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Quick Take

• Coinbase estimated 1Q’21 revenue of ~$1.8B net revenue with ~$1.1B adj-EBITDA (61.5% margin) are already both more than all of 2019 and 2020 combined results (and then some).
• Total assets on platform have surpassed $233B, good for nearly 12% of the total value of the crypto market
• In 1Q’21 institutional assets on the platform grew to $122 billion in Q1’21 (~55% of total assets on platform), up ~170% from $45 billion at the end of 2020
• Coinbase saw an average ~6.1 million monthly transacting users (MTU); Coinbase base full-year assumption is average MTU is slightly below 1Q levels
• Coinbase expense guide for 2021 includes $1.3 – $1.6 billion in operating expenses (+70% Y/Y, ex stock-based compensation), a meaningful increase in sales and marketing (12-15% of net revenue in 2021 vs 5% in 2020), and low-to-mid teens transaction expense to revenue

Plaid, the startup that specialises in connecting fintech firms to banks, has closed a $430 million Series D investment.

The post Plaid announces $430 million raise following failed Visa merger appeared first on The Block.

American football champion Tom Brady is launching an NFT platform called Autograph.

The post Football champion Tom Brady is launching an NFT platform appeared first on The Block.

Quick Take

• Alchemix is a new lending protocol that allows users to borrow alUSD (a stablecoin) against DAI (and other stablecoins in the future)
• The alUSD supply has grown to 242 million and the protocol has a total of $882 million in locked collateral — driven heavily by ALCX incentives — since its February 2021 launch
• Alchemix is limited to only stablecoin denominated debt but offers users a new type of lending interaction without liquidations that some may prefer

After six months of life on the lam, the former BitMEX CEO turned himself in in Hawaii.

The post Former BitMEX CEO Arthur Hayes surrenders to US authorities: report appeared first on The Block.

Quick Take

• BlockFi co-founder Flori Marquez has a knack for capitalizing on niche opportunities.
• Ryan Weeks sat down with Marquez to talk about BlockFi’s success — and how it can continue.

Crypto exchange unicorn published its preliminary financial results for the first quarter of 2021 on Tuesday.

The post Coinbase reports an estimated $1.8 billion in total revenue for Q1 2021 appeared first on The Block.

The encrypted communications platform has launched a new payments feature that will allow users to transact in MobileCoin (MOB).

The post Signal users in the UK can now beta test MobileCoin via a new payments feature appeared first on The Block.

Grayscale Investments announced Tuesday a rebalancing of its large-cap crypto fund, a move that adds the Chainlink token to the entity’s list of held digital assets.

The post Grayscale adds Chainlink to its large-cap digital asset fund appeared first on The Block.

The sale will be in collaboration with popular NFT marketplace Nifty Gateway and feature the work of anonymous digital artist Pak.

The post Auction house Sotheby’s is hosting its first NFT sale next week appeared first on The Block.