Connect with us

Business

Exodus wallet posts 80% rise in Q2 revenue with $9.6M in losses

Published

on

Exodus Wallet, a popular cryptocurrency wallet provider, has reported an impressive 80% increase in revenue for the second quarter of 2024, reaching $14.3 million. However, the company also posted a net loss of $9.6 million for the same period, highlighting the challenges of operating in the volatile crypto market.

The significant revenue growth is attributed to the resurgence in crypto market activity and increased user engagement on the platform. Exodus Wallet’s multi-asset support and user-friendly interface have continued to attract a growing number of users, contributing to the boost in revenue.

Despite the strong revenue performance, the $9.6 million loss underscores the impact of rising operational costs and market fluctuations. The company cited increased expenses related to marketing, research and development, and infrastructure expansion as key factors contributing to the losses. Additionally, the broader crypto market’s inherent volatility played a role in the financial outcome.

Exodus Wallet remains optimistic about its long-term prospects, with plans to enhance its platform and expand its user base. The company is focusing on new product launches and strategic partnerships to drive future growth. As the crypto market continues to evolve, Exodus Wallet aims to navigate the challenges while capitalizing on opportunities in the digital asset space.

The Q2 financial results reflect the complex dynamics of the cryptocurrency industry, where rapid growth can be tempered by equally significant risks. Exodus Wallet’s ability to sustain its revenue momentum while addressing operational challenges will be key to its success in the coming quarters.

Business

7-Eleven South Korea to accept CBDC payments in national pilot program

Published

on

7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

Continue Reading

Business

SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

Published

on

The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

Continue Reading

Business

GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

Published

on

GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk