These 4 Cryptocurrency Companies Are Going To Liquidation And Downsizing!

This cryptocurrency company announced that it has decided to close its New York and Miami stores 7 months after its opening. As Kriptokoin.com, we have compiled the developments of crypto money companies for you.

Cryptocurrency company is closing stores

Solana Spaces will close two Solana-themed, community-focused retail stores in New York and Miami at the end of the month, as physical stores are not attracting as many users as initially expected. Solana Spaces tweeted the news on February 21, sharing a note from founder Vibhu Norby explaining the reasons behind the store closings.

Norby, who founded Solana Spaces in early 2022, announced that the company had reached a ‘inflection point’ in stores, prompting a shift of investment focus to the firm’s new NFT artwork airdrop platform ‘DRiP’.

When Solana Spaces opened its first New York-based store in late July, Norby hoped the store would bring more than 100,000 people to Solana each month. But Norby noted in his letter that only 75,000 people managed to enter the store during his seven-month tenure.

The startup was backed by the Solana Foundation, Solana-based wallet provider Phantom, and local crypto exchange Orca, and it didn’t seem to gain a lot of fans, even if it didn’t work.

Coinbase exceeds revenue and earnings expectations

Coinbase published a letter to shareholders on Feb. 21 detailing its fourth-quarter revenue and earnings numbers. The company reported net income of $605 million, beating analysts’ estimates of $589 million. However, net income was a loss of $557 million, resulting in a loss of $124 million in adjusted EBITDA (earnings before interest, taxes, depreciation and amortization).

Also, full-year revenue for 2022 came in at $3.1 billion, compared to $7.3 billion, 57% lower than in 2021. Adjusted EBITDA for the year was $371 million compared to $4.09 billion for 2021. After laying off 18% of its employees last June, Coinbase laid off 20% in January, and more could follow.

In January, CEO Brain Armstrong said the cuts were necessary to cut expenses by 25% from the previous quarter. The firm has laid off more than 2,000 jobs in the past eight months. Also, approximately 53% of Q4 revenue was transaction fees, one of the highest in the industry. Cryptocurrency exchange Coinbase earned $2.35 billion in transaction fees in 2022.

The firm has diversified its revenue stream, which was once dominated by high transaction fees. Subscriptions, custody fees, interest income and blockchain rewards accounted for 34% of total revenue. Armstrong said he would be willing to go to court to fight the SEC if he thought the company was selling securities through its staking service.

Polygon confirms 100 layoffs

According to the official announcement shared by Polygon Network (MATIC) on its main website, its team has decided to lay off about 100 employees. In total, this means a 20% reduction in headcount for multiple teams in the Polygon (MATIC) ecosystem.

It was also announced that Polygon’s Polygon (MATIC) ecosystem has been ‘consolidated’ with Polygon Labs, the corporate development and investment organization. Previously, Polygon Labs merged several businesses under the Polygon umbrella.

Polygon Network (MATIC) started 2023 with a series of important collaborations in various sectors, despite the decrease in the number of painful employees. On January 7, it announced the launch of the collaborative Web3 program for digital artists using MasterCard. They also entered into long-term NFT-centered partnerships with Nike and Doritos.

But as the network prepares for the launch of the Polygon zkEVM platform, the strongest price catalyst for Polygon (MATIC) is yet to come. Polygon zkEVM will optimize network operations and advance Polygon’s compatibility with Ethereum (ETH).

The claim that they abandoned the NFT collection was denied

The team behind NFT collection Friendsies has denied allegations that they ‘abandoned’ the NFT project after accusations of ‘pulling the carpet’ in a tsunami. On February 21, the founders of the NFT project told their Twitter followers that they’re putting a ‘pause’ on Friendsies and ‘all future digital products’ for now, citing market challenges.

About 40 minutes later, the Twitter account was deleted, while the account of Friendswithyou, who developed the project, was made private. This sparked rumors that the founders were ‘hard-hitting’ for around $5 million. The project’s Twitter account has since been reinstated, and the founders have vehemently denied that they ‘abandoned’ the project.

Friendsies is a collection of 10,000 Ethereum-based NFTs launched last March. It was claimed to give each owner a custom-made ‘digital companion’ that could be used in metaverse real-life experiences, art installations and ultimately a ‘Tomogatchi-like’ play-to-earn game.

There are currently 3,323 owners of Friendsies NFTs. According to OpenSea data, the base price of the collection is 0.012 Ether (about $20) and the trading volume is 3,775 ETH. Satvik Sethi, Mastercard’s former NFT product leader, who stepped down earlier this month, has made an offer to take over the Friendsies NFT project.