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Late last year, the company hired Kate Rouch as its first CMO; Rouch previously worked as CMO at Coinbase, where she led its debut at the Super Bowl. OpenAI also unveiled a new logo earlier this week. Why now? OpenAI鈥檚 Super Bowl spot coincides with the company removing its login requirement for ChatGPT Search, a major step toward competing in the search landscape dominated by Google.

She then worked as CMO of cryptocurrency exchange Coinbase, elevating its brand to Super Bowl exposure. OpenAI and advertising: News of the hire comes days after OpenAI CFO Sarah Friar accidentally let slip that the company is exploring advertising as a potential revenue stream.

The company boasts a strong customer base, including big names like Coinbase and SpaceX. The acquisition is Stripe鈥檚 largest to date鈥攁nd the largest crypto acquisition by a major payments company. Bridge launched less than 3 years ago and was valued at just $100 million in a late 2023 funding round. Bridge CEO Zach Abrams said the company has grown more than tenfold just in the past year.

The SEC stepped up its crackdown on crypto after filing civil charges against Coinbase and Binance.

On today's episode, we discuss what recent funding and valuation drops mean for fintechs, which categories are getting hit the hardest, and what fintechs should do now. "In Other News," we talk about the significance of the recent Coinbase-BlackRock partnership and how the Consumer Financial Protection Bureau plans to level the playing field between banks and nonbanks. Tune in to the discussion with our analysts Eleni Digalaki and Tiffani Montez.

And before this, worked at Coinbase and while she was there, Coinbase had its big Super Bowl ad. So definitely, someone who has elevated a tech company to a prominent world stage in terms of brand marketing. Marcus Johnson (04:52):. Yeah. And Danny, really quick, I mean, it was interesting because you'd mentioned that we've not really seen this big consumer facing push from OpenAI.

In the first week of the new year, US regulators came out swinging against Coinbase, Binance, FTX, and Celsius.

Most 鈥渃rypto鈥� cards, for example, like the Coinbase Visa debit card or Mastercard鈥檚 crypto debit and prepaid cards, don鈥檛 actually conduct crypto payments: They liquidate a portion of the user鈥檚 holdings and then transact in dollars. Cash is stickier than checks. Cash has been permanently relegated to a second-tier retail payment method.

Coinbase spent the next year in court trying to set right a case for anti-money laundering protocols and by the next Super Bowl 2023, there were no crypto ads. Mr. Dellinger also pointing out that something similar happened back in 2000 when the Super Bowl was inundated with dot-com company ads only for the bottom to fall out of the industry later that year.

Coinbase. CoinDesk. CoinGecko. Cointelegraph. Congressional Research Service. Cryptochooser. Federal Reserve Board. Forbes. IBM. Markets Insider. Mastercard. Nasdaq. Packaged Facts. PayPal. PYMNTS.com. Reuters. Seeking Alpha. Strike. The News & Observer. The New York Times. United Nations. US Securities and Exchange Commission. Visa.

Public fintech performance since the start of the year has been dire: Coinbase, Upstart, and Affirm鈥檚 cumulative market capitalization has fallen by more than $70 billion this year through July 15. But 鈥渋t can take over six months before we see what impact the public market downturn has had on venture funding,鈥� per Andreessen Horowitz (a16z) partners Justin Kahl and David George.

In August 2022, BlackRock partnered with Coinbase to give its institutional clients crypto-trading abilities. In May 2022, Goldman Sachs offered its first bitcoin-backed loan, and expanded the ability shortly after to all of its institutional clients. In June 2022, it began offering institutional clients an Ether-linked forward derivative.

Coinbase. CoinDesk. CoinGate. Cointelegraph. Decrypt. DefiLlama. Digital Insurance. Insider. Insurance Edge. LeewayHertz. Lemonade. Oliver Wyman. PwC. Quartz. Real Vision. Tech Times. The Motley Fool. The New York Times. Trulioo. VentureBeat. Yahoo Finance.

Coinbase CEO Brian Armstrong has said he thinks inadequate US digital asset regulation has forced crypto exchanges to set up operations overseas, as FTX did in the Bahamas, leaving consumers more vulnerable. Some UK banks have resorted to preventing customers from buying cryptos in response to what they say is a rise in crypto scams. Regulation roundup: More oversight is coming in major markets.

Its rivals, including Coinbase, Kraken, and OKX, see this as an opportunity to attract Binance customers. Key takeaways: Cryptocurrencies aren鈥檛 going anywhere, but the general public鈥檚 interest in participating will likely remain muted until these investigations and lawsuits are no longer top of mind.

An outage hit 19 of Cloudflare鈥檚 data centers, resulting in Amazon, Twitch, AWS, Steam, Coinbase, Telegram, Discord, DoorDash, GitLab, and others going dark for some users. Cloudflare鈥檚 outage affected roughly 50% of all global HTTP requests handled by the content delivery network. July.

It also expanded into new areas like cryptocurrency payments through a tie-up with Coinbase. Google can use its wide reach to boost adoption and engagement for its payment products in both developed markets and emerging regions where it has a device stronghold. We forecast the number of Google Pay users in the US will grow 8.2% this year to reach more than 26 million in 2023.

This is all on top of a poorly defined regulatory environment with no clear rules, which has led other crypto exchanges, like Coinbase, to move some operations offshore. The bigger picture: Despite all this, PayPal is betting that crypto will come out on the other side. The company seems to believe that blockchain technology can benefit payments and broader financial services.

The wallet will let users store Ethereum and Ethereum-based tokens, which customers can purchase directly from Coinbase and MoonPay, and transact with them wherever cryptos are accepted. The wallet can also connect to decentralized apps, making it easier to access NFTs and other Web3 services.

For a tangential example, when Coinbase disclosed that investors could lose all of their money because the assets were not FDIC-insured, many customers panicked over a routine disclosure that was nothing out of the ordinary. Inertia could be why some customers stay with a financial institution.

Already, Genesis is fighting insolvency, Coinbase bonds are trading at distressed values, and Kraken shed 30% of its staff. More stablecoins will collapse, 脿 la Terra. Tether will witness a 鈥渞un on the bank鈥� event when its cash reserves are found overstated. Stablecoins that survive will have to be backed by deposits that are FDIC insured and held at banks.

Other notable companies conducting layoffs include Lyft, Stripe, Microsoft, Netflix, Roku, Cisco, Salesforce, Coinbase, HP, and Oracle. Additionally, Apple announced a year-long hiring freeze in November, and Alphabet plans to cut 10,000 employees through a stricter performance review process.

The heavy spending prompted comparisons to the 2000 鈥渄ot-com鈥� Super Bowl that proved true鈥擣TX collapsed in 2022, bringing the value of Coinbase and others down with it. Meanwhile, Meta has had to sideline its metaverse projects to focus on rejuvenating its ad business. Crypto鈥檚 high-profile failures haven鈥檛 deterred new brands from trying to make an imprint on the Big Game.

The QR code, which linked to a limited promotion, was so highly scanned that it temporarily crashed the Coinbase app. In 2024, Edmundson expects more iterations of these shoppable CTV ads. 鈥淧ublishers or tech solutions [will find] novel ways of breaking down that transition from seeing the ad [on-screen] to the user taking action.鈥�. It will take time, though.