Cheddar's weekly program "The Crypto Craze" tracks the latest trends in the cryptocurrency space. Cheddar Anchors Hope King and Brad Smith track the biggest movers of the week, and new ways investors might be able to capitalize on this market.
Coinbase users took to social media and Reddit to complain about glitches on the platform. Coinbase says the root of the problem is credit card processing managed by Visa. But, Visa says they didn't cause the problem. Russell Brandom, Reporter at The Verge, explains the implications of these problems on the platform.
"This was going on for three weeks, and we're talking about thousands of dollars disappearing from people's accounts. That's kind of the worst thing that could happen for a service," said Brandom. "Coinbase has to take a lot of blame for this."
Bitcoin rebounded this week, trading above $10,000 for a short time. It still remains far from its all-time high of $19,000.
Brandom says Coinbase is getting most of the pie right now, but it should expect more and more competitors to emerge as this market continues to grow.
There's a new way to invest in Blockchain technology. Amplify ETFs launched a blockchain-based technology fund under the ticker "Blok" in January. Amplify ETF explains the opportunity he sees in this market, and responds to criticism facing one of the companies in this ETF's holding.
"The smallest position in the fund is Riot Blockchain," said Magoon. "The fund is actively managed so I expect the fund portfolio managers are adjusting the portfolio. This was a controversial company that we did some research in." Shares of Riot Blockchain plummeted after CNBC released a report suggesting the re-branding of the company was done for personal gain.
"Now that news has come out it really seems like the momentum of this stock is going downward, and I'm expecting that come tonight when we update our holdings I wouldn't expect to see that stock in the portfolio based on this report," said Magoon.
The founder and president of Cyborg Mobile Kobie Hatcher has been on a strong trajectory to disrupt his industry with a program called The New Technologists. It's not only meant to address the diversity gap within large tech companies but also help pave the way to transform the lives of young BIPOC students. He joined Cheddar News to talk about how he's working to make a difference with the lack of diversity in tech. “There's truly no lack of talent out there. It's just identifying them and letting them know that, hey, I've been in the tech sector for over 20 years. I see you. I know what you can bring, bring it, we need it," Hatcher said.
San Francisco 49ers defensive lineman Alex Barrett discusses why he believes taking his salary in crypto is the best financial decision for him, while Bitwage CEO Jonathan Chester breaks down how Barrett and other crypto investors can best utilize his platform.
Constituent service platform Indigov recently raised $25 million in a Series B funding round. Indigov bills itself as a constituent relationship management tool that helps elected officials improve the way they organize, respond to, and engage those they serve. The startup's services are being used by federal, state, and local governments across the country, including the U.S. House of Representatives. Alex Kouts, founder & CEO of Indigov, joins Cheddar News' Closing Bell to discuss.
It can be tough to make sustainable choices, and even harder when sustainable materials don't hold up. Loliware has a solution to the plastic straw problem: its seaweed-based straws are stronger than paper alternatives and once used, can be composted and return to the earth or sea without causing harm. Sea Briganti, CEO of Loliware, joins Closing Bell to discuss the tech behind the straws, new product launches, and more.
Sonia Lapinsky, managing director of retail at AlixPartners, breaks down some new shopping trends she's seeing at a time when inflation is near a 40-year high. She also explains what fresh economic data and recent retail earnings could mean for the future of the industry.
