Morning Post - November 4

headlines

▌Opinion: Google is working on the field of cryptocurrency

Google's partnership with Coinbase shows that Google is committed to the cryptocurrency space. Collaborations between cryptocurrencies and tech giants have been called blockchain-affirming. Based on recent headlines and what the company has said, one would think that Google is getting into the crypto space. However, some see the tech giant's choice of partner, Coinbase, as evidence that Google is only testing.A few weeks ago, Google and Coinbase published a joint press release titled “Google Cloud and Coinbase Launch New Strategic Partnership to Drive Web3 Innovation.” A few days later, Google Cloud launched its node engine for the Ethereum blockchain.

cryptocurrency

▌Coinbase's third-quarter loss cut in half

Coinbase reported on Thursday that its third-quarter loss narrowed 50% to $545 million from $1.1 billion in the second quarter, as the company reined in costs and cut workers and boosted interest income.However, the company stated in its shareholder letter that its trading revenue continues to be significantly impacted by macroeconomic and crypto market headwinds, which are expected to persist through 2023, as well as the shift of trading volume overseas.Trading revenue was $366 million, down 44% from the second quarter, driven by lower trading volumes. One of the factors for this drop, cited by Coinbase, is that "trading volumes have shifted away from the United States, where our operations are concentrated." certainty cognition".Overall net income was $576 million, missing the FactSet analyst consensus estimate of $646 million and down from $803 million in the second quarter.

▌Musk wants to cut Twitter’s $1 billion cost, or cause Twitter to face the risk of paralysis

Musk has directed the Twitter team to save more than $1 billion a year in infrastructure costs by cutting back on cloud services and additional server space, according to people familiar with the matter. Musk's goal is to save $3 million a day on infrastructure, the sources said. Such drastic cuts risk crippling Twitter's website and app in times of high traffic, such as the upcoming U.S. midterm elections.

▌Goldman Sachs cooperates with MSCI and Coin Metrics to develop the first digital asset index for institutional investors

Goldman Sachs is working with index provider MSCI and encrypted data company Coin Metrics to develop a digital asset index. The service will be called Datonomy and will mainly target institutional investors. Under the service, money managers at hedge funds and asset managers will be able to consider cryptocurrencies with a more granular focus, said Anne Marie Darling, head of client strategy for Goldman Sachs’ Marquee platform.