Bitcoin Daily: Jamie Dimon Couldn’t Care Less About Bitcoin; Dapper Labs Notches $15M For CryptoKitties

Bitcoin Daily

JPMorgan Chase CEO and Chairman Jamie Dimon is not a huge fan of bitcoin and offered a comment on the cryptocurrency’s 10th anniversary, Financial News reported. MarketWatch said “the gist of his response” was “I didn’t want to be the spokesman against bitcoin. I don’t really give [an expletitve] — that’s the point, OK?” The executive has long been a skeptic of bitcoin. He said the digital currency was a “terrible store of value” in 2014 and called it a fraud last year. (He later said that he regretted making the comment.) However, Dimon later noted that blockchain technology is “real” and “a technology,” although he has noted that “bitcoin is not the same as a fiat currency.”

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    In other news, the Department of Financial Services in New York said on Thursday (Nov. 1) that Coinsource’s virtual currency license has been approved, Reuters reported. The Financial Services’ Superintendent Maria T. Vullo said in a statement, “Today’s approval is a further step in implementing strong regulatory safeguards and effective risk-based controls, while encouraging the responsible growth of financial innovation.” The Texas-based company enables customers to buy and sell bitcoin with cash through its teller machines. It has over 200 machines in the District Of Columbia and 19 states.

    CryptoKitties are bringing in some serious cash: Dapper Labs, which works on those digital cats, has notched funding of $15 million, CoinDesk reported. Venrock led the round with Andreessen Horowitz (a16z), Google Ventures and others joining. Venrock Partner David Pakman said in an interview with the outlet that “for the first time, we can make scarce digital items, and I think that can usher in a mega-market of digital collectibles.” This latest round homes on the heels of a $12 million round that Union Square Ventures and a16z led. In all, the outlet noted that Dapper Labs has taken in $27 million in new funding in 2018.


    CarParts.Com leverages App and Paid Memberships While Exploring Potential Sale

    CarParts.com CEO David Meniane led the company’s Tuesday (Aug. 12) earnings call by saying that it remains engaged in exploring strategic alternatives and is “highly confident” that it is nearing completion of this process.

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      “We’re currently evaluating several different transaction structures, including a potential sale of the company and strategic investments that we believe have the potential to strengthen our capabilities and unlock new growth,” Meniane said.

      Meniane added that there is no certainty that the company will complete a deal.

      CarParts.com announced in a March 5 press release that it was exploring strategic alternatives, including a possible sale of the company, to “maximize value for our shareholders.”

      In the meantime, CarParts.com is pursuing strategic initiatives to boost the company’s value, Meniane said Tuesday.

      The company achieved positive adjusted EBITDA in June and delivered second-quarter results that showed improvement over the previous quarter, Meniane said.

      Meniane attributed the improved results to the company’s mobile app surpassing 1 million users and accounting for 12% of eCommerce revenues; services like products and shipping protection, paid memberships and roadside assistance contributing high-margin fee income; and its eCommerce and mobile app product roadmap delivering improvements in conversion rates, units per order and average order value.

      For the remainder of the year, CarParts.com is focused on expanding its product offering, generating high-margin fee income, scaling its B2B offering, continuing to grow its mobile app business and managing cash flow and inventory levels, Meniane said.

      “We know this transformation is a multiyear effort,” Meniane said. “We’re focused on rebuilding the core foundation of CarParts.com, one that can scale, innovate and deliver a seamless, high-quality customer experience, while driving greater discipline in both our cost structure and capital deployment.”

      Meniane also highlighted challenges faced by CarParts.com. These include noncompliant products imported from China driving a “race to the bottom,” tariffs and inflation weighing on consumer demand, and the macroeconomic environment requiring the company to seek new opportunities for growth.

      “As we progress through the remainder of the year, we’ll continue to navigate a dynamic macro environment, including ongoing tariff and impact and pricing volatility, with discipline and agility,” Meniane said. “Our focus remains on profitable growth, anchored by the strong foundation we’ve built.”