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Insolvency rumors envelop Coinbase, but CEO Brian Armstrong says it's all growing pains
According to leaked emails, Coinbase is temporarily shutting down its affiliate program. The emails show that the payment plans being offered by Coinbase now are significantly smaller than previous ones.
Upon hearing the news of cutbacks facing the affiliate program, some people seemed convinced on Twitter that a liquidity crisis is on the horizon.
These liquidity-related speculations may have led to the $248 million worth of stablecoins that were withdrawn from the exchange over a single day.
However, Coinbase CEO Brian Armstrong claims that recent decisions by the company are indicative of nothing more than “growing pains”.
Data Snack: Banks' Q2 earnings reports reveal losses in corporate lending
Six of the big US banks recently published their Q2 earnings reports, exposing some surprising numbers regarding corporate lending.
Bank of America, Morgan Stanley, JPMorgan Chase, Goldman Sachs, Citigroup, and Wells Fargo all reported losses in the corporate lending space – with Bank of America reporting the biggest loss at $320 million.
Altogether, these banks' corporate loan losses totaled $1.32 billion.
The numbers paint a foreboding picture of what’s happening in the market right now.
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Today's stories
Citigroup posts better-than-expected results during tricky second quarter
Citi’s profits fell from last year, but its revenues of $19.6 billion and net income of $4.5 billion were better than many analysts had expected. The results reflected strong performances in investment businesses targeted by CEO Jane Fraser, focusing on areas of strength such as Treasury and Trade Solutions business. (FT)
Five Revolut executives hand in their resignation
Revolut has been hit by a slew of resignations from its UK risk and compliance chiefs in recent weeks amid heightened tensions with regulators and delays to the firm’s banking license (City A.M.)
How Huntington Bank weaves marketing into its strategic framework
Making its marketing and communications team an equal player with other executive-level units has helped Huntington Bank in its digital banking success. A sophisticated new ad campaign from the bank testifies to the advantages of having marketing integrated at the highest level. (The Financial Brand)
Fintechs that are challenging the current credit model
Jay-Z-backed fintech Altro helps people build credit through recurring payment forms such as digital subscriptions to Netflix, Spotify, and Hulu. Petal is another fintech that wants to help upend the “broken” traditional credit system. Meanwhile, X1 underwrites customers based on their income rather than their credit scores (TechCrunch)
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