the Bahamas and plans to hire a hundred employees to expand its local operations. Jillian Bethel, CEO of the Bahamas branch, stated that OKX can offer nearly 100% of crypto products and services in compliance with local regulations.
OKB surged from $16 to $23, before retracting to the $19 level at the time of writing.
MATIC Surges by 30% in Two Days
Following the integration of NFTs on Instagram and a pilot adoption by JPMorgan, Polygon MATIC has surged by over 30% since 11/2, with the price rising above $1.1.
Crypto Current Events
PayPal Falls 3.65% as Total Payment Volume Misses Expectations
Net Revenue: $6.85 billion, higher than the expected $6.82 billion, with an 11% year-over-year growth.
Earnings Per Share: $1.15, surpassing the expected $0.96, with a 26% year-over-year growth.
- Total Payment Volume: $337 billion, lower than the expected $343.2 billion, with a 14% year-over-year growth.
Coinbase Reduces Losses, Rises 4% in After Hours
The overall loss reduced from $1.1 billion in Q2 to $545 million, causing the stock price to drop from $60.7 to $55.8, but slightly rebounded to $58 in after-hours trading.
Net Revenue: $576 million, lower than the expected $646 million, with a 53% year-over-year decrease.
Adjusted EBITDA: -$116 million, compared to $618 million year-over-year.
- Monthly Transacting Users (MTU): 8.5 million, higher than the expected 7.7 million, with a 16% year-over-year growth.
pGALA Contract on BNB Chain Attacked, Resulting in $1 Billion Tokens Minted Illegally
An address on the BNB Chain minted over $1 billion worth of pGALA tokens out of thin air and sold them on PancakeSwap for profit, causing the GALA token to plummet over 20% briefly. The cross-chain routing protocol pNetwork stated that due to misconfiguration of the cross-chain bridge, the pGALA contract on BNB Chain needs to be redeployed, and the GALA cross-chain bridge is currently suspended.
Fidelity to Offer Commission-Free Crypto Trading to Retail Investors
Fidelity's crypto platform, Fidelity Crypto, has opened a waitlist for users to trade BTC and ETH, claiming to be commission-free, but the service terms reveal that Fidelity will earn a 1% spread on each transaction.
Revolut Introduces NFT Profile Pictures Feature in Chat App
UK-based crypto banking startup Revolut is integrating an NFT profile picture feature in its new chat app, akin to WeChat combining communication and payment apps, indicating Revolut's positioning as a super app integrating various functions.
Regulation
Ripple Gains Support from Numerous Amicus Parties, SEC Requests Extension for Response
Ripple has received assistance in litigation from 12 different entities as amicus parties, and due to facing a substantial amount of adverse information and documents, the SEC has requested an extension for responding to the amicus briefs until 11/30.
Amicus curiae, or "Friend of the court," is not part of the litigation but provides information and legal documents to assist in the proceedings and help the judge understand the dispute.