📉 How a nixed Coinbase feature killed crypto news traffic (Axios)
- The largest U.S. crypto exchange removed a newsfeed feature from its app earlier this year, resulting in a significant traffic decline for Cointelegraph, Coindesk, The Block, and Blockworks. Traffic volumes dropped 30% for The Block in May.
🏦 Biggest banks can withstand severe downturn, Fed says (WSJ)
- U.S. banks passed their latest annual stress test, with the Federal Reserve finding they would be able to continue lending to households and businesses in a severe recession. They would collectively lose nearly $685 billion in the Fed's imaginary worst-case scenario.
📈 Stash reaches EBITDA profitability (Stash)
- CFO Steven Hodgeman says the company hit EBITDA profitability in May, with over $3.5 billion in assets under management. This comes after the company laid off 25% of its workforce in March and is said to have hired investment bankers to explore options including a potential sale.
💸 Abra settles with 25 states (CoinDesk)
- The crypto investment platform and CEO William Barhydt have settled with 25 state financial regulators for operating its mobile application without the proper licenses. Under the settlement agreement, U.S. customers in the settling states will receive up to $82.1 million in crypto.
