Brian Armstrong’s Job Post Leads to Coinbase’s $48 Billion Valuation
In this week's roundup, key developments in the crypto space include:
Job Post Transforming Crypto
- In 2012, Brian Armstrong posted a job ad seeking a co-founder for his Bitcoin wallet project, Bitbank.
- Armstrong envisioned disrupting transaction fees and aimed to create a significant impact with Bitcoin.
- Bitbank evolved into Coinbase, now valued at $48 billion on Nasdaq.
Kenyan Startup Gridless
- Gridless has begun Bitcoin mining operations using hydroelectric power from the Zambezi River in Zambia.
- The startup transported 120 mining rigs, generating approximately $5 per day each.
- Bitcoin mining contributes to about 30% of the hydroelectric plant's revenue, benefiting local electricity costs.
- This partnership enhances energy reliability for local residents.
GameStop's Bitcoin Strategy
- GameStop plans a major Bitcoin acquisition using $1.3 billion from issuing 0% convertible notes.
- The company aims to replicate the strategy of firms like MetaPlanet.
- Following the announcement, GameStop's stock initially rose by 10% but later fell by 25% amid financing concerns.
These developments reflect ongoing shifts in the crypto investment landscape and the integration of traditional companies into the digital asset space.