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How Crypto Companies Like Coinbase And Binance Make Money In 2023 Crypto companies are having a difficult time this yeapr, starting with the collapse of FTX and now the struggles of Silvergate and Signature, both of which are focused on digital assets.

Crypto Companies in a Crypto Winter

Crypto companies are having a difficult time this year, starting with the collapse of FTX and now the struggles of Silvergate and Signature, both of which are focused on digital assets. However, there are some survivors in the industry, including Kraken and Coinbase, and they all need to stay afloat in 2023.

Kraken Settles with the SEC

Kraken recently settled with the SEC for $30 million and announced that it would be shuttering its staking operation in America. The restrictions imposed by the SEC on staking as a service could make the situation even harder for crypto companies in terms of revenue. Kraken is a private company, meaning that it does not have to disclose its financials. However, Forbes reported that customers withdrew $360 million on a single day in January. Additionally, nearly a quarter of Binance’s assets left the exchange in less than two months.

Surviving the Downturn

The CEO of Kraken stated, “We expect that’s going to continue at least in the foreseeable future. Able to withstand the current downturn with your revenue model as it stands, our revenue model.