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Coinbase to Offer Tezos Staking to US Consumers

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Coinbase

Coinbase

While it is true that the crypto space has grown at a breathtaking pace over the past few years in the United States, it should be noted that it would not have been possible without the stellar service provided by crypto exchanges like Coinbase. Over the years, the exchange has provided crypto enthusiasts, investors, and traders with a world-class platform.

Key Details

In a new development, it has emerged that Coinbase users will now be able to stake the cryptocurrency Tezos on the platform. The announcement was made on Tuesday by the company, and it is definitely a significant development.

The announcement was made by Coinbase in a medium post yesterday, and in the concerned post, the company stated that users who hold Tezos will now be able to get staking rewards. It is a highly important development since it creates an incentive for investors who are prepared to stay in the crypto market for the long term.

Due to the existence of rewards, Tezos (XTZ) holders will now be rewarded with interest on the tokens that they own and hold on the platform.

The interest will be paid out in XTZ. It should be noted that the service has already been launched in the institutional platform maintained by the company named Coinbase Custody. The service was rolled out earlier this year in March.

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At the time, Tezos co-founder Kathleen Bretmen said, “The launch of Tezos staking through Coinbase Custody serves an acute need that existed up until now: a way for institutional participants who rely on a secure, offline custodian to take an active role in the network.” Coinbase users will now be earning a staking reward of 5% on their holdings over a period of 35 to 40 days.

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Barclays Ends Partnership with Coinbase

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Coinbase

Coinbase

Once hailed as the most prestigious banking relationship in crypto, Barclays (NYSE:BCS) has today decided that it is no longer working with Coinbase.

The relationship between the London-based banking giant and the crypto exchange began in March last year as Coinbase sought to expand into Europe. The aim of the deal was to make it easier for businesses in the UK that handle cryptocurrency to gain access to banking services. Currently, three-quarters of UK businesses that deal with cryptocurrency are forced to look overseas for banking options as the majority of major banks in the UK tend to stay clear of anything crypto-related.

Earlier this week, news emerged that Coinbase had dropped support for Zcash (ZEC).

Why has Barclays Walked Away?

While last year’s news that Coinbase had obtained a bank account with Barclays was greeted with some degree of fanfare, the bank’s appetite for risk has been sated of late. “It is my understanding that Barclays’ risk appetite has contracted a little – I’m not sure exactly why or what’s been driving that, maybe there has been some activity they are not happy with. But it’s about Barclays’ comfort level with crypto as a whole,” said one UK-based crypto CEO.

What Next for Coinbase?

It’s not all bad news for Coinbase, however, as the exchange was immediately picked up by ClearBank, one of the many “challenger banks” that has launched recently to compete with the market leaders. This partnership will allow Coinbase to restore its Faster Payments Scheme (FPS), which allows users to instantly withdraw and deposit pound sterling at the exchange. This will ensure minimal disruption for UK customers who used Coinbase via Barclays.

>> South Korea’s Shinhan Bank is Building a Blockchain Security System

What Does This Mean for the Crypto Market?

This news comes during a week that has seen faith in the security of cryptocurrencies vastly diminished. Following news that crypto criminals had defrauded over $4 billion in 2019, and another fraud scandal emerging from Veritaseum, Barclays decision to end its partnership with Coinbase is another blow of confidence in the security of cryptocurrencies.

Big banks are clearly keeping cryptocurrency at an arm’s length, but that hasn’t stopped large companies and venture capital funds from pouring money in, with company’s such as Facebook (NASDAQ:FB) and Walmart (NYSE:WMT) recently announcing their own cryptocurrencies.

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Coinbase to List Telegram and Polkadot Cryptocurrencies Soon

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Coinbase

Coinbase

Over the past few years, plenty of new cryptocurrency exchanges have been established worldwide, but very few can claim to be as influential as Coinbase. The US-based cryptocurrency agency has a wide range of offerings and a large number of customers, which makes it the most coveted listing for many tokens.

Due to the sheer number of users and the fact that a large chunk of crypto investors in the US use the exchange, a listing naturally means a big deal for a crypto token. In a new development, the company has announced that it is going to list as many as 17 new cryptocurrencies to the existing pool.

Key Details

Over the years, the company has been well known for being extremely picky with regards to the tokens that it actually lists and hence, a listing on Coinbase is such an important milestone for any crypto project. The possibility of the latest additions was announced in a blog post from the company. Some of the highly anticipated cryptocurrencies that are going to be added include Telegram and Polkadot, among 15 others.

It still isn’t known when most of these coins will be going live, but the fact that it is happening at all is enough to generate excitement among the crypto community.

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Back in 2018, the company stated that listing announcements were going to be far more frequent than in the past and this is an indication of the fact that the company is going to deliver on its promise.

However, at the same time, it needs to be kept in mind that the due diligence done by the company remains as stringent as ever and it is certainly going to require that crypto projects pass all kinds of hurdles before they are eventually listed on Coinbase. At this point in time, the non-pro exchange lists only 10 cryptocurrencies.

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Coinbase Launches New $2 Million USDC Bootstrap Fund

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Coinbase

Coinbase

Coinbase, a leading crypto trading platform, has announced a new $2 million USDC fund to further develop decentralized finance (DeFi) projects.

Difference Between Bootstrap Fund and Coinbase Ventures

The initiative is to be called the USDC Bootstrap Fund and will see $1 million USDC invested in both Compound, a money market protocol, and dYdX, a margin trading protocol and open trading platform for crypto assets. The fund differs from Coinbase Ventures, which invests in startups and takes an equity stake, in that it will add to the protocols’ lending pools and return interest when counterparties borrow from it and subsequently reinvest the accumulated interest back into the pools.

What is DeFi?

Decentralized Finance, or DeFi for short, is essentially the implementation of traditional financial tools but built on the blockchain. Sometimes referred to as open finance, which is more encompassing of the focus on financial products, is simply the way to refer to the use and availability of financial products, such as lending and investing, but with crypto assets rather than traditional monies. So, as these financial products are integral components of traditional economies, it’s easy to see why Coinbase is eager to further the growth of these services digitally.

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The biggest barrier to growth for DeFi protocols is attracting demand for borrowing. By using USDC, which is a stablecoin powered by Ethereum, Coinbase hopes to drive down interest rates to stimulate demand. Zhuoxun Yin, head of development at dYdX, said “as soon as we invest, the interest rate goes down in the pool itself. But then, what we have seen so far, is largely that borrowers come in and borrow. So the rates have been largely coming back to where they were before.”

Coinbase has said its primary motivation for establishing this fund is to make their products safer, more reliable, and accessible than existing financial products. Last month, Coinbase strengthened its crypto custodian empire by acquiring XapoBusiness.

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Coinbase Card Includes 5 More Cryptos and Launches in 10 Countries

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Coinbase

Coinbase

The crypto space has grown at a breakneck pace over the course of the past few years and a fair share of the credit for that should go to mega crypto exchanges like Coinbase. Over the years, the company has introduced a wide range of products that have managed to further expand the crypto ecosystem, and on Thursday, it made another major announcement.

The company announced that it is going to add support to five new cryptocurrencies for the VISA debit card that it issues. In addition to that, it added that the card will now be available in 10 more countries in Europe.

Key Expansion

The five cryptocurrencies that have been added to the Coinbase Card include Stellar (XLM), XRP, Augur (REP), Basic Attention Token (BAT), and Ox (TRAX). The card already provides support for Litecoin (LTC), Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH) at this point in time. So, holders of this card will now be able to spend with as many as nine different cryptocurrencies. The company also announced the 10 new European countries in which the card will now be supported.

The card will now be supported in Sweden, Liechtenstein, Bulgaria, Croatia, Iceland, Romania, Hungary, Norway, Croatia, and Denmark. The double announcement of support for five more cryptocurrencies and expansion into 10 European nations is a hugely significant development. The CEO of the UK arm of Coinbase, Zeeshan Feroz, spoke about the developments:

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“By more than doubling the number of assets our customers can spend on Coinbase Card, as well as introducing the card to 10 new countries, Coinbase continues to help drive crypto’s role as a utility, and not just an investment.”

The card issued by the company has gained traction over the past months, and one can expect it to now grow at a faster rate due to these alterations.

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Coinbase Invests Over $1 Million into DeFi Sites

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Coinbase

Coinbase

One of the major reasons behind the rapid development of the cryptocurrency space is the presence of crypto exchanges, and Coinbase is one of the most influential exchanges in the world. On Wednesday, the company further strengthened its bets in the decentralized finance (DeFi) applications space by announcing a fresh round of investments.

Major Investment

Coinbase announced that it has decided to invest a total of $1.1 million in two separate projects through its USDC Bootstrap Fund. This is a major development for the DeFi space and for the crypto space at large. It remains to be seen how the blockchain industry reacts to it.

The USDC Bootstrap Fund was launched by Coinbase in collaboration with Circle in 2019 and is part of the Centre Consortium. The fund is looking to boost development in the DeFi sector and is investing in projects denominated in stablecoins backed by the United States Dollar. The money is donated directly to the DeFi protocols.

However, that is not all. The crypto exchange has already committed as much as $100,000 to the USDC with regards to the daily prize that is awarded by PoolTogether. The first project is Uniswap, which is an Ethereum-powered decentralized exchange that runs without the aid of an actual order book.

The Uniswap exchange has also announced that in the second quarter of 2020, it is going to launch its second version, which will allow users to complete token to token swaps directly. The other project is PoolTogether and is regarded as a ‘lossless lottery’ by those in the industry.

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The decision to invest in these projects reflects the fact that Coinbase is determined to build a true crypto ecosystem that can thrive in the long-term. To that end, it is making certain investments, and many crypto watchers will be following the company’s next moves quite keenly.

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Is Coinbase Launching an Initial Exchange Offering (IEO) Platform?

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Coinbase

Coinbase

The cryptocurrency exchange Coinbase has shown interest in the launch of an initial exchange offering (IEO) platform.

The huge surge in popularity that Bitcoin and other cryptocurrencies have enjoyed over the course of the past few years is due to a lot of factors. One of the most important ones is the various crypto exchanges which made it possible for millions of people to easily buy and sell these tokens.

Key Details

Among the hundreds of crypto exchanges that have been established over the years, Coinbase has proven to be one of the most influential. In a new development, Coinbase has announced that it is exploring the possibility of establishing its own initial exchange offering platform.

Over the years, the exchange has gone on to become one of the most popular exchanges in the United States and in other places. Moreover, it has been known for being at the forefront of innovation. During a conference in Asia, the company’s chief of institutional sales in Asia, Kayvon Pirestani, spoke about Coinbase’s plans. During the discussion, Pirestani stated that IEOs have proven to be an exciting new opportunity in the crypto space, and the company is considering getting in on the action at some point.

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As everyone knows, the initial coin offering (ICO) has become a problematic way of raising money for crypto projects since, over the years, plenty of unscrupulous characters have indulged in scams. Hence, IEOs have now emerged as the preferred means of raising money for a project. When it comes to an IEO, the exchange reviews the projects and then gives the go-ahead for a listing.

The whole process takes place in such a way that investors are protected from any scam. In such a situation, it is only natural for an exchange like Coinbase to get into it. The company has the reputation, the infrastructural advantage, and the leverage of a large user base to make it into a success. It remains to be seen when the company announces the launch.

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Coinbase Earned About $2 Billion in Trading Fees Since 2012

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Coinbase

Coinbase

Over the years, crypto exchanges have become the most important part of the entire ecosystem, and among the many exchanges, Coinbase is definitely one of the most influential. It has grown into one of the biggest exchanges in the world and the exchange of choice for millions in the United States, the most important market for any business.

Solid Numbers

The company’s Chief Executive Officer Brian Armstrong recently spoke at Vanity Fair’s New Establishment Summit and stated that the company has notched up $2 billion fees since its inception. The company was established in 2012, and over the years, it has become an integral part of the crypto space.

The event took place on Wednesday, October 23, and Armstrong spoke at length about the way the company goes about its business. While it is true that Coinbase has been a profitable business for a long time, the company remains focused on innovative technology. In addition to the transaction fees it has generated since its inception, the exchange has also managed to remain profitable since as far back as 2017.

Armstrong stated that the company invests the profits in the business. He said, “Most of these profits we’re plowing back into the business to create new products. I sort of think of us as the anti-unicorn unicorn. I want Coinbase to be a company of repeatable innovation.”

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It is particularly important to note that the company remained profitable during a period that coincided with the crypto slump of 2018 and perhaps goes to show that it is a highly resilient business. That was not all that Armstrong. He also spoke about Facebook’s troubled crypto project Libra and stated that the United States should embrace innovations of all kinds. However, the main headline from the discussion was the eye-popping figure in transaction fees that Coinbase has managed to earn since 2012, and it is almost certain that it is going to earn much more in the future.

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