In today’s briefing:
- A Look at Gemini USD
- ATEN: Shifting to a Second Half Event
A Look at Gemini USD
- The fall of the FTX and Alameda house of cards built atop a seemingly innocuous token – FTT – has raised skepticism about centralized exchanges and the tokens that they issue.
- Attention was first turned to Binance, BNB, and BUSD; as a result, BUSD’s market cap fell from $23.5bn to $16.5bn in just 90 days, though Binance has seemingly passed its stress test.
- Attention has now turned to Gemini, Genesis, and Digital Currency Group (DCG).
ATEN: Shifting to a Second Half Event
- The recent wave of layoff related headlines along with companies putting greater scrutiny on cash outflows could result in ATEN experiencing slower than expected revenue growth in 2023
- When there are layoffs and changes to employees working more from the office it is likely to reduce the number of security devices purchased
- Our lowered revenue outlook comes with the expectation ATEN would be able to ramp revenue in the second half of the year
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