Stablecoin Secures Backing from Paypal Co-Founder and Coinbase Among 40 Others

Stablecoin Secures Backing from Paypal Co-Founder and Coinbase Among 40 Others Stablecoin, a new stabilize cryptocurrency project that functions like normal money, has received new support and investments from Peter Thiel, Coinbase, Distributed Global, and 40 others according to the press release on June 20. The development stage of the coin is dubbed “Reserve” and closed to a collective of $5 million to develop a fully decentralized cryptocurrency which works by securing other crypto assets in a smart contract. Cryptocurrencies will then provide backing via the reserve token in order to stabilize its price. According to the cofounder of the Reserve, Nevin Freeman, the initial funding was intentionally kept small as the focus was more on partnership building rather than amassing capital. Reserve token offers a solution to countries that have value decreasing fiat currencies and high inflation rates jeopardize citizens savings and security. While cryptocurrency is currently decentralized and protects its citizens from government control, the price volatility of most crypto limits it from serving most retail uses.  Freeman states… “Simply put, nobody wants to spend money on it token that may be worth less one month and then another value another month. Nobody wants to store their savings on a token that will be worth nothing in a year.” In related news, Circle is focused on creating a fiat stabilized coin which recently closed $110 million in fund raising. The company also partnered with the mining hardware manufacturer Bitmain with regard to the development of the stablecoin. Tether, the most popular and infamous of all stable coins, confirmed today that there Tether tokens (USDT) are proven to be back by the USD according to a major US law firm.

Stablecoin, a new stabilized cryptocurrency project that functions like normal money, has received  new support and investments from Peter Thiel, Coinbase, Distributed Global, and 40 others according to the press release on June 20.

The development stage of the coin is dubbed “Reserve” and closed a collective of $5 million to develop a fully decentralized cryptocurrency which works by securing other crypto assets in a smart contract. Cryptocurrencies will then provide backing via the reserve token in order to stabilize its price.

According to the cofounder of the Reserve, Nevin Freeman, the initial funding was intentionally kept small as the focus was more on partnership building rather than amassing capital.

Reserve token offers a solution to countries that have value decreasing fiat currencies and high inflation rates jeopardize citizens savings and security.

While cryptocurrency is currently decentralized and protects its citizens from government control, the price volatility of most crypto limits it from serving most retail uses.

Freeman states…

“Simply put, nobody wants to spend money on it token that may be worth less one month and then another value another month. Nobody wants to store their savings on a token that will be worth nothing in a year.”

In related news, Circle is focused on creating a fiat stabilized coin which recently closed $110 million in fund raising. The company also partnered with the mining hardware manufacturer Bitmain with regard to the development of the stablecoin.

Tether, the most popular and infamous of all stablecoins, confirmed today that there Tether tokens (USDT) are proven to be back by the USD according to a major US law firm.

Coinbase Index Fund Opens Investments between $250k and $20 Million

Coinbase Index Fund Opens Investments between $250k and $20 Million

As per Coinbase’s official blog entry yesterday, June 13,  the U.S. based crypto wallet and trade exchange opened their index fund to  large scale speculators.

The fund, whose creation was reported in June, is accessible just to U.S. occupant licensed financial specialists who manage total assets of more than $1 mln or a yearly compensation of more than $200,000 who invest between $250,000 and $20 mln.

The index incorporates Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Ethereum Classic (ETC), whose expansion into Coinbase was declared on June 11. Coinbase’s blog states that the reserve will be rebalanced to incorporate any future assets recorded.

Coinbase’s index fund is an element of the organization’s ongoing move to focus on a more select group of high-stakes players and institutional speculators. A month ago, Coinbase propelled a new suite of products geared towards institutional financial specialists, concentrating on the increasing worries of security and regulative compliance that might keep such speculators from entering the crypto space.

Toward the end of March, the company had reported it would start supporting ERC20 tokens on its trade, while intentionally not revealing the names of specific altcoins.

Toward the start of June, crypto trade exchange, Binance declared it was looking for 20 partners for the dispatch of a $1 bln cryptocurrency based fund. Additionally in June, Huobi unveiled the arrival of its crypto-based trade exchanged fund (ETF), which depends on its May dispatch of a crypto market index.

Why Did Coinbase Add ETC?

Why Did Coinbase Add ETC?

Coinbase, the leading US cryptocurrency exchange, included Ethereum Classic yesterday (June 12), which is far stretch from other more prominent cryptocurrencies like EOS and Ripple.

The company’s sudden decision of adding ETC came as quite the surprise from the crypto community as its the 18th most viable cryptocurrency in the global marketplace. Over a dozen other cryptocurrencies have larger market values and volume according to CoinMarketCap.

Dan Romero, the vice president of the Coinbase acknowledged the fact that the community was taken back by this decision. He did emphasize that Coinbase is the primary reason behind the integration of ETC which is mainly due to its compliance with local regulations.

Why ETC Integration?

ETC is the result of the hard work by a team of developers that split the Ethereum blockchain network after the community came to a consensus regarding the loss of investors within the Decentralized Autonomous Organization (DAO). This is one of the first major Dapps on the Ethereum blockchain.

ETC is sustained by developers within the open source programming community. Its success does not benefit any particular organization. Cryptocurrency like Ripple or EOS are overseen by independent and private organizations including Ripple Labs and Block.one.

The CEO of Coinbase, Brian Armstrong stated that the inclusion of ETC is only the first of many cryptocurrency integrations for Coinbase. The company plans to support ERC20 standards as well as Bitcoin forks first before moving forward with other cryptocurrencies.

What’s Next for Coinbase

The team recently emphasized that tokens will be next in line for inclusion on the exchange. 0x, in which the cofounder is an advisor to Coinbase, will likely be integrated next. It’s also entirely possible that Coinbase will integrate all ERC 20 tokens listed on Paradex (0x decentralized cryptocurrency exchange).

Coinbase Acquires Finance Firms to Initiate Process of Becoming SEC Regulated Broker

Coinbase-Acquires-Finance-Firms-to-Initiate-Process-of-Becoming-SEC-regulated-broker

Coinbase, the leading cryptocurrency trading platform initiated the process to acquire securities dealer Keystone capital Corporation and Venovate Marketplace Inc, and Digital Wealth LLC, in order to initiate the process of becoming a fully regulated broker dealer by the SEC.

This acquisition should help the exchange extend their reach and subsequently expand into non-cryptocurrency financial products.

Coinbase states that they look forward to working with regulators in order to tokenize existing types of securities. This will help the exchange become more accessible to capital markets for both companies and large investors within the industry.

Coinbase stated in a tweet today that they were “on track” to listing regulated SEC blockchain securities. If approved this will allow the company to offer blockchain based securities under the oversight of the SEC. This will be all made possible through the acquisitions of these financial firms, thus entitling them to a broker dealer license.

Coinbase also revealed their plans move into the Japanese cryptocurrency market space as it intends to apply for a license with the countries regulators. However with Japan being the world’s largest marketplace for cryptocurrency, Coinbase could face some stiff competition.

The country currently houses 16 registered cryptocurrency exchanges with Coincheck being the largest in the country. They allegedly generated $150 million in quarterly profits.

Coinbase Plans to Expand to Japanese Market

Coinbase-Plans-to-Expand-to-Japanese-markets

Coinbase, the major US crypto wallet exchange provider, has recently announced that they will be entering the Japanese cryptocurrency market as reported Monday, June 4.

The company states that they’re working together with Mitsubishi UFJ Financial Group (MUFG) which has invested over ¥1 billion into Coinbase since 2004. Coinbase will apply for a license with the country’s financial regulator, within the year. This process is mandatory for all cryptocurrency exchanges operating within the country. The Coinbase Japanese Exchange will focus on supporting major digital cryptocurrencies like Bitcoin and Ethereum.

The Japanese market continues to show extreme growth regarding crypto adoption. Recent figures show that Japan’s Virtual Currency Exchange Association estimates the number of Japanese crypto investors at around 3.5 million. This makes their marketplace extremely attractive to foreign capital which currently withstands the countries increasingly stringent policies on crypto regulation.

Coinbase has focused on working closely with regulators within the Japanese government to improve compliance standards and security.

There have also been recent reports as of late that Coinbase will be obtaining a federal banking charter for its US operations. More on that story located here.

Coinbase currently has over 20 million customers and today has traded over $150 billion worth of digital assets on their platform.

Coinbase Announces Coinbase Pro – New Trading Platform for Crypto Investors

Coinbase Announces Coinbase Pro - New Trading Platform for Crypto Investors

Coinbase recently announced the acquisition of their new platform Coinbase Pro today, which is a newer version of their current trading platform GDAX.

According to their blog, Coinbase Pro is an evolution of GDAX which was designed specifically for individual crypto traders. The new platform has been created to make trading easier and intuitive for the novice crypto trader. It will offer such features like a simplified deposit and withdraw process, as well as allowing customers to use services like “staking” and “protocol voting”.

The new Paradex relay platform will integrate within the Coinbase Pro system which will allow customers to trade 100s of tokens directly from their online wallet. This will expand the type of cryptocurrency in which the customer will be allowed to access through Coinbase. The company announced that this new service will be made available initially to users outside the US before being released to US clients.

Coinbase Pro and GDAX will work in tandem until June 29, 2018. After this date all crypto traders will be seamlessly rolled over to the new platform. Currently, GDAX is the seventh largest exchange in terms of 24 hour trade volume. Coinbase hopes to increase this volume with their new platform.

The company also recently announced the new creation of their larger investment platform Coinbase Index Fund and Coinbase Index in March. This would require a minimum investment of $10,000 with a 2% annual management fee. This platform was created for larger institutional investors.

Coinbase Discussing Application for Banking License

Coinbase, the cryptocurrency exchange platform met with US regulators today in order to discuss applying for a banking license according to the Wall Street Journal.

The firm met with regulators at US Office of the Comptroller of the Currency (OCC) in early 2018 to discuss a national banking charter application.

With the banking license, Coinbase would be able to not only expand its line of service but would eliminate the need for them to find a banking partner that would allow it to conduct business as a cryptocurrency exchange.

Coinbase just recently began to roll out of wide variety of products for institutional investors. This would help them move forward with larger institutions and hopes to attract these customers to its platforms. Many institutional investors feel more comfortable with “custody partners” which have obtained conventional banking licenses.

On the other side of the fence, obtaining a banking license would open up Coinbase to a litany of new regulations, perhaps offsetting any of the benefits acquired.

Coinbase is currently one of five firms that have received New York’s BitLicense, which is used to facilitate cryptocurrency trading within the highly regulated state.

Wikileaks Shop Suspended By Coinbase Due to Violation

Wikileaks Shop Suspended By Coinbase Due to Violation

Coinbase was recently reported to have shut down the crypto wallet and exchange of Wikileaks Shop, which is the merchandise arm of the nonprofit organization. This is reported on twitter Friday, April 20.

The announcement states…

ANNOUNCE: Coinbase has blocked the official @WikiLeaks shop from its platform without notice or explanation. You can continue to donate #Bitcoin to WikiLeaks at https://t.co/lvhoyhlqUa. #Coinbase #DefendWL #Cryptocurrency #Ethereum #BitcoinCash #ReconnectJulian pic.twitter.com/4BSS023OOk

— WikiLeaks Shop (@WikiLeaksShop) April 21, 2018

WikiLeaks Shop reportedly screenshot a tweet from an alleged email by Coinbase stating the organization violated their terms of service. Coinbase has yet to respond to the specific email regarding the violations of Wikileaks Shop at this time.

Due to the non-confirmed violation, WikiLeaks posted a tweet calling for a “global blockade” of Coinbase.

WikiLeaks will call for a global blockade of Coinbase next week as an unfit member of the crypto community. Coinbase, a large Californian Bitcoin processor, responding to a concealed influence, has blocked the entirely harmless @WikiLeaksShop in a decision approved by management. https://t.co/PAldF8b12P

— WikiLeaks (@wikileaks) April 21, 2018

BTC advocate Andreas M. Antonopoulos makes a great point on one of his recent tweets by stating…

We have come full circle. Many people’s interest in bitcoin started when Wikileaks was out under an extra judicial embargo by VISA, MC, PayPal and banks. Now Coinbase has repeated history. Oops. https://t.co/b8HQkoOwyQ

— Andreas M. Antonopoulos (@aantonop) April 21, 2018

Andreas also commented on his tweet that the embargo held up by Coinbase is unlike the first in that it’s “purely symbolic” as there are other crypto wallets out there. The symbolism is a reminder of what centralization and banking regulations stand. This tends to be the stance that Coinbase is currently undertaking.

CheapAir Requests Customers Opinion on Switching From Coinbase to Bitpay

CheapAir Requests Customers Opinion on Switching From Coinbase to Bitpay

The CEO of CheapAir, Jeff Klee recently published a letter to customers on April 20 regarding an opinion on whether they should switch their cryptocurrency merchant solutions from Coinbase the BitPay.

Klee stated in the letter that she has accepted Bitcoin payment for flight and hotel bookings since 2013. He also expressed his concern regarding Coinbase recent notification where they will suspend “custodial solutions” for merchants. This will make it more difficult for merchants to accept Bitcoin in the future.

Coinbase recently made a decision to retire it’s Coinbase Merchant Tools in favor of Coinbase commerce. This reportedly led Reddit to remove Bitcoin as a payment option.

May 31 is the final date for merchants to make the switch over to Coinbase Commerce.

Due to the recent changes please suggest that the company may need to implement a “reliable processing partner” in order to begin accepting payments from Bitcoin Cash, Dash, Litecoin, as well as Bitcoin.

Klee is currently considering using BitPay as an alternative merchant solution, as it accept Bitcoin in Bitcoin Cash. He states in the letter that he’s had a great experience with BitPay so far and their integration is almost complete.

Within his letter, Klee asks CheapAir’s customers for feedback on twitter. He requested to leave comments below the letter or email him personally with suggestions and possible reactions to a BitPay switch.

“We understand what Bitpay is trying to accomplish. The issues they are trying to address – delayed or incorrect payments – are real and were especially rampant back in December and January when transaction volumes spiked. On the other hand, I am not keen on the idea of asking our customers to, in many cases, do more work or change wallets just to be able to transact with us.”

Coinbase Acqures Earn.com – Hires CEO

Coinbase Acqures Earn.com – Hires CEO

The paid messaging service enabled by blockchain technology, Earn.com, was acquired by Coinbase on April 16 as reported by TechCrunch.

Neither company disclosed the terms of the deal however a representative stated that a positive ROI for those who backed Earn.com was acquired.

The Earn.com team will be moved over to Coinbase as part of the acquisition. The CEO, Balaji Srinivasan, was also hired as the Chief Technology Officer. He holds a BS, MS, and PhD in electrical engineering as well as chemical engineering. He is also an early adopter of blockchain technology and cryptocurrency.

Srinivasan states…

“With Coinbase’s user base and distribution muscle, I think it could hit $100 mln in ARR in a few months. I’m proud of the fact that we turned what could have been a disaster into a successful product and I’m excited about the road ahead.”

Coinbase has been on a streak of hiring new talent as of recent. Last week it hired a new Vice President Of Communications, Rachel Horowitz, who was the Director Of Technology Communications at Facebook.

Back in December 2017 David Marcus, the former PayPal and Facebook executive, joined Coinbase’s Board of Directors. The CEO of Coinbase, Brian Armstrong, stated that Marcus has extensive knowledge of both the payments and mobile space. He would help guide Coinbase moving forward.

Leave a Comment

Latest Crypto News

Mt. Gox Begins Civil Rehabilitation – Ends BTC Selloffs

Mt. Gox Begins Civil Rehabilitation – Ends BTC Selloffs

Mt. Gox Begins Civil Rehabilitation – Ends BTC Selloffs Mt Gox, the bankrupt cryptocurrency exchange, has now entered civil rehabilitation proceedings according to their official announcement on June 22. According to the proceedings documentation, Nobuaki

Bloomberg-Terminal-Lists-Crypto-Index-from-Huobi

Bloomberg Terminal Lists Crypto Index from Huobi

Bloomberg Terminal Lists Crypto Index from Huobi The paid financial monitoring service, Bloomberg Terminal, has now listed the cryptocurrency exchange Huobi Cryptocurrency Index according to press release on June 21. Nine cryptocurrency trading pairs will

Stanford-University-Launches-Blockchain-Research-Center

Stanford University Launches Blockchain Research Center

Stanford University Launches Blockchain Research Center Stanford University has recently created the Center For Blockchain Research according to their Stanford Engineering website posted on June 20. The research center is supported in part by the

Sixth Largest Crypto Exchange BitThumb Hacked

Sixth Largest Crypto Exchange BitThumb Hacked

Sixth Largest Crypto Exchange BitThumb Hacked   Hackers have stolen cryptocurrencies worth $30 million from South Korea’s leading virtual currency exchange Bithumb, reported June 19. As a result all deposits and payments have been temporarily suspended. —

Cointelegraph-Launches-DApp-Aggregator-for-platform-discovery

Cointelegraph Launches DApp Aggregator for Platform Discovery

Cointelegraph Launches DAppHub Aggregator for Platform Discovery Cointelegraph announced on June 19 that that they launched a decentralized application aggregator (DApps) for analysis and easy discovery of the increasingly growing number of decentralized apps in

Binance Supports Malta Stock Exchange’s Startup Accelerator Program

Binance Backs Malta’s Stock Exchange’s Startup

Binance Backs Malta’s Stock Exchange’s Startup The Malta Stock Exchange (MSE) has announced that digital currency exchange Binance is backing its newly launched program to support fintech and crypto startups, Finance Magnates reported June 18. According to a tweet

Italian Authorities Seize Bitcoin From BitGrail

Italian Authorities Seize Bitcoin From BitGrail

Italian Authorities Seize Bitcoin From BitGrail Bitgrail, the Italian cryptocurrency exchange announced today that Bitcoin’s stored on the firm’s wallet were seized by Italian authorities according to this official announcement on June 15. The authorities

Sign Up Below!
Airdroppin the Latest Crypto News, Trading Strategies, Tools, & Reviews



1
Bitcoin
Bitcoin
$6,140.32
-7.91%
2
Ethereum
Ethereum
$471.61
-8.63%
3
Ripple
Ripple
$0.4917
-6.45%
4
Bitcoin Cash
Bitcoin Cash
$760.23
-10.62%
6
Litecoin
Litecoin
$84.670
-10.05%
8
Cardano
Cardano
$0.1403
-8.33%
7
Stellar
Stellar
$0.2034
-8.79%
12
NEO
NEO
$33.555
-8.76%
5
EOS
EOS
$8.485
-16.01%
10
IOTA
IOTA
$1.0018
-11.31%

Crypto Guides & Tutorials

 Crypto Reviews

Subscribe to Our Social Media Daily Crypto Memes
Follow, Like, and Share Our Memes With The World

 

Pin It on Pinterest

Plus Free Crypto Trading Guides, Tutorials, Latest Crypto News,
and Altcoin Reviews. (Coming Soon: Pro Trading Signals)
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
Plus Free Crypto Trading Guides, Tutorials,
Latest Crypto News, and Altcoin Reviews
(Coming Soon: Pro Trading Signals)
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
Plus Free Crypto Trading Guides, Tutorials, Latest Crypto News,
and Altcoin Reviews. (Coming Soon: Pro Trading Signals)
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
Plus Free Crypto Trading Guides, Tutorials,
Latest Crypto News, and Altcoin Reviews
(Coming Soon: Pro Trading Signals)
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK