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Previous ArticleWhat’s new in crypto this week? OpenAI, Tether, PayPalNext ArticleVisa, Mastercard, Google and their crypto endeavours
  • May 10, 2023
  • 4 minutes read

Stripe and Sports Illustrated turn to crypto while Coinbase beats earning estimates

Paysafe Crypto News Update

This article is not intended to be financial, investment or trading advice. This article is for information and solely for education purposes. It does not protect against any financial loss, risk or fraud.

Cryptocurrencies are unregulated in the UK. Capital Gains Tax or other taxes may apply. The value of investments is variable and can go down as well as up.

Stripe tackles ‘cold start problem’ with the launch of fiat-to-crypto on-ramp

Source(s): 1

Web3 companies can now offer their users cryptocurrency trading services through Stripe.

  • Stripe, an internet payment processor, has launched a fiat-to-crypto on-ramp to help Web3 companies address the “cold start problem” caused by customers not having cryptocurrency in their wallets.
  • The on-ramp, which Stripe will host, will allow US-based customers to purchase cryptocurrency without the need to embed any code into a website or app.
  • Stripe will handle several compliance-related tasks for Web3 companies using the on-ramp, including conversion and authorization optimization, identity verification and fraud prevention, to help customers start using Web3 services quickly and safely.


What would this mean for the market?

  • This is a great sign for the crypto market because historically the companies that enabled this direct fiat-crypto on-ramp were smaller crypto native PSPs and not large traditional companies, like Stripe.
  • One of the biggest blockers for Web3 has been on/off-ramping for consumers and institutions have not had a recognizable brand to work with for this. Therefore, this will increase trust in the Web3 industry and contribute to its wider adoption.


Coinbase earnings beat estimates, interest income from USDC nears $200 million

Source(s): 1

PayPal rolled out crypto transfers in June, now Americans using Venmo will be able to do the same.

  • Coinbase, the cryptocurrency exchange, has reported a 22% increase in revenue in Q1 2021, which the company attributes to cost-cutting measures.
  • Both Retail (consumer) and Institutional transaction revenue increased which is in line with overall market sentiment improving in Q1.
  • Interest income was up 32%, reaching $240 million, with $199 million of that coming from USDC. Subscription and services, including staking (blockchain rewards) and interest income, brought in $362 million, beating estimates of $316 million.
  • The company's revenue for the quarter was $736 million, above the $658 million estimated by analysts, and EBITDA was positive $284 million, surpassing the negative $36 million estimated.

What would this mean for the market?

  • Coinbase having a positive EBITDA for the first time since the bear market began last year is a very good sign for the market as it shows recovery and increasing adoption.
  • Also, the significant increase in interest income, driven by the success of USDC, suggests that stablecoins are gaining popularity among cryptocurrency investors. This could further encourage the adoption and use of stablecoins, which could potentially lead to more stable prices for cryptocurrencies and greater mainstream acceptance.


Sports Illustrated takes on Ticketmaster, turns to Polygon to disrupt event ticketing

Source(s): 1

The service from the company will leverage blockchain technology through NFTs.

  • Sports Illustrated's ticketing site, SI Tickets, is partnering with ConsenSys to create a new ticketing platform called "Box Office" that will leverage the Polygon blockchain to potentially compete with industry giants such as Ticketmaster, Live Nation, and Eventbrite.
  • The platform will offer an NFT ticket solution, enabling event hosts to offer collectibles and loyalty benefits. It will also allow for the reselling of tickets on secondary markets and give event hosts a bigger portion of profits.
  • The website claims that the service can be up to 50% cheaper than the competition and offers the potential for increased revenue by monetizing ticket resales.
  • The company's CEO, David Lane, believes that blockchain is the future of ticketing, offering an advanced and engaging experience for owners, promoters, hosts, and attendees.


What would this mean for the market?

  • This news is important because it represents another major industry adopting blockchain technology to disrupt traditional business models.
  • The event ticketing industry has been long criticized for high fees and poor user experiences, with large companies like Ticketmaster often dominating the market.
  • Sports Illustrated's partnership with ConsenSys and use of Polygon's blockchain could offer a cheaper and more secure alternative to traditional ticketing, as well as potentially giving event hosts more control over their ticket sales and profits.
  • This development showcases the growing mainstream adoption of blockchain technology, particularly in the realm of NFTs, and its potential to transform various industries.

BTC Price & Market Sentiment

  • Extreme fear can be a sign that investors are too worried.
  • When Investors are getting too greedy, that means the market is due for a correction.

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