Will Coinbase Survive Amid The Crypto Chaos?

effect to other companies, notably crypto lender Voyager Digital who were owed $670 million. 3AC’s default on this debt forced Voyager themselves into Chapter 11 bankruptcy.It’s a similar story for DeFi platform Celsius, who halted all withdrawals and transfers on the platform on the 12th June. Speculation ran wild about what this would mean for depositors, with these fears confirmed when Celsius announced they’re filing for Chapter 11 Bankruptcy earlier this week.

The move would see existing users transitioned onto the standard Coinbase platform, which has been bolstered with advanced features in a bid to capture a wider segment of the market. In isolation this seems like a fairly sensible move, but when combined with the other changes being made, it’s clear that Coinbase is searching hard for ways to reduce overhead.in the U.S.

As part of their recent cost cutting measures, Coinbase slashed the commission on new sign ups in April, dropping them from $40 down to as low as $2 before suspending the program altogether this week. This is very different to the situation with 3AC, Celsius and Voyager Digital. These companies have no disclosure requirements. Customers have no way to know the financial health of the company, and the individuals running them have no obligations to provide any details or context on the health of the business.

Currently, Coinbase has a current ratio of 1.6 which would suggest that they are in a comfortable position in relation to their short term debt and assets. This isn’t the whole picture, as it’s simply a snapshot of the short term financial obligations of the company.

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