Over the weekend a Tweet went viral suggesting that Coinbase executives made a direct sale with their personal shares, which set off alarms in the crypto market.
Do you distrust the future of the crypto exchange?
As many will recall, last Wednesday Coinbase became the first crypto exchange to be publicly listed on Nasdaq. In this regard, the Tweet in question displayed a graph showing certain sales of shares of Coinbase senior executives.
In particular, the graph included a line that was purported to reflect what percentage of their stock holdings were sold by various people. There we can observe alarming data such as that the Coinbase product director sold 97% of his shares, while the financial director sold all his shares.
Also, as we have reported from CryptoTendencia, Capital Market Laboratories data, confirmed by files on Coinbase’s investor relations website, show a total of 12,965,079 shares sold by company insiders.
And, in case you’re wondering, the Capital Market Laboratories data doesn’t suggest that any executive or insider bought additional shares, they just sold.
Unsurprisingly, this has been a fairly controversial topic within the crypto community. Some have scoffed at comparing it to a classic “pump and dump.” In this regard, the sale by Coinbase executives has generated a lot of concern in the crypto community.
However, we must watch carefully as the reality may be less scandalous. For example, the reality is that the CFO, Alesia Haas, only sold 15% of the shares of the crypto firm. Why? Well, because he owns about 1.7 million shares of Coinbase, according to the Form filed with the SEC.
In fact, Coinbase attorney Paul Grewal explained on Twitter that by using direct listing they may have had to pressure their employees to sell some of their holdings. This in order to guarantee sufficient actions, which would provide a response to what happened.
The digital yuan wants to be present at the Winter Olympics in 2022
According to CNBC, Li Bo, deputy governor of the People’s Bank of China, assured that the goal is to make the digital crypto yuan available by 2022.
Specifically, the plan is for foreign athletes and visitors to use the digital yuan during the Winter Olympics.
Ethereum ETF Gains Crypto Competitive Advantage
Last week Canada approved three Ethereum crypto ETFs. So, in order to gain an advantage, one of them, Evolve, has waived its 0.75% management fee until May 31.
According to the crypto statement it was noted that this voluntary exemption from the administration fee will result in a 0% administration fee until May 31, 2021, which will provide an immediate value opportunity to investors for this limited time. .
While the other two, CI Global Management and Purpose will charge 0.4% and 1%, respectively.
In a few lines …
- TIME magazine will allow Crypto users subscribe to the digital version by paying with cryptocurrencies.
- Congressman Kevin McCarthy has highlighted how concerning the fact that the United States is ignoring Bitcoin (BTC) is.