Core Viewpoint - Gemini Space Station plans to cut up to 200 jobs globally, focusing operations in the U.S. and Singapore as part of a cost-cutting strategy [1][2] Group 1: Job Cuts and Operational Focus - The layoffs will affect about a quarter of Gemini's workforce, impacting staff in Europe, the U.S., and Singapore [1] - The company has approved a plan to wind down operations in the UK, the European Union, and Australia, leaving only the U.S. and Singapore as operational regions [2] Group 2: Financial Implications - The layoffs and operational wind-downs are expected to help reduce total expenses and accelerate the path to profitability, even amid a challenging crypto market [3] - Gemini estimates incurring about $11 million in pre-tax restructuring charges, primarily recorded in the first quarter [4] Group 3: Market Response and Strategic Shift - Shares of Gemini fell approximately 7% in afternoon trading, with a total decline of about 73.8% from the $28 offer price in its September IPO [3] - Analysts suggest that management must shift its strategy from regaining market share to ensuring the company's survival during the current crypto downturn [5]

Coinbase stock price continued its strong downward trend this year, reaching its lowest level since April last year. COIN dropped to $166, down by 62% from its all-time high. ...

Coinbase 宣布将 Rainbow（RNBW）和 RaveDAO（RAVE）加入资产路线图，上述资产的交易上线仍取 决于做市支持及技术基础设施是否到位，满足相关条件后将另行公布具体上线时间。 来源：市场资讯 （来源：吴说） ...

Core Insights - Ripple has integrated its institutional prime brokerage platform, Ripple Prime, with the decentralized derivatives trading protocol Hyperliquid, allowing clients to access onchain perpetuals liquidity while managing margin and risk within Ripple Prime [1] - The integration enhances Ripple Prime's offerings, which already include support for traditional assets like FX, fixed income, and over-the-counter swaps, providing centralized risk management and capital efficiency for multi-asset portfolios [2] - Hyperliquid has rapidly grown to become the largest decentralized exchange for perpetual contracts, with over $5 billion in open interest and $200 billion in monthly trading volume as of mid-January, indicating strong market interest and performance [4] Industry Context - The integration reflects a trend towards increased interoperability in the blockchain space, as seen with Flare's launch of the first XRP spot market on Hyperliquid earlier this year [3] - Hyperliquid's recent focus on tokenized commodity trades, including silver futures, has contributed to its growth and the performance of its HYPE token during market fluctuations [4] - Ripple launched its Prime platform in late 2025 following a significant acquisition of prime brokerage firm Hidden Road for $1.25 billion, indicating a strategic move to enhance its service offerings in the institutional space [5]

责任编辑：陈钰嘉 美国内华达州博彩监管局对加密货币交易平台Coinbase提起民事诉讼，指控该平台通过旗下预测市场产 品，在未取得相关牌照的情况下提供体育博彩服务，违反了该州相关法律。 诉状显示，内华达州博彩管制委员会本周正式提起诉讼，要求叫停Coinbase推出的与体育赛事结果挂钩 的事件型合约，并称这类合约属于博彩行为，平台开展相关业务必须持有该州的博彩经营牌照。 Coinbase的预测市场平台支持用户交易与体育、政治等各类现实事件挂钩的合约产品。内华达州监管机 构认为，无论相关合约的结构设计或名称标注如何，只要其标的为体育赛事结果，就属于该州博彩法规 的监管范畴。 此次诉讼距Coinbase与Kalshi合作在全美推出预测市场产品仅过去数周——双方合作后，该类产品已在 美国全部50个州上线。 彼时Coinbase曾辩称，这类合约属于联邦层面监管的事件市场产品，并非传统博彩；该平台此前还因类 似的监管执法行动，对密歇根州、伊利诺伊州和康涅狄格州的监管机构提起诉讼，称各州的博彩监管规 则与联邦商品交易法存在冲突。 而内华达州此次的诉讼直接驳斥了这一观点，坚称与体育赛事挂钩的合约仍受州级监管机构管辖。诉状 显 ...

With shares down 46% after a rough past three months, Coinbase Global (COIN) is once again testing the resolve of investors. While COIN stock reached an all-time high of more than $444 within the last year, shares are now trading as low as the $179 mark. This decline has been due to a sharp drop in crypto prices as well as the overall risk-off environment for high-beta assets. As a result, COIN stock is in an extremely oversold position, as the Relative Strength Index has fallen to nearly 21. While it is ...

Key Takeaways Binance is facing backlash over the October 2025 flash crash. Heavy outflows occurred recently, with billions withdrawn amid FUD, though on-chain data shows reserves remain stable and there is no mass exodus. Ongoing controversies include withdrawal glitches in early February 2026 and persistent regulatory scrutiny following the pardon. Binance, the world’s largest cryptocurrency exchange by trading volume, has recently been under intense scrutiny. Following a series of high-profi ...

Core Insights - The total spot trading volume of the top ten centralized exchanges globally is projected to reach $18.7 trillion in 2025, reflecting a year-on-year growth of 7.6% [1] Group 1: Market Performance - Binance maintains its leading position with a market share of 39.2%, with an annual spot trading volume of approximately $7.3 trillion, showing a slight decline of 0.5% year-on-year [1] - Bybit ranks second with an annual trading volume of about $1.5 trillion and a market share of 8.1% [1] - MEXC is identified as the fastest-growing exchange in 2025, achieving an annual trading volume of around $1.5 trillion, which represents a significant year-on-year growth of 90.9%, primarily due to its ongoing zero-fee trading strategy [1] Group 2: Other Exchanges Performance - Other platforms such as Bitget, Gate, and HTX also recorded double-digit growth in their annual trading volumes [1] - Conversely, exchanges like OKX and Upbit experienced varying degrees of decline in their trading volumes [1] Group 3: Market Share Distribution - The market share distribution among the top ten centralized exchanges is as follows: - Binance: 39.2% - Bybit: 8.1% - MEXC: 7.8% - Gate: 7.5% - Crypto.com: 7.2% - Bitget: 6.4% - OKX: 6.3% - Coinbase: 6.1% - HTX: 6.0% - Upbit: 5.5% [2]

Group 1 - Coinbase's stock has declined nearly 40% over the past 12 months, but at $176, it is considered reasonably valued at 25 times next year's earnings, presenting a potential buying opportunity for long-term investors [1] - From 2020 to 2024, Coinbase's annual revenue rose more than fivefold to $6.6 billion, with expected revenue and adjusted EBITDA growth rates of 12% and 6% respectively from 2024 to 2027 [3] - Coinbase ended Q3 2025 with $300 billion in assets under custody, an increase from $220 billion at the end of 2024 [4] Group 2 - The company is benefiting from the rising use of stablecoins, which reduces dependence on volatile cryptocurrencies, and is expanding its services to include subscriptions, custody, staking, and institutional offerings [5] - Coinbase is also expanding its own Layer-2 blockchain to support the development of decentralized applications, indicating a strategic shift towards broader crypto ecosystem engagement [5]

Core Insights - IG has completed the acquisition of Independent Reserve, enhancing its digital asset capabilities in the Asia-Pacific region [1][7] - The acquisition was finalized after receiving regulatory approval from the Monetary Authority of Singapore, indicating a strategic move into the growing crypto market [2][3] Company Strategy - The acquisition allows IG to integrate Independent Reserve's regulated crypto infrastructure and expertise, which is essential for serving both retail and institutional clients [3][6] - IG plans to launch new crypto offerings in Singapore, Australia, and the UAE by the second half of 2026, leveraging Independent Reserve's existing systems for quicker scalability [4][6] Market Positioning - The deal is expected to strengthen IG's market reach and distribution capabilities, combining its scale with Independent Reserve's crypto expertise [5][6] - Independent Reserve's CEO highlighted the acquisition as a milestone, enhancing the exchange's resources and reach as part of a larger global group [5][6]