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In an effort to calm buyers frightened about potential liquidity and credit score threat from cryptocurrency trade FTX’s troubled token FTT (FTT-USD), Coinbase International (NASDAQ:COIN) stated Tuesday that it has “little or no publicity” to Sam Bankman-Fried’s FTX and 0 publicity to FTT.
“Coinbase and our clients will not be in any direct hazard of liquidity or credit score threat,” Coinbase CFO Alesia Haas wrote in a weblog submit. “No matter whether or not the Binance/FTX transaction completes, we’ve got little or no publicity to FTX and we’ve got no publicity to its token, FTT.”
Haas additionally famous that Coinbase (COIN) would not have any publicity to Alameda Analysis, SBF’s buying and selling agency that got here beneath scrutiny in current days given its big holdings in FTX Token (FTT-USD), the thirtieth largest digital coin by market cap that dropped some 75% in late afternoon buying and selling amid mounting solvency considerations, knocking down the remainder of the crypto market.
That bearish worth motion got here days after Binance CEO Changpeng Zhao stated his crypto trade will promote the remainder of its outsized holdings in FTX Token (FTT-USD) attributable to “current revelations.” It wasn’t till earlier on Tuesday when Binance got here to the rescue and signed a non-binding settlement to amass FTX’s non-U.S. enterprise within the wake of a “important liquidity crunch” at FTX.
Coinbase (COIN) inventory dropped 10.8% on Tuesday, bringing its year-to-date losses to 80% amid broader macroeconomic headwinds stinging the crypto house, together with rising rates of interest and rising recession dangers.
In search of Alpha contributor Invoice Maurer contended that Coinbase inventory may attain new lows as a result of panic spreading round FTX.
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