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Today's edition is brought to you by NettyWorth - A Web3 platform that helps users manage and borrow against all their assets. Their investment round is now open to the public! |
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GM. This is Milk Road, the crypto newsletter that makes your inbox Snap, Crackle, and Pop. |
Here’s what we got for you today: |
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CRYPTO’S A+ EARNINGS ⏰ |
It’s earnings report SZN. |
It’s kinda like when you get your report card in school - except instead of getting grilled by your parents, you get grilled by investors. |
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And two big crypto companies released their reports yesterday: Coinbase and Block. |
1/ COINBASE |
The largest crypto exchange in the U.S…. |
Made $708M in revenue (beat analysts’ expectations of $628M) Saw more from subscription revenue ($335M) than transaction revenue ($327M) Reported a $97M net loss (which sounds bad, but it’s a lot less than the $1B+ loss the exchange had in Q2 2022) Cut operating expenses by 50%
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Many were expecting Coinbase to flunk in Q2, but it ended up being a pretty good quarter. |
$COIN stock saw a small bump in price on the day and continues its big rally on the year. (It’s up 156% year-to-date) |
2/ BLOCK (formerly known as Square) |
Jack Dorsey’s payments firm: |
Saw $5.5B in revenue. $2.4B of this came from Bitcoin revenue Made $1.87B in gross profit (btw - that’s not gross, it’s beautiful) Recorded no impairment losses on its Bitcoin holding Cash App (its most popular product) saw a 39% increase in revenue and jumped to $1.16B
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Overall, both crypto companies had strong reports. The type you keep showing your parents until they finally tell you to hang it up on the fridge. |
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We’ll see what Q3 has in store. |
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Milk Road fun fact of the day: NFT Loans are currently a $1 Billion market with $5 Trillion of physical assets expected to be tokenized by 2030. |
And while the battle for NFT lending market share is still in the early innings, NettyWorth has been making a name for itself. |
That’s because NettyWorth is building real financial tools for Web3 |
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And after nearly two years of building, they are opening up an investment round to the public. |
Powered by Republic, anybody can invest in the future of NFT lending for as little as $200. |
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Disclaimer: Nothing in this is investment advice and the Milk Man is not a financial advisor. |
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VISUAL OF THE DAY: CEX VOLUME HITS YEARLY LOW 📉 |
Check it out, a new report dropped on the state of centralized exchanges (CEX). |
Here are the 3 main highlights: |
1/ In July, combined spot and derivatives trading volume decreased by 12% to $2.36T. (the lowest monthly trading volume this year) |
2/ Upbit is now the second-largest exchange by trading volume. The South Korean exchange saw a 42.3% increase in volume throughout July #BusinessIsBoomin’ |
3/ Binance’s market share dropped for the 5th straight month - down to 40.4% |
So what? This shows there are 2 major shifts happening… |
Investors are moving away from big-named exchanges (like Binance and Coinbase) There’s an uptick in crypto trading volume in other parts of the world, like South Korea and Hong Kong
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As a result, a few smaller exchanges have seen a big gain in market share this year. |
 | Source: CCData |
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This’ll be an interesting trend we’ll be keeping our eyes on. |
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BITE-SIZED COOKIES 🍪 |
You can now buy Bitcoin at almost 7,000 ATMs across North America. Bitcoin Depot is making it easy to buy Bitcoin on the go - whether it’s while you’re grabbing groceries, or filling up your tank. From cash to crypto in seconds.* |
Elvis Presley NFTs are coming to The Sandbox metaverse. There will be 3000 NFTs, each one showcasing one of Elvis’ outfits and hairstyles throughout his career. |
Coinbase announced it will launch its new Layer-2 blockchain, Base, on August 9. The L2 War is heatin’ up… |
A couple pleads guilty to hacking Bitfinex and laundering money. Turns out the husband did the hacking while the wife did the laundering #PowerCouple |
Yuga Labs IP will be featured in a new game called Wreck League. It’s being developed by nWay (creator of the Power Rangers games) and will feature Bored Apes, Mutant Apes, and Koda creatures. |
Curve is offering a 10% bounty reward to help recover stolen funds. The DeFi platform was hacked for $70M last weekend. Ouch. |
*This is sponsored content |
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MILKY MEMES 🤣 |
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HIT THE INBOX OF 250K+ CRYPTO INVESTORS |
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What'd you think of today's edition? |
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ROADER REVIEW OF THE DAY |
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VITALIK PIC OF THE DAY |
 | Milk Road Images @MilkRoadImages |  |
| TGIF |  | | | Aug 4, 2023 | | |  | | | 0 Likes 0 Retweets 0 Replies |
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research. |
