Coinbase will begin to pay a 0.1 % fee to convert the Stable Quinn USDC into US dollars for net conversion within 30 days, as the Crypto Exchange recently struggled with its earnings.
Starting on August 13, Coin Base will receive a US dollar conversion fee on a 30 -day rolling period on USDC (USDC).
This happened last week after the second quarter results of the Joint Coin Base, which loses revenue and income, sending its shares to Tumbling. However, its stable coin revenue increased by 12 % to 2 332 million years.
It indicates two consecutive -fourths that the company has lost the expectations of analysts, as its Q1 revenue is less than expected.
Coin Base “running an experience”
“I do not like the view here,” Ben Les co -founder Ryan Shan Adams shared an X post in the coin base refreshing. ” “What if it fell to K 10K. It feels like a bank fee again.”
Will McCamb, a senior product manager of coins base stable Queens, responded to this post, saying that the exchange was experimenting to understand how the fees would affect USDC conversion.
“We’re having an experience to better understand how the fee affects USDC off -ramping, especially when some compenses, when some compensation receive more fees on off -ramps,” said McCamb.
“You hear about being the main feature and we are carefully monitoring all the feedback. We are determined to ensure that Coinbase is the best place to use stable queens.”
Currently, the coin base does not receive a fee for net conversion of up to $ 40 million for net conversion of USDC over a 30 -day period. Then the fees were helped 0.05 % for net conversion of 40 million million 100 million and scale more than $ 200 million for maximum 0.2 % for conversion.
Fees to put a teacher in USDC conversion
Some observers have speculated that the move can cover the cost of USDC management by the company, which is the second largest in volume.
Others, such as Crypto Inflaclin Jordan Fish, which goes through “Kobby”, said the fee may be that the teacher (USDT) has to stop the US -based mediation of USDC -dollar transforming, which is reducing the supply of USDC.
He said, “The teacher has an executive fee, which means that the cheapest practical route was to convert USDT into USDC and then convert off -ramp USDC into USDC, which reduces USDC supply and maintains USDT supply. If I had to guess.”
Coin Base CEO Brian Armstrong agreed with a simple “Yes” and agreed to Fish comments.
The teacher receives a fee of 0.1 % or $ 1,000, which is also high, to replace the USDT with a minimum, less than 100,000 to reduce the price.
According to Defelma, USDT’s market capitalization has increased by 20 % since the beginning of the year, while USDC’s market capitalization is 47 % during the same period.
Bloomberg ETF analyst James Sfart said the coin base potentially costs, whose company is now undergoing.
Related: Kacobeknik plans to ‘actively participate’ in the Stabonic Market: Report
“It feels like a fee for ETF, for ETF. If they really want to provide and release them on the basis of a path, they are (probably), maybe (perhaps).”
He added, “I guess they are offloading this cost … and then something.”
Miss the coin base earnings
New fees emerged when the Coin Base lost the income of quarterly analysts, which ended June. The company reported revenue of $ 1.5 billion, while analysts were expecting the income between $ 1.56 billion and $ 1.59 billion.
The company’s stock sank 8 % after reporting its second quarter’s income report.
In its report for Q1, the Coin Base saw a 10 % decline in its gross revenue, while its net income decreased by 95 % due to unrealistic losses, which has led to the company reported on its crypto holdings.
Magazine: How Ethereum Treasury Companies can give rise to ‘Defeat Summer 2.0’
