Coinbase Becomes First Cryptocurrency Startup to Go Public

Startup Coinbase, a secure exchange platform that helps people purchase, sell and store cryptocurrencies, has become the first such startup to go public. Shares traded at $381 each, up 52 percent from a reference price of $250, and eventually closed at $328.28, for a company valuation of $85.7 billion, ten times higher than its last private valuation. The San Francisco-based company’s IPO is a landmark for long-time crypto advocates. In its wake, Bitcoin’s value soared to $64,829 and Ether traded at a record-high of $2,487 (which also followed news about upgrades to the Ethereum network). Continue reading Coinbase Becomes First Cryptocurrency Startup to Go Public

Uber Reaches Deal With Benchmark, Loses Ruling in London

Former Uber chief executive Travis Kalanick and major investor Benchmark reached an agreement over board seats, paving the way for a multi-billion dollar investment led by SoftBank Group. This investment will give Uber resources to fend off its global rivals. Until recently, Kalanick and Benchmark were in a stalemate; the new agreement will add six directors and change voting in a way that will limit Kalanick’s power on the board. These changes are the aftermath of scandals that led the board to force Kalanick out. Meanwhile, Uber is facing setbacks in the U.K. regarding the status of its drivers. Continue reading Uber Reaches Deal With Benchmark, Loses Ruling in London