And a big drop in prices could again send speculators fleeing. In its financial prospectus, Coinbase warned that its business results would fluctuate with the volatility of crypto assets, “many of which are unpredictable and in certain instances are outside of our control.”

The industry’s biggest issue — fulfilling the promise that the technology is more than just a place to park money — could take another decade to play out.

“There’s no doubt we’re in the latest boom, and I don’t know if that’s going to turn tomorrow or two years from now,” Mr. Tomaino said. “But the busts and booms are always higher than the last.”

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The Start-Up Enemies of Wall Street Are Booming

“The infrastructure has gone to a whole other level,” said CJ MacDonald, founder of Step, a debit card provider aimed at teenagers. Introduced in September, Step quickly reached one million customers, partly from endorsements from social media influencers like Charli D’Amelio.

In December, Step raised $50 million in funding. The company was not looking for more money, Mr. MacDonald said. But investors started calling as soon as the app joined the top-downloaded finance app list shortly after it was released. The money came together in a matter of weeks, he said.

Investors are even clamoring to buy into broken deals. Plaid, which had agreed to sell itself to Visa for $5.6 billion last year, saw the deal unravel in January after facing antitrust scrutiny. Now the fast-growing company is in talks with investors to raise funding at a valuation near $15 billion, said two people with knowledge of the company who spoke on the condition they not be identified because the discussions are confidential. The Information earlier reported Plaid’s funding talks.

Sheel Mohnot, an investor at Better Tomorrow Ventures, said Plaid’s sale price to Visa was viewed as “so amazing” at the time. But now, with multiple fintech companies approaching $100 billion valuations, it looks low.

Some caution that the excitement has gotten far ahead of reality.

Robert Le, an analyst at PitchBook, pointed to the valuation of Affirm, which has a market capitalization of $20 billion, or roughly 40 times its annual revenue. That’s significantly higher than the value that investors typically assign to blue-chip financial services companies. American Express, for example, trades at just three times its annual revenue.

“I think it’s a little irrational,” Mr. Le said. “Over the long haul, some of these companies will have to come down.”

Some of the start-ups have already hit growing pains. Chime, a banking start-up, had a series of outages in 2019, leaving millions of customers with no access to their money for hours. Some Coinbase customers have said they were locked out of their accounts or experienced thefts of their money. And Robinhood faces nearly 50 lawsuits and multiple regulatory investigations after it halted trading for some stocks during a frenzy in “meme” stocks in January.

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Coinbase Users Say Crypto Start-Up Ignored Their Pleas for Help

“Coinbase, by going public and being subject to greater regulatory oversight, is moving more into the light where there is, or will be, greater visibility and comfort,” she said.

One of Coinbase’s most frustrating aspects, some users said, is that a real person does not appear to be reading their complaints.

“There’s nobody on the other side,” said Cheryl Hung, a marketing consultant in Los Angeles.

Ms. Hung said she and her fiancé, Paul Hwang, started investing in cryptocurrencies in 2019 and picked Coinbase because it was a “big, reputable company” with security. But in January, someone stole $26,000 of cryptocurrencies from their account. They said they did not have any idea of how that happened.

“We just lost all the money we could have been using to work on a house or move our life forward,” Mr. Hwang said.

The couple asked Coinbase for help, but they said they received perfunctory email responses. Trying Coinbase’s phone line got an automated response. After The Times inquired about their case, Ms. Hung said they got another email from the company with more information about their account.

Coinbase said real customer support agents respond to inquiries.

For most Coinbase users, legal recourse is also limited. Under the company’s terms of service, users agree to settle disputes through private arbitration or small claims court, rather than pursuing a class-action lawsuit.

That did not deter Mr. Pierre from suing. Mr. Pierre, who worked for Coinbase between 2017 and 2018, said he initially found the decentralized format of digital currencies “exciting.” But after he lost his Coinbase savings, he said he saw the value in traditional, regulated institutions like banks to fall back on “for times like this.”

“I’m less excited now,” he said.

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Payments Start-Up Stripe Surges to $95 Billion Valuation

The payments company Stripe is worth $95 billion after a new round of funding, making it the most valuable start-up in the United States.

The San Francisco and Dublin-based company said on Sunday that it had raised $600 million in new funding from investors including Sequoia Capital, Fidelity Management and Ireland’s National Treasury Management Agency. The investment nearly triples Stripe’s last valuation of $35 billion.

The funding comes amid a surge in the adoption of digital tools and services in the pandemic as more people live, work and make purchases online. That has fueled a wave of investment into, and eye-popping valuations at, tech start-ups, as well as a frenzy of highly valued initial public offerings. Investors have valued Airbnb, the home rental start-up that recently went public, at $123 billion. Roblox, a kids gaming start-up, saw its valuation soar to $45 billion when it went public last week.

Founded in 2010, Stripe builds software that enables businesses to process payments online. As more people have turned to online shopping in the pandemic, Stripe’s offerings have been in demand. It is the largest among a class of fast-growing, highly valued financial technology companies.

Stripe is now processing hundreds of billions of dollars in payments each year across 42 countries, Dhivya Suryadevara, Stripe’s chief financial officer, said in an interview. “We are in a hyper-growth industry and within that, the company itself is experiencing hyper-growth,” she said. Ms. Suryadevara declined to share specifics on Stripe’s revenue or growth.

Stripe has been considered a candidate to go public. Coinbase, another financial technology start-up, filed to go public later this month in a transaction that some expect could hit $100 billion. Robinhood, a stock trading app, has also seen its valuation surge in the pandemic.

Stripe said in an announcement that it planned to use the money to expand in Europe, including its office in Dublin. The company’s sibling founders, John Collison, 30, and Patrick, 32, were born in Ireland.

In a statement, John Collison, Stripe’s president, said the company would focus heavily on Europe this year. “The growth opportunity for the European digital economy is immense,” he said.

The company, which got its start working with start-ups and small businesses, will also invest in building more tools to help larger businesses handle payments. It counts 50 businesses that process more than $1 billion a year as customers.

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