Observed Signal · Mar 8, 2023 · M&A - Announced · Source: Trending Topics · Impact: 5/5 · Sentiment: Positive
Coinbase Launches WaaS; Nvidia to Acquire Hugging Face for $12.9B
Coinbase launched Wallet as a Service (WaaS), enabling companies to integrate crypto wallets directly into their apps with onboarding as simple as a username and password. Early adopters include NFT wallet Floor, gaming studio Moonray, development framework thirdweb, and token reward system tokenproof. The launch follows Coinbase's Base Layer-2 solution and aims to expand Web3 adoption while diversifying revenue after the 2022 crypto crash and a 20% workforce reduction (950 employees). Separately, Nvidia confirmed an agreement to acquire Hugging Face for $12.93 billion. Nvidia CEO Jensen Huang stated Hugging Face will remain an open platform supporting multi-cloud and multi-accelerator deployments. The deal follows Hugging Face's $4.5 billion valuation round three years ago with participation from Nvidia, Salesforce, Google, Amazon, AMD, Intel, Qualcomm, and IBM. It is not yet formally closed and is expected to undergo antitrust review.
Nvidia's $12.9B acquisition of Hugging Face consolidates the leading open AI model distribution platform under the dominant AI chip maker, potentially reshaping AI infrastructure and the open-model ecosystem relevant to MarTech/AdTech AI applications. Coinbase's WaaS launch also extends enterprise crypto infrastructure.
Track Coinbase Signals & Market Shifts in Real-Time
Polaris7 autonomous intelligence agents track regulatory filings, primary sources, executive changes, and deal flow 24/7. Create your free Explorer workspace to monitor these entities.
Key Takeaways & Evidence Grounding
- Coinbase launched Wallet as a Service (WaaS), allowing companies to offer built-in crypto wallets with simple username/password onboarding.
- Early WaaS adopters include Floor, Moonray, thirdweb, and tokenproof.
- Coinbase cut 20% of its workforce (950 employees) in early 2023 following the crypto winter.
- Nvidia agreed to acquire Hugging Face for $12,930,300,000, according to CEO Jensen Huang.
- The Hugging Face acquisition is not yet formally closed and is expected to undergo antitrust review.
Connected Companies & Entities
11 Entities mapped“The publicly listed crypto exchange Coinbase is launching new software services to help crypto startups build their dApps, including Wallet ...”
“Nvidia is acquiring Hugging Face, the platform hosting a large share of the world's open AI models....”
“Nvidia is acquiring Hugging Face, paying exactly $12,930,300,000 for the platform....”
“Bitpanda is pursuing a similar path, positioning itself as a software provider for banks that want to integrate crypto services....”
“Qualcomm was among the investors in Hugging Face's last major funding round....”
“Amazon was among the investors in Hugging Face's last major funding round....”
“AMD was among the investors in Hugging Face's last major funding round....”
“Intel was among the investors in Hugging Face's last major funding round....”
“IBM was among the investors in Hugging Face's last major funding round....”
“Google was among the investors in Hugging Face's last major funding round....”
“Salesforce was among the investors in Hugging Face's last major funding round....”
Ontology Mapping & Concepts
Related Market Signals & Shifts
Recent verified developments and strategic activity across this market segment.
Bitcoin Drops Below $82K, Liquidations Top $1B
Bitcoin fell below $82,000, trading around $81,750, a 2% drop in 24 hours, amid rising oil prices, Fed rate hike expectations, and ETF outflows. Over $1 billion in leveraged positions were liquidated, with over 90% being long bets. Ethereum fell 4% to ~$2,460, while altcoins like Solana, Cardano, and Zcash saw steeper declines. Analysts see $80,000 as the next support level. US spot Bitcoin ETFs saw $487 million in outflows, the largest in weeks. Additionally, wallets linked to the US government moved 12,267 Bitcoin from seized Bitfinex hack funds, fueling sell-off concerns. The Fear and Greed Index is neutral at 53.
Fired OpenAI Researchers Dispute Misconduct Claims, Warn of Chilling Effect
Three OpenAI safety researchers, Jasmine Wang, Tomek Korbak, and Mikita Balesni, who were fired last week, have published an open letter denying allegations of mishandling sensitive information. They warn that their dismissal creates a chilling effect that stifles AI safety work and open dialogue within the company. The researchers say they acted in good faith and within company norms, and that the reasons for their firing are unclear. They urge OpenAI to uphold its commitments to third-party safety auditors and maintain a transparent culture. OpenAI responded with an internal memo denying retaliation and stating that employees are not terminated for raising concerns, but did not address specific policy violations or circumstances of the dismissal. The dispute highlights tensions between internal safety research and company communication policies at a time when OpenAI faces scrutiny over safety incidents.
AI Stocks Sink as OpenAI Revenue Misses Reported Figure
Shares of Nvidia, Oracle, CoreWeave and other AI-related companies fell on Thursday after details emerged about OpenAI's revenue. OpenAI told investors it reached roughly $50 billion in annualized revenue at the end of September, lower than the widely reported $68 billion figure. A person familiar with the matter said the $68 billion figure included gross revenue from partners, making it more comparable to Anthropic. OpenAI also highlighted 77% total run rate growth in Q3 and 107% growth in enterprise business. The company is preparing for a potential IPO, with a valuation of $852 billion, and is in early talks to raise around $30 billion in new funding.
Track Real-Time Market Signals & Shifts
Set up custom watchlists to receive automated, evidence-grounded executive digests whenever material signals or shifts occur across your tracked landscape.