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| June 23, 2018

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Coinbase Cryptocurrency Index Fund Now Open For Investment

June 13, 2018 |

Coinbase Cryptocurrency Index Fund Now Open For Investment

Coinbase has opened up its index fund for accredited US investors, giving them exposure to all cryptocurrencies listed on its exchange GDAX. The company is now working on “launching more funds which are accessible to all investors and cover a broader range of digital assets.”

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Coinbase Index Fund Launched

Coinbase Cryptocurrency Index Fund Now Open For InvestmentCoinbase, one of the largest cryptocurrency companies, announced on Tuesday, June 12, that Coinbase Index Fund is now open for investment. The San Francisco-based company first unveiled this fund on March 6.

“We’ve seen overwhelming interest from investors since we announced the fund earlier this year,” Reuben Bramanathan, Product Lead of Coinbase Asset Management, wrote. He elaborated:

Coinbase Index Fund gives investors exposure to all assets listed on our exchange, weighted by market capitalization…At this stage, Coinbase Index Fund is only open to US-resident accredited investors. We’re working on launching more funds which are accessible to all investors and cover a broader range of digital assets.

The company’s website states that “Our vision is to make index investing in digital assets available to everyone.” Further, the company emphasized that they are “beginning the work required to offer index funds to all US investors,” not just accredited ones, adding that “In the future, we hope to be able to offer index investing to customers in the US and internationally.”

About the Fund

Coinbase Index Fund “is a private fund that seeks to track Coinbase Index (Fixed Supply),” which is a measure of the overall performance of the cryptocurrencies listed on Coinbase’s exchange, GDAX, the company describes.

Coinbase Cryptocurrency Index Fund Now Open For Investment
Coinbase Index composition, which will be rebalanced to add ETC.

The minimum investment amount for the fund is $ 250,000 and the maximum is $ 20 million. The fund’s annual management fee is 2%.

“The assets are weighted by market capitalization. The index level takes into account the ongoing increases in supply of each asset, not just changes in price,” the company noted, adding that the index is “reconstituted each time that a new asset is listed on GDAX,” such as the recent addition of ETC.

The current composition is 61.47% BTC, 27.17% ETH, 8.22% BCH, and 3.14% LTC. The fund will soon be rebalanced to include ETC.

Moreover, Coinbase explained that “Unlike actively managed investment funds,” the fund manager of its index fund “does not actively trade assets, or target a specific allocation for any asset.”

What do you think of Coinbase Index Fund? Let us know in the comments section below.


Images courtesy of Shutterstock and Coinbase.


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The post Coinbase Cryptocurrency Index Fund Now Open For Investment appeared first on Bitcoin News.

Bitcoin News

Bitcoin in Brief Tuesday: POT Saves World, Coinbase Pumps ETC, Binance Wants EUR

June 12, 2018 |

Bitcoin in Brief Tuesday: POT Saves World, Coinbase Pumps ETC, Binance Wants EUR

The big story of the day is that a cannabis-themed cryptocurrency has been able to stage an international media coup, capturing the attention of news organizations around the world during a historic moment. Additional stories covered in today’s edition of Bitcoin in Brief include Coinbase pumping ETC and Binance’s plans to add EUR.

Also Read: Canadian Exchanges to Report Transactions Over $ 10k per Proposed Regulations

POT Prevents Nuclear Armageddon

There are three ways to go if you want to get your token on mainstream news these days: get spectacularly hacked, get someone killed, or help bring about peace between two nuclear-armed rivals. Yes, that latter approach is actually real. Potcoin has been sponsoring the peace missions of Dennis Rodman to North Korea for a while now and it is bearing fruit. Two of the basketball star’s friends, US President Trump and Kim Jong-un, have met in an unprecedented occurrence and POT was able to get into the limelight of this histrionic event.

As an example of how much priceless exposure this stunt has brought the altcoin, here is a 16 minutes long interview on CNN with Rodman wearing a POT shirt.

Binance Wants EUR “Soon”

Cryptocurrency exchange Binance plans to leverage its recent Malta operations, which earlier this year were welcomed by the nation’s Prime Minster no less, to allow clients to trade crypto-fiat pairs soon. The popular trading venue will enable euro transactions later this year, and plans to add other fiat currencies as well, according to CEO Zhao Changpeng. CZ further told Bloomberg that Binance will soon acquire a license from the UK’s offshore tax heaven of Jersey in the English Channel, and plans to open an office on the island with as many as a hundred employees. The exchange is also in talks with authorities and banks in Taiwan, the CEO revealed.

Coinbase Pumps ETC

Bitcoin in Brief Tuesday: POT Saves World, Coinbase Pumps ETC, Binance Wants EURCoinbase, the San Francisco-based cryptocurrency exchange, has announced that it intendeds to add support for Ethereum Classic (ETC) to the platform in the coming months and the altcoin’s price quickly reacted by jumping about 20%. Unlike some major ETC holders that cheered the news, most commenters online seem to deride the move. Critics complain that adding ETC is easy, as it is just an ether fork, and thus Coinbase choose a lazy approach to selecting new assets, even if they are not popular or widely used.

According to the company’s procedures for the process of adding new assets, which were set up to prevent new accusations of insider trading, they can only now begin the engineering work for supporting ETC. So, users can expect to see public-facing APIs and other signs that the asset is being added. When they reach the final testing phase of the technical integration, which is expected to occur over the next few months, Coinbase will publicly announce a launch date.

Wells Fargo Joins Credit Card Ban

Wells Fargo & Co. (NYSE:WFC), the American retail banking giant, is the latest big financial institution to decide for its customers that they can no longer be trusted to use their own credit cards to invest in bitcoin and other cryptocurrencies. “We will continue to evaluate the issue as the market evolves,” Wells Fargo spokeswoman said in a statement. “We’re doing this in order to be consistent across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment.” The bank thus closes ranks with other companies in its industry, like JP Morgan Chase, Citigroup and Bank of America, in a ban on buying crypto with credit.

Valve Shuts Down Opskins’ Trade on Steam

Bitcoin in Brief Tuesday: POT Saves World, Coinbase Pumps ETC, Binance Wants EUR
CS GO Tournament

Valve Corporation, the digital distribution company, has notified the game items marketplace Opskins that it disables its accounts associated with trade on the popular Steam platform by June 21, 2018. Opskins only launched Express Trade for CS:GO on June 6, and Valve quickly determined that it “uses Valve intellectual property and violates our Steam Subscriber Agreement, and is already being used by other businesses to avoid Valve policies.”

For its part, Opskins informed users it isn’t going anywhere and has announced the integration of items for nineteen blockchain-based games and services, as “they are smart-contract based, these items cannot ever be taken away from item owners or held to trade restrictions.”

What do you think about today’s news? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Bitcoin in Brief Tuesday: POT Saves World, Coinbase Pumps ETC, Binance Wants EUR appeared first on Bitcoin News.

Bitcoin News

Bitcoin.Org’s New Look to Entice: Purges Bitpay, Coinbase, Blockchain References

June 9, 2018 |

Bitcoin.Org's New Look to Entice: Purges Bitpay, Coinbase, Blockchain References

A foundational crypto ecosystem website, Bitcoin.org, promoted its new look this week. Designed to be more enticing and up-to-date, the site’s changes involve more than just cosmetics and graphics. For example, it has removed references to incredibly popular resources such as Coinbase, Blockchain.com, and Bitpay.  

Also read: Russian Farming Village: Local Crypto, Bitcoin Reserves, No Govt Money

Bitcoin.org Gets a New Look, and More

The mysterious avatar Cobra, apparently a key figure behind the important educational resource Bitcoin.org, tweeted this week, “We’ve finally updated http://Bitcoin.org to look modern and fresh. Check out the new design. Now people learning about Bitcoin for the first time can be presented with a more up to date and responsive website!”

Bitcoin.Org's New Look to Entice: Purges Bitpay, Coinbase, Blockchain References

Unpacking changes to the site tells a complicated story, one that involves ongoing debates within the crypto space. Right away, those clicking over to the new site are indeed greeted with stock Wix-like landing pages. The tri-color scheme is handsome and masculine, sporting burnt oranges, white, black. Pages load nicely enough, fast. Links and layout are clean and easy to access, read.

Bitcoin.Org's New Look to Entice: Purges Bitpay, Coinbase, Blockchain References

Only a few clicks in, however, a few other changes emerge. Weathered and tested ecosystem businesses such as Coinbase, Blockchain.com, and Bitpay aren’t even alluded to. Any organization serious about onboarding new folks would be hard pressed to find three private firms more responsible for introducing newbies to experiencing crypto, no matter how flawed.

Bitcoin.Org's New Look to Entice: Purges Bitpay, Coinbase, Blockchain References

Org’s history is said to begin (August 2009) shortly after Bitcoin’s pseudonymous creator released the client’s first iteration, and the site quickly became known as the ecosystem’s homepage. Controversy remains about just who began the site much less who now maintains it. Fin core dev Martti Malmi is said to be a good guess due to early registration records and attributions. Today, social media bomb thrower @CobraBitcoin, itself an unknown personage, is widely considered Org’s head or manager.   

Mission Schizophrenia

Though the cosmetic upgrade is novel, Org removing some ideas and inserting new ones is not. As a first online educational source, it made the case for years how the promise of bitcoin was both peer-to-peer and relatively quick and cheap. To its credit, the site was one of the only bitcoin core (BTC) supporters to face reality by late 2017. Transactions were no longer fast, and various devs were actively proposing off chain solutions. Fees were huge.

Bitcoin.Org's New Look to Entice: Purges Bitpay, Coinbase, Blockchain References

By the start of this year, Cobra seemed to have a sobering change of heart, tweeting, “I feel like I’ve lost a piece of my soul after merging this pull request. At some point we all forgot that Bitcoin was supposed to be decentralized money, and we became OK with outrageous fees and centralized mining, all to chase the $ $ $ .” Prominent references to “peer-to-peer transactions” and “fast” and “low processing fees” were scrubbed from the site completely.  

The controversial bitcoin influencer went on to post pro bitcoin cash (BCH) arguments, or lauds, very clearly stunning supporters who expected less charitable appraisals of BCH. And though Cobra was and continued to be at least open to rebuilding the fractured community in BCH form, it was also equally obvious where ultimate sympathies lay.

Bitcoin.Org's New Look to Entice: Purges Bitpay, Coinbase, Blockchain References

Curiously, just a few months later, by Spring of this year, Cobra and Org once again decided to make an abrupt change, a restoration. Prior to the present design changes, the site reinserted phrasing once synonymous with bitcoin core. Peer-to-peer returned. As did the other traits. Rather than continuing down the path of a dark night of the soul, Cobra chalked up the previous Twitter lament as “temporary.”   

What do you think about Bitcoin.org’s changes? Let us know in the comments. 


Images via the Pixabay, Bitcoin.org


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Bitcoin.Org’s New Look to Entice: Purges Bitpay, Coinbase, Blockchain References appeared first on Bitcoin News.

Bitcoin News

Coinbase Acquires Investment Firms to Offer Regulated Crypto Securities

June 7, 2018 |

Coinbase Acquires Investment Firms to Offer Regulated Crypto Securities

Coinbase is seeking to become a fully licensed broker-dealer through its acquisition of three federally regulated firms. The company is confident that it will get the approvals necessary to start offering fully-regulated crypto securities.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Coinbase as Regulated Broker-Dealer

One of the world’s largest cryptocurrency companies, Coinbase, has implemented a plan to list crypto securities, the company announced on Wednesday. President and COO, Asiff Hirji, wrote:

Today, we’re announcing that Coinbase is on track to operate a regulated broker-dealer, pending approval by federal authorities. If approved, Coinbase will soon be capable of offering blockchain-based securities, under the oversight of the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (Finra).

With a presence in 32 countries, the San Francisco-based cryptocurrency company has traded $ 150 billion in assets and claims to have over 20 million customers.

Obtaining Licenses

Coinbase Acquires Investment Firms to Offer Regulated Crypto SecuritiesIn the US, crypto tokens exhibiting the characteristics of securities are subject to the SEC oversight.

Hirji explained that becoming a regulated broker-dealer for the company is “made possible by our acquisition of a broker-dealer license (B-D), an alternative trading system license (ATS), and a registered investment advisor (RIA) license,” adding:

If approved, these licenses will set Coinbase on a path to offer future services that include crypto securities trading, margin and over-the-counter (OTC) trading, and new market data products.

The company hopes to secure these licenses through the acquisition of three federally-regulated companies: Keystone Capital Corp, Venovate Marketplace Inc, and Digital Wealth LLC. All of them are registered with Finra.

Operating Under Keystone’s Licenses

Keystone Capital is a Finra-registered broker-dealer with licenses to operate an alternative trading system (ATS) and as a registered investment adviser.

Coinbase Acquires Investment Firms to Offer Regulated Crypto SecuritiesA regulatory approval is needed for Coinbase to operate under the Keystone licenses, the Wall Street Journal explained, adding that “Coinbase is essentially buying Keystone for its licenses.”

According to Hirji, the company “is confident it will get those approvals,” after which it would take several months to integrate Keystone’s operations into its own, the publication noted, adding:

Buying Keystone also raises the prospect that Coinbase could, down the line, expand into products tied to stocks or other securities.

On the company’s blog, the COO wrote, “Ultimately, we can envision a world where we may even work with regulators to tokenize existing types of securities, bringing to this space the benefits of cryptocurrency-based markets — like 24/7 trading, real-time settlement and chain-of-title.”

What do you think of Coinbase offering regulated crypto securities? Let us know in the comments section below.


Images courtesy of Shutterstock, Coinbase, and Finra.


Need to calculate your bitcoin holdings? Check our tools section.

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Bitcoin News

Chinese Wallet Imtoken Holds $20 Billion in Coinbase Customer Assets

June 5, 2018 |

Chinese Wallet Imtoken Holds $  20 Billion in Coinbase Customer Assets

In a recent interview, Ben He, the founder of major Chinese Ethereum wallet provider, Imtoken, discussed his company’s growth. $ 35 billion worth of crypto assets are currently held in Imtoken wallets – including funds owned by major cryptocurrency companies such as Coinbase. Imtoken also recently announced that it has received $ 10 million USD from IDG Capital, and will soon integrate support for BTC.

Also Read: Japan’s SBI Cryptocurrency Exchange Now Live for 20,000 Users

Imtoken Raises $ 10 Million in Funding Round

Chinese Wallet Imtoken Holds $  20 Billion in Coinbase Customer AssetsIn recent days, Imtoken revealed that it has raised $ 10 million USD from IDG Capital through its Series A funding round. The company, which claims to be the world’s largest Ethereum wallet, will now set its sights on expanding in the Asian and United States cryptocurrency markets.

Imtoken’s chief executive officer and founder, Ben He, emphasized the company’s desire to penetrate the Southeast Asian markets before looking toward major regional players such as Korea, Japan, and India – stating that said jurisdictions’ “regulations are maturing quickly.” After Asia, Imtoken will look toward major African markets, such as Nigeria.

IDG Capital partner, Young Guo, stated that “Imtoken has developed its product into one of the top crypto asset wallets in the world with such a sound reputation. We believe it will become a significant infrastructure for the tokenization manifesto, benefitting both the crypto economy and blockchain technology. We’re excited to back Imtoken.”

Imtoken indicated that much of the newly raised capital will be put toward developing new features, including support of BTC, EOS, and a number of other altcoins.

$ 35 Billion Worth of Cryptocurrency Has Been Deposited in Imtoken Wallets

Chinese Wallet Imtoken Holds $  20 Billion in Coinbase Customer AssetsIn a recent interview, Mr. He described the company’s growth as having been “completely organic,” adding “We didn’t have any marketing or promotional budget […] We noticed very early the potential of Ethereum and focused on it to differentiate against competitors.”

Since launching support for Ethereum in 2016, the company’s app has grown to store more than $ 35 billion worth of cryptocurrency assets, including “More than $ 20 billion” worth of Coinbase’s customers funds, according to a Coinbase spokesperson.

Since January, Imtoken users are estimated to have accounted for approximately 10% of daily activity taking place on the Ethereum blockchain.

How do you store your cryptocurrency? Join the discussion in the comments section below!


Images courtesy of Shutterstock


Need to calculate your bitcoin holdings? Check our tools section.

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Bitcoin News

Coinbase Acquires Decentralized ERC-20 Trading Platform Paradex

May 24, 2018 |

Coinbase Acquires Decentralized ERC-20 Trading Platform Paradex

On Wednesday, May 23 the San Francisco based exchange Coinbase announced the acquisition of a decentralized digital token relay-trading platform called Paradex. Alongside adding the decentralized exchange (Dex), the firm has also revealed it is retiring the name GDAX and that platform will soon be known as ‘Coinbase Pro.’

Also Read: Markets Update: Stormy Weather Continues to Plague Cryptocurrency Traders

Coinbase Exchange Acquires Decentralized Token-Relay Platform Paradex

Coinbase has revealed some interesting decisions today as the cryptocurrency exchange and brokerage service purchased a peer-to-peer Dex that allows users to swap “hundreds of tokens” like ERC-20s. According to various reports, Coinbase plans to “enhance” the Paradex protocol and launch the service to international customers located outside of the U.S. Reuters details that Coinbase purchased the platform for an undisclosed sum.

Coinbase Acquires Decentralized ERC-20 Trading Platform Paradex

Basically, the Paradex development team of ten, explains the platform allows the peer-to-peer relay of ERC-20 tokens on top of the Ethereum blockchain. The system is entirely decentralized by utilizing the 0x protocol which provides “handling settlement without necessitating user accounts or taking custodianship of users’ funds,” explains the Paradex team.

Today the Paradex website states:

We know we’ve been a little quiet, but we’ve been hard at work, and we’re incredibly excited to share that Paradex is joining Coinbase — While we work to integrate with Coinbase, the Paradex app will be temporarily unavailable, starting today, May 23, at 3pm ET. This doesn’t change our commitment to our users — We’re still working hard to build the best relayer, now with a larger team and more resources.

GDAX Will be Overhauled Into ‘Coinbase Pro’

Coinbase also told the press it would “eventually” provide Paradex services to U.S. customers but it needs to make compliance changes first. The firm headquartered in San Francisco also announced the same day that it was completely overhauling and rebranding the GDAX exchange. This summer GDAX will be known as ‘Coinbase Pro’ the company explained on Wednesday.

Coinbase Acquires Decentralized ERC-20 Trading Platform Paradex
The Coinbase Pro Trading Interface.

David Farmer, the General Manager of Coinbase Pro, detailed the trading platform will be more intuitive with a simplified deposit and withdrawal process. Further, the exchange will offer improved charts and access to historical data while also offering a new portfolio feature called ‘My Wallets.’

“As the decentralized ecosystem advances, we expect there will be many more opportunities for customers to interact with digital assets in new and unique ways,” Farmer states.

The news follows the trading platform’s plan to offer institutional custody services, and purchasing the website Earn.com.

What do you think about Coinbase purchasing Paradex? What do you think about GDAX turning into Coinbase Pro? Let us know your thoughts in the comments below.


Images via Shutterstock, Coinbase, Paradex, and GDAX blog. 


Been looking for a cryptocurrency exchange? Look no further, Bitcoin.com has you covered with our comprehensive list of global exchanges.

The post Coinbase Acquires Decentralized ERC-20 Trading Platform Paradex appeared first on Bitcoin News.

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Bitcoin in Brief Saturday: Warren Warned By Billboards, Coinbase Tempted by Banking

May 19, 2018 |

Bitcoin in Brief Saturday: Warren Warned By Billboards, Coinbase Tempted by Banking

In Bitcoin in Brief today, billionaire Warren Buffett has been reminded that he was wrong about Google and Amazon, and told he might be wrong about bitcoin, too. Billboards have appeared outside his office to convey the message of the crypto community. Also, a report suggests that the US cryptocurrency exchange Coinbase may apply for a banking license. Some conflicting views on the future of the Internet and its money complete Saturday’s roundup.  

Also read: Bitcoin in Brief Friday: UN Backs Crypto-Solar Project in Moldova, Malta Uses Blockchain in Public Transportation

“Warren: Maybe You’re Wrong About Bitcoin?”

Bitcoin in Brief Saturday: Warren Warned By Billboards, Coinbase Tempted by BankingBillionaire investor Warren Buffett, known for his negative attitude towards cryptocurrencies, has been targeted in a bitcoin advocacy campaign lead by one of the largest cloud mining companies. Genesis Mining has recently posted billboards in front of Buffett’s office reminding him that he was wrong about Google and Amazon, and telling him that he may very well be wrong about bitcoin, as well.

The initiative has received a lot of support from the crypto community on social media. Genesis co-founder Marco Krohn posted on Twitter photos of the message to the investment guru with a short note saying: “Some new billboards outside of Warren Buffetts office! :)”

Earlier this month, the American business magnate issued another warning in regards to bitcoin and the like. “Cryptocurrencies will come to a bad ending,” he said during the annual Berkshire Hathaway’s shareholder meeting, but he didn’t stop there. “If I could buy a five-year put on every one of the cryptocurrencies, I’d be glad to do it but I would never short a dime’s worth,” he said, concluding that bitcoin is “probably rat poison squared.” Needless to say, Buffett’s comments provoked reactions and even inspired new business ideas. A tokenized marketplace called Ecoinmerce has announced the “Rat Poison Squared clothing line.” Т-shirts and hats are already offered online, but one can also order a mug with the winged phrase.

The Money of the Internet and the Internet of Money

Square CEO Jack Dorsey has recently reiterated his views about bitcoin. “The internet is going to have a native currency, so let’s not wait for it to happen, let’s help it happen,” he said during a blockchain conference, adding: “I don’t know if it will be bitcoin but I hope it will be.” Dorsey, who is also the chief executive of Twitter, wants his payment processing company to be at the forefront of the efforts to achieve adoption of cryptocurrencies as global means of payment. In an interview in March, he predicted that there will be a single world currency in the next ten years. The billionaire believes that will be bitcoin, although he admits the cryptocurrency is still slow and costly.

Bitcoin in Brief Saturday: Warren Warned By Billboards, Coinbase Tempted by Banking

Circle co-founder and President Sean Neville, however, has a different vision of what’s to come for the digital space and the digital currencies. “Very excited about the idea of reimagining what global finance can be,” he says that a dollar token is the future of the Internet of money. “One of the things that’s interesting for us is how we take fiat money and put in on blockchains, how do we get the benefits of a public blockchain infrastructure, which might underpin something like HTTPS of money,” he told Bloomberg.

Neville thinks there is a problem with using existing crypto assets for payments and settlements – they are very volatile. “So, it makes sense to have something like the US dollar represented as a token that can transfer anywhere in the world, to any digital wallet and any exchange that can support it,” he explained. Sean Neville, whose company raised $ 110Mn USD in a fundraising round led by Chinese giant Bitmain, believes that “we need a replacement for SWIFT.” He also predicted that eventually everything of value will be tokenized in a “hybrid world” of centralized and decentralized services. Boston based Circle has announced plans to issue a dollar-backed cryptocurrency called USD-C.

Coinbase May Apply for a Banking License

Bitcoin in Brief Saturday: Warren Warned By Billboards, Coinbase Tempted by BankingBy attracting some serious investments, Circle has actually joined the club of the most well-funded cryptocurrency companies. Another of its members, Coinbase, seems tempted to expand its financial business to include banking services. According to a report by the Wall Street Journal, representatives of the crypto brokerage have met with US regulators to talk about the possibility to apply for a banking license.

A source quoted by the WSJ has revealed, that the company, which operates the largest cryptocurrency exchanges in the United States, has contacted officials from the US Office of the Comptroller of Currency earlier this year to discuss the matter. Beside the opportunity to broaden the types of products it offers, a banking license would allow Coinbase to operate without the need to partner with banks.

What are your thoughts on today’s Bitcoin in Brief stories? Tell us in the comments section below.   


Images courtesy of Shutterstock, Marco Krohn (@mkrohn5).


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The post Bitcoin in Brief Saturday: Warren Warned By Billboards, Coinbase Tempted by Banking appeared first on Bitcoin News.

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Bitcoin in Brief Wednesday: Coinbase Goes After Big Money as Nomura Creates Komainu

May 16, 2018 |

Bitcoin in Brief Wednesday: Coinbase Goes After Big Money as Nomura Creates Komainu

The rush of big money into the cryptocurrency market is continuing at full pace and reshaping the global investment landscape. Two recent examples are Coinbase’s new institutional focus and Nomura’s new venture. These stories, and much more, are in today’s edition of Bitcoin in Brief.

Also Read: NY Regulator Approves Bitcoin Cash, Zcash and Litecoin Trading

Coinbase Goes After Big Money

Bitcoin in Brief Wednesday: Coinbase Goes After Big Money as Nomura Creates KomainuCoinbase, the San Francisco-based cryptocurrency exchange recently valued at $ 8 billion, has announced a new suite of services meant to attract more big money players such as the many new crypto hedge funds that pop up all the time. It will launch a cryptocurrency custodian in partnership with an SEC-regulated broker-dealer to a group of initial clients that include 1confirmation, Autonomous Partners, Boost VC, Meta Stable, Multicoin Capital, Polychain Capital, Scalar Capital and Walden Bridge Capital.

New offerings also include Coinbase Prime, a suite of tools specifically designed for institutions, and an institutional coverage group headquartered in New York City to provide a higher level of service to these type of clients. “There is clear demand from institutional clients and financial services professionals for more specific solutions with regard to cryptocurrencies that address their sophisticated needs,” said Adam White, Vice President and General Manager of Coinbase Institutional.

The company will also be opening a new engineering office in Chicago to continue developing Coinbase Markets, which provides a centralized pool of liquidity for all its products. Over the course of the year it is promised to introduce new features like low latency performance, on-premise data-center co-location services, institutional connectivity and access, and settlement and clearing services. “As a global leader in financial technology, Chicago welcomes innovative companies investing in our city and creating jobs for Chicago residents,” said Mayor Rahm Emanuel. “There is no better city than Chicago for companies that want to put down roots and grow their businesses.”

Komainu to Protect Mutual Funds

Bitcoin in Brief Wednesday: Coinbase Goes After Big Money as Nomura Creates KomainuKomainu is a new venture established to help overcome barriers for institutional investment in crypto-assets with a custody solution and offering new services, standards and best practices. Its founders include Tokyo-headquartered global investment bank Nomura (NYSE: NMR), hardware wallet developer Ledger, and Global Advisors, parent company of Coinshares.

Jez Mohideen, Global Chief Digital Officer at Nomura, said: “Global investment managers have long been held back from full participation in digital asset markets, limited by operational and regulatory risk. Our new partnership will set the required standards that will bring peace of mind to digital asset investors, and provide tools and products to enable better integration with more traditional investment vehicles such as mutual funds.” Jean-Marie Mognetti, Co-Principal of Global Advisors, added: “After 6 years of research, and collaboration with our administration partner and its regulator, we now have demonstrable progress. This partnership is a progressive stepping stone towards the creation of the necessary prerequisites for further growth within the digital asset ecosystem. This will open new and exciting opportunities to global participants and contribute to move digital asset closer to mainstream offerings.”

Ledgerx Savings Accounts

Ledgerx, the CFTC-regulated cryptocurrency management platform, has launched a new savings account-like product. Ledger Savings uses an underlying call overwrite strategy but offers a simple interface so that users won’t need to know anything about investing in derivatives. It targets a 16% per annum yield with a potential 2x exit at maturity in the event BTC doubles from current spot prices. For launch, the savings product will be offered for 3 month, 6 month, and 12 month maturities, at varied rates. After selecting the product for the desired maturity, the USD amount is available immediately to withdraw but the associated BTC is locked for the duration of the savings product.

Rat Poison Squared Fashion

Bitcoin in Brief Wednesday: Coinbase Goes After Big Money as Nomura Creates KomainuIf there is one thing that’s true for the cryptoverse, is that it is full of fast moving entrepreneurs. Warren Buffett only bashed bitcoin as “rat poison squared” less than two weeks ago, and someone has already found a way to make money from the now infamous glib. Ecoinmerce, a tokenized e-commerce marketplace, has announced the Rat Poison Squared clothing line, to include t-shirts, hats, coffee mugs, and keyrings.

“We don’t know exactly what ‘rat poison squared’ is supposed to mean,” said Ecoinmerce COO Rex Chen. “What we do know is that Bitcoin created a very productive ecosystem and spawned the entire cryptocurrency revolution, which is driving innovation in nearly every industry. This clothing line is intended to give Bitcoin and cryptocurrency enthusiasts pride in their defiance of the status quo and their belief in a better future.”

Telegram’s Gram Lawsuit

With a seemingly endless torrent of new ICO tokens flooding the market, short and pithy names for these crypto-assets are running out fast. This can lead to people registering coin names just to try and flip them for profit later and to companies to wage battles over who gets to control a certain ticker, as happens with website domain names. The latest example for this is Telegram, which is now reportedly suing a Florida-based venture over the rights to ‘gram’.

Did Jennifer Aniston Convinced You to Invest in Crypto?

Bitcoin in Brief Wednesday: Coinbase Goes After Big Money as Nomura Creates KomainuThe Texas Securities Commissioner has issued an Emergency Cease and Desist Order on May 15 to stop Wind Wide Coin Inc., from fraudulently offering investments in a cryptocurrency trading program. The order alleges that Wind Wide Coin and three sales agents in Houston are offering for sale investments in a cryptocurrency trading program that uses an “automatic trading bot.” The company is promising investors the combination of “no risk” and extraordinarily high returns. The purchase of 0.1 of BTC, for example, will yield 1 BTC 24 hours later, a one-day return of 900%.

Further according to the order, Wind Wide Coin is also misleading potential investors by claiming it is a “licensed company” and “legally registered.” And to lure gullible suckers the company’s website has featured endorsements from supposed past investors. To weed out anyone with some common sense, the website used images of celebrities like Jennifer Anniston – which it mistakenly identified as “Kate Jennifer,” an investor. Similarly, a photo of Prince Charles was identified as “Mark Robert,” an investor who provided a testimonial. The same testimonial was then attributed verbatim to a “Johnson Smith,” supposedly another UK investor.

What do you think about today’s news updates? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock, Ecoinmerce.


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Coinbase Remains the Most Successful and Important Company in the Crypto Industry

May 14, 2018 |

Coinbase Remains the Most Successful and Important Company in the Crypto Industry

On its 6th birthday, Coinbase received high praise from Shapeshift’s Erik Voorhees. He Tweeted, “Coinbase remains the most successful and important company in the crypto industry.” Arguably, that is very much the case. The San Francisco-based cryptocurrency exchange with its barebone menu of offerings, combined with its easy user-interface and relatively smooth onboarding (almost no upfront deposit needed), provide an envious business model. That’s not to write the company is without faults, as it has many. It might not even be the future of retail crypto access, and perhaps it shouldn’t.

Also read: Zimbabwe Bans All Cryptocurrency Activity, Businesses Have 2 Month Grace Period

Coinbase is Easy, Light, Feisty

“Today is Coinbase’s sixth anniversary,” wrote COO Asiff Hirji. “We’re celebrating six incredible years working toward our mission to help create a more open financial system for the world! […] We are in the early days of our mission and there is still so much to do […] Have to know when to follow the rules, when to bend them and when to push to change them. Breaking them is neither ethical nor sustainable.”

It’s probably less of an exchange proper and more of a conservative cryptocurrency bank. It might be fair to simply label it a broker (without bids, asks, limit orders, margin trading, etc). Coinbase, founded six years ago this week, is arguably the most important company, regardless of its technical classification, within the space. It alone is responsible for introducing millions and millions of Americans to the wild phenomenon that is decentralized currency speculation.

Coinbase Remains the Most Successful and Important Company in the Crypto Industry

Offering bitcoin core (BTC), bitcoin cash (BCH), ether (ETH), and litecoin (LTC), its sparse choices work to underwhelm those new to speculating on cryptocurrency. The format is light and only requires a linked bank account. Without the bother of having to hold and maintain decentralized currency, users can simply use the Coinbase client and trade for fractions, sometimes as low as $ 2.00. Fees, of course, apply.

At the time of available statistics, the Northern California broker had something like 13 million users (Altana Digital Currency Fund), some days back in 2017 clocking them at 100,000 new sign ups every twenty four hours. For a little while there, Coinbase was a top ten downloaded application in the Apple Store. Its yearly revenue eclipsed venerable legacy houses such as Charles Schwab.

Embarrassment of Riches

It continues to nab top professional financial sector talent such as Asiff Hirji from TD Ameritrade; to that end, it poached Facebook Messenger’s David Marcus to join its Board, and the two are exploring ways to exploit the social media platform’s giant user base in terms of blockchain technology (probably a proprietary token is in the works, but that’s a guess). Heck, even its alumni go on to do big things: Charlie Lee of Litecoin fame was a former director of engineering.

Merchants Dell and Expedia use it as a point of sale processor. For trading professionals, its Coinbase Exchange was rebranded to Global Digital Asset Exchange (GDAX), becoming one of the earliest to offer ether to financial pros.

Coinbase Remains the Most Successful and Important Company in the Crypto Industry
Brian Armstrong

For better or worse, Coinbase is the most prominent version of mainstreaming the crypto revolution. It’s young (CEO, Brian Armstrong, is barely in his mid 30s), feisty, ambitious, cocky, and sporting for market share. Its flounders are largely an embarrassment of riches: demand so great the company’s system crashed a few times during the runups of 2017, and its customer inquiries languished at times in ten day backlogs. Mr. Armstrong fired back, “There’s so many people rushing into the space, if it’s a bit of speculation, I’m O.K. with that. But we can’t guarantee the website’s going to be up exactly when you need it. Everyone needs to take a deep breath.”

That particular hiccup hasn’t been put away altogether just yet, as in January of this year alone formal complaints to the Consumer Financial Protection Bureau rocketed by more than 100%. Almost half were filed regarding “money not available when promised,” which is no small matter.

Coinbase Remains the Most Successful and Important Company in the Crypto Industry

Peril’s of Centralization

In the scaling debate, Mr. Armstrong came firmly down on the side of big blockers, and, according to various sources, holds most of his crypto wealth in ether. Under his leadership, the company embraced economic reality, choosing when to fight on principle and where to give-in. For example, it was one of the notable in its class to snag a controversial Bitlicense from New York. Howls of sell out and capitulation could be heard far and wide. But this move signaled to potential investors and the broader financial community the company was less strident and more pragmatic in the all-important ‘business sense.’

It would regain some of its punkier credibility, at least for a time, when the United States’ taxman came calling. The Internal Revenue Service (IRS) evidently can read eye-popping price headlines. As market leaders such as BTC rose exponentially, so did United States citizens’ tax obligations. Yet nearly no one was complying. History will show the company did fight back, but history will also show it lost, having to hand over customer information for those who moved more than $ 20K in crypto (small percentage of its users).

Coinbase Remains the Most Successful and Important Company in the Crypto Industry

Then again, when New York’s top cop poked and prodded at exchanges, asking they account for this and that, Coinbase jumped as high as asked, issuing a very detailed letter. Kraken, on the other hand, went sideways at the presumption and hubris of such an invasion. The contrast could not be starker, and the more principled in the community noticed … as it did when it shut off access for Wikileaks, a seemingly purposeful separation from crypto’s anarchic roots. Such are the perils of centralization in the sense there are doors to kickdown, masters to please other than market demand. 

For the more cypherpunk among us, it is critical to acknowledge the truth. Coinbase is good people, but Coinbase is also in bed with the same folks who prompted crypto’s birth. That won’t do, and won’t do by a lot. If censorship resistance and decentralization are fundamental pillars, then we should look for exchanges in those images. Leave traditional banking schemes itching to please governments to their future: slow death.

Is Coinbase an overall positive or negative in the crypto community? Tell us in the comments below! 


Images courtesy of Shutterstock, Coinbase, Twitter.


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This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.

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This Week in Bitcoin: Bacon War, Mining Trucks and Coinbase Salutes Regulator

May 6, 2018 |

This Week in Bitcoin: Bacon War, Mining Trucks and Coinbase Salutes Regulator

From a turf war over “the world’s first” bacon-backed coin to mining trucks chasing cheap electricity across Europe, the cryptocurrency world never has a dull day. These stories and many more were covered in this week’s daily editions of Bitcoin in Brief.

Also Read: Young New Zealand Man Spared Jail for Dealing Drugs With Bitcoin

Outage Downs Telegram, Bitcoin Shines on a Bank

This Week in Bitcoin: Bacon War, Mining Trucks and Coinbase Salutes RegulatorAs the messaging service of choice for many cryptocurrency groups, the problems at Telegram made headlines on Monday. While the company was facing a crackdown in Russia and Iran, this time it was a technical issue in one of Telegram’s data centers after a power outage in Amsterdam that caused interruptions across Europe, the Middle East, North Africa, Russia, and the CIS countries. Additionally covered were a photo which shows a huge Bitcoin logo projected on the Swiss National Bank building in Zurich and major companies’ blockchain developments in South Korea.

IOTA Ditched, Bitcoin Taking Over Popular Culture

On Tuesday we reported that UCL (University College London) cut all its ties with the IOTA Foundation because of its repeated threats against critics that reviewed the technology, that Wikimédia France will soon begin accepting donations in cryptocurrencies, and that someone has created the annoying bitcoin price alarm from HBO’s comedy series Silicon Valley. But the big news was all about bacon.

Oscar Mayer, the meat brand owned by Kraft Heinz (NASDAQ: KHC), announced it had launched the “first-ever cryptocurrency backed by bacon.” Fans were invited to “mine” Bacoin by participating in a promotion and pump the value by shilling for it on social media. The company was soon hit with a cease-and-desist letter by someone claiming he invented a bacon-backed coin with the exact same name back in 2014. Luckily for fans, everything turned out well at the end. Oscar Mayer has offered to make a donation in his name, and to send its famous Wiener-mobile to the guy’s house to give him free bacon and entertain his kids for a while and the case was thus settled.

Hacker Gets Trolled, Vertcoin Gets Hacked

Hackers, a constant pest in the crypto world, have been our focus on Wednesday. Some scammers have taken over the official Vertcoin Twitter account and duped a handful of followers to send them some bitcoin with the false promise of a giveaway. Another scammer tried to blackmail a podcaster into giving him bitcoin by holding his website for ransom but got trolled hard. Additionally covered was Coinmarketcap’s five year anniversary, when the site unveiled  a new logo, an iOS mobile app and added some new features.

Crypto Traders in Troubled Waters

This Week in Bitcoin: Bacon War, Mining Trucks and Coinbase Salutes RegulatorA few unfortunate cases were covered on Thursday. Bitgrail, the Italian crypto exchange which suspended operations after losing 17 million XRB, has briefly reopened and soon closed again under order from the court of Florence. Btcxchange, the oldest bitcoin trading platform in Romania, has apparently closed down for good this time after multiple setbacks through the years. Shapeshift CEO Erik Voorhees lashed out in a tweet against Chase Bank which has closed his credit card account without warning nor an explanation.

In other news, US-based cryptocurrency exchange and wallet Coinbase has applauded the investigation by New York Attorney General into the industry’s business practices. This was in sharp contrast to the strong rebuke by Kraken CEO Jesse Powell which took a brave stand against the American regulatory overreach.

Farms on Wheels, a Hotel, and a Simulator for Miners

On Friday, the latest developments in the mining space were our focus. These included a  “mining hotel” in Moscow, Russia, a Bitmain Zcash ASIC miner, and even mining trucks. Italian inventors plan on installing their miners in shipping containers loaded on trucks, enabling them to rapidly move the mobile farms to destinations with cheap electricity and more favorable regulations. We also reported that a team of Belarusian developers is working on a project to create a “True Mining Simulator” – a computer game dedicated to replicating the life experiences of a cryptocurrency miner.

Russian Crypto-Millionaire Found Dead

The main news on Saturday, other than BTC flirting with the $ 10,000 price level again, was that Russian Youtuber Pavel Makushin had been found dead in his apartment. The 23-year-old was the victim of a robbery in January, which saw 24 million rubles (approximately $ 38,000 USD) stolen from him. Mr. Makushin’s mother was reported to have indicated that the robbery could have led him to take his own life.

This Week in Bitcoin Podcast

To make sure you didn’t miss any big bitcoin news this week, listen to the following podcast:

What other stories everyone in the bitcoin world must have read this week? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

The post This Week in Bitcoin: Bacon War, Mining Trucks and Coinbase Salutes Regulator appeared first on Bitcoin News.

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