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| August 17, 2018

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The Daily: McAfee’s “Unhackable” Wallet Is Doomed, Coinbase Wants to Be Your ID

August 16, 2018 |

The Daily: McAfee’s “Unhackable” Wallet Is Doomed, Coinbase Wants to Be Your ID

In today’s edition of Bitcoin in Brief we cover stories about John McAfee refusing to acknowledge his “unhackable” wallet has been hacked after tinkerers were able to install Doom on the device, Coinbase wanting to become a verified identity service, and more.

Also Read: Bitwise Launches Three New Cryptocurrency Market Index Funds

McAfee Refuses to Acknowledge “Unhackable” Wallet Was Hacked

We recently reported that security researchers attacked the Bitfi wallet, which was said to be “unhackable” by its promoters like John McAfee, cracking it open and finding out it was nothing more than a cheap phone with the camera and SIM taken out. Well, now they also successfully sent signed transactions with the device, claiming a Bitfi bug bounty. And before that someone had even been able to demonstrate root control of the device by installing the classic video game Doom on it.

McAfee reacted with scorn, twitting: “A video played on your Bitfi wallet has nothing to do with the safety of your funds. This is amateur hour, not a hack! Any device with a computer and screen can be used to play games. I should start watching my YouTube videos on Bitfi wallet.” He later added: “Laughing so hard I can barely catch my breath. “Hackers” play Doom, play videos, root the device, play music on the BitFi wallet. We dont charge extra for those facilities. No-one has taken the coins from our pre-loaded wallet. No one will. Isn’t this what matters?”

Coinbase Wants to Be Your Online ID

The Daily: McAfee’s “Unhackable” Wallet Is Doomed, Coinbase Wants to Be Your IDCoinbase, the San Francisco-based cryptocurrency behemoth, has announced that the Distributed Systems team is joining the company as it hired the startup. The venture was working on “human-friendly, decentralized identities and permissioned tokens”, building a standard for identification called the Clear Protocol, and they now bring these capabilities to Coinbase.

While a digital ID can be of service within the crypto ecosystem, such as for AML/KYC verification for ICOs and engaging with dapps, Coinbase appears to have much broader long term aspirations. The company explained in a blog post that: “A decentralized identity will let you prove that you own an identity, or that you have a relationship with the Social Security Administration, without making a copy of that identity. If you stretch your imagination a little further, you can imagine this applying to your photos, social media posts, and maybe one day your passport too.”

$ 10 Million Line Venture Fund

The Daily: McAfee’s “Unhackable” Wallet Is Doomed, Coinbase Wants to Be Your IDLine Corporation (NYSE:LN/TSE:3938), the company behind the messaging app most popular in Japan by the same name, has announced that its Korea-based subsidiary, Unblock Corp., has recently established Unblock Ventures Ltd., a corporate token venture fund in Hong Kong. Unblock Ventures focuses on token investments and has a capital commitment of $ 10 million USD, made by LVC Corporation (another Line group company).

The company also announced that it has added tron to Bitbox, its recently launched Singapore-based cryptocurrency exchange. “Integrating TRON (TRX) with BITBOX will enable us to connect with the world’s fastest-growing blockchain project,” said Youngsu Ko, CEO of LINE Tech Plus, the subsidiary that operates the venue. “TRON has a solid tech platform, especially now it has joined forces with BitTorrent. We look forward to building a strategic partnership with TRON and offering our users the best experience available in the cryptocurrency space.”

Bitcoin Cash (BCH) Only ATM Installed in North Queensland, Australia

Satoshiware NQ, which helps grow North Queensland, Australia’s Bitcoin Cash community by providing support to business owners and their staff who want to learn how to adopt the technology, has revealed on social media that it has installed its first BCH “vending machine”. The one-way BCH-only ATM now stands as Strand Fitness on Flinders St West, Townsville City. The group also says it currently has five more such machines that we will be rolling out across the region.

What do you think about today’s news tidbits? 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 The Daily: McAfee’s “Unhackable” Wallet Is Doomed, Coinbase Wants to Be Your ID appeared first on Bitcoin News.

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The Weekly: Coinbase Increases Limits, Shapeshift Acquires Bitfract, Okex Launches Coinall

August 12, 2018 |

The Weekly: Coinbase Increases Limits, Shapeshift Acquires Bitfract, Okex Launches Coinall

In this week’s daily editions of Bitcoin in Brief we reported about Coinbase increasing trading limits, Shapeshift acquiring Bitfract, Okex launching a white label platform called Coinall, and much more. The most commented-on article during the week covered the ‘Rich Dad, Poor Dad’ author, Robert Kiyosaki, which came out in favor of cryptocurrencies.

Also Read: Opera Browser Opens Its Built-in Cryptocurrency Wallet to Desktop Users

New Education Centers

The Weekly: Coinbase Increases Limits, Shapeshift Acquires Bitfract, Okex Launches CoinallA number of new academic education centers around the world devoted to the research of the technology behind cryptocurrency were featured on Monday. China Internet Nationwide Financial Services Inc. (NASDAQ: CIFS), a financial advisory services provider, has reached an agreement with Tsinghua University to establish an “Industry Trusted Blockchain Application Technology Joint Research Center”. The Istanbul Blockchain and Innovation Center was inaugurated at Bahçeşehir University. And Seven Stars Cloud Group, Inc. (NASDAQ: SSC), the fintech firm of Chinese media tycoon Bruno Wu, has announced that it will be establishing its global headquarters for technology and innovation, called Chain Valley, in Connecticut, transforming a Uconn campus into a center for research.

Robinhood Crypto Expands Service

On Tuesday, we reported that Robinhood, the US stocks app, has added another two states where cryptocurrency trading is now supported for its clients, Iowa and Georgia. The app also now supports Ethereum Classic (ETC), in addition to its previous offering of BTC, BCH, ETH, LTC and Doge. In total, Robinhood Crypto is now available in 19 US states. Additional stories included a Chinese user of Okcoin who is suing the exchange over his missing bitcoin cash following last year’s fork and a cybersecurity research that found trading venues experienced a massive surge of user data leaks.

Coinbase Increases Trading Limits

The Weekly: Coinbase Increases Limits, Shapeshift Acquires Bitfract, Okex Launches CoinallThe main story on Wednesday covered a few new developments at Coinbase. Users are now able to buy digital coins right after they deposit funds from their bank account, cutting down a process that took days of waiting before. The company also announced an increase of the daily trading limits for US users, and for verified customers, the maximum allowable purchase will jump from $ 25,000 weekly to $ 25,000 per day. The exchange also noted that once the funds are transferred, there are no longer any limits to how much users can buy or sell at a time. The exchange also informed its clients of the completion of its final testing for the addition of ethereum classic (ETC).

Shapeshift Acquires Bitfract

A couple of investments by established crypto companies made headlines on Thursday. Shapeshift completed the acquisition of Bitfract, a software firm which recently developed a service that allows users to swap from one cryptocurrency to many in an instant. Following the sale, the tool will be maintained and continue to operate, and the functionality that the platform provides (multiple output transactions) will be incorporated into Shapeshift’s core platform. Bitmain made a $ 3 million seed investment in Tribeos – a digital advertising platform built on Bitcoin Cash (BCH), utilizing smart contracts to fight ad fraud.

Okex Launches White Label Platform

The Weekly: Coinbase Increases Limits, Shapeshift Acquires Bitfract, Okex Launches CoinallOn Friday, we reported that Okex launched a new platform called Coinall, a white label solution which is part of its Open Partnership program that started a couple of months ago. Participants in the Open Partnership program will now be able to take advantage of a variety of services offered by the exchange, including its clearing system, cold and hot storage, applicable anti-money laundering (AML) and know your customer (KYC) procedures. Developers also claim that it is an autonomous, community-run crypto-trading platform.

Crypto Expected at 5% of US Investments

A study that found that digital coins are becoming a permanent part of many investment portfolios was featured on Saturday. The Harris Poll survey, conducted on behalf of the American Institute of CPAs (AICPA), has established that cryptocurrencies will represent 5 percent of the investments of those 35 percent of Americans that consider themselves investors or plan to invest in 2019. At the same time, the study found that “cryptocurrency appears to be foreign to many investors. According to the survey, nearly half of U.S. adults (48 percent) are not familiar with Bitcoin, Ethereum, or Litecoin.”

Rich Crypto Dad, Poor Fiat Dad

The Weekly: Coinbase Increases Limits, Shapeshift Acquires Bitfract, Okex Launches CoinallThe most commented-on article during the week covered the author of the best-selling book ‘Rich Dad, Poor Dad’, Robert Kiyosaki, which has spoken in favor of cryptocurrencies during a recent podcast. Mr. Kiyosaki described the fiat US Dollar as a government “scam” and predicted that precious metals and cryptocurrencies will outlast fiat currencies as the people’s money. Join the discussion.

This Week in Bitcoin Podcast

Catch the rest of this week’s news in the This Week in Bitcoin podcast with host Matt Aaron.

What other stories in the Bitcoin world caught your attention this week? Share your thoughts in the comments section below.

The post The Weekly: Coinbase Increases Limits, Shapeshift Acquires Bitfract, Okex Launches Coinall appeared first on Bitcoin News.

Bitcoin News

The Daily: Coinbase Increases Trading Limits, ABCC Opens in Malta, Omniex Hires Former Regulators

August 8, 2018 |

The Daily: Coinbase Increases Trading Limits, ABCC Opens in Malta, Omniex Hires Former Regulators

On Wednesday, The Daily features a couple of announcements from Coinbase: the US crypto exchange enables instant purchasing with increased daily trading limits and is now accepting ETC deposits on its Coinbase Pro platform. We’ve also covered the opening of ABCC’s European headquarters in Malta and Omniex’s decision to appoint two former regulators as advisors.

Also read: Robinhood Reaches Iowa and Georgia, Coinbase Returns to Wyoming

Coinbase Enables Instant Purchasing, Increases Trading Limits

The Daily: Coinbase Increases Trading Limits, ABCC Opens in Malta, Omniex Hires Former RegulatorsUsers of Coinbase will be able to buy digital coins right after they deposit funds from their bank account, the platform explained in a blog post published on Tuesday. “Starting today, we are rolling out the ability to trade cryptocurrency immediately after a purchase — no more waiting five days for funds to settle,” the announcement reads.

While the platform supports instant transfers via wire transfer and debit cards, purchases via direct debits from a bank account used to take days. The change means that from now on the USD balances will be credited immediately for the amount customers have sent from their accounts. They’ll be able to buy cryptos but won’t have the option to withdraw before the funds from their bank are settled.

The company also announced an increase of the daily trading limits for US users. The functionality will be available over the next few weeks. For verified customers, the maximum allowable purchase will jump from $ 25,000 weekly to $ 25,000 per day. The exchange also noted that once the funds are transferred to Coinbase, there are no longer any limits to how much users can buy or sell at a time.

Initially, the instant purchasing, new trading limits, and the ability to withdraw coins will be available only to US customers who have completed the identity verification process with Coinbase. However, the platform promises to bring the updates to other markets as well.

Coinbase Pro Introduces Ethereum Classic (ETC)

The Daily: Coinbase Increases Trading Limits, ABCC Opens in Malta, Omniex Hires Former RegulatorsIn another announcement, the influential US exchange informed its clients of the successful completion of its final testing for the addition of ethereum classic (ETC), noting that the launch will proceed in four stages: transfer-only, post-only, limit-only, and full-trading mode. “Coinbase Pro is now accepting transfers of Ethereum Classic!” the company tweeted, notifying customers they can transfer ETC immediately to their exchange account and start trading within days.

“We are beginning the launch of ETC on our exchange at Coinbase Pro. We plan to add support for ETC at Coinbase.com when sufficient liquidity is established. We expect this to occur approximately 1–2 weeks after trading begins on Coinbase Pro,” David Farmer, Coinbase Pro’s General Manager, explained in the company’s blog. The exchange also reminded users that its GDAX platform was split into Coinbase Pro, for individual traders, and Coinbase Prime, for institutions.

Several positive developments, including the addition to Coinbase Pro and the Robinhood app, have pushed the price of ETC up. The cryptocurrency is currently the 13th largest by market capitalization, which is almost $ 1.68 billion USD at the time of writing.

ABCC Exchange Opens European Headquarters in Malta

Singapore-based digital asset exchange ABCC (Alphabit Cryptocurrency) has announced the opening of its European headquarters in Malta. In an official release, the trading platform described the move as a strategic decision, part of the commitment to increase its presence in Europe and elsewhere. The company hopes to create new investment and employment opportunities in the island nation which has taken steps to become a leading crypto-friendly destination. ABCC has also decided to sponsor an official blockchain event organized by the Maltese government, Delta Summit 2018.

The Daily: Coinbase Increases Trading Limits, ABCC Opens in Malta, Omniex Hires Former Regulators“This comes just a few weeks after the Maltese Parliament enacted into law the highly anticipated three bills which will pave the way for the creation of a new economic sector. I thank ABCC for putting their trust in Malta and for providing their input to implement our vision and make Malta The Blockchain Island,” said Silvio Schembri, Junior Minister for Financial Services, Digital Economy and Innovation within the Office of the Prime Minister of Malta. “Indeed, we look forward to working closely with the Government of Malta and to support its transition into a digital innovation center of excellence,” added ABCC CEO Calvin Cheng.

ABCC’s announcement follows similar decisions by some of the world’s leading cryptocurrency exchanges. Binance, currently the largest trading platform by volume, is exploring opportunities to launch a decentralized bank in Malta. Another Chinese-run crypto exchange, Okex, announced in April it is setting foot on the island, and the Polish Bitbay revealed its plans to move to Malta in May.

Omniex Appoints Former Regulators as Advisors

The Daily: Coinbase Increases Trading Limits, ABCC Opens in Malta, Omniex Hires Former RegulatorsOmniex, a crypto trading and investment platform oriented towards institutional investors, has appointed to its Board of Advisors Arthur Levitt, former US Securities and Exchange Commission (SEC) Chairman, and Sheila Bair, former Chair of the Federal Deposit Insurance Corporation (FDIC). According to an official announcement, the company has also hired former Thomson Reuters and KCG executives as part of the plans to accelerate the adoption of its platform.

Omniex, which provides portfolio and risk management, trade execution, investment operations and compliance solutions for crypto-assets to buy-side, market-making and broker-dealer institutions, has raised $ 10 million USD since it was founded last fall. Among its investors are leading firms such as Wicklow Capital, Jump Capital, Digital Currency Group, Sierra Ventures, Clocktower Technology Ventures, Thirdstream Partners and Alan Howard of Brevan Howard.

What are your thoughts on today’s news tidbits? Tell us in the comments section below.


Images courtesy of Shutterstock, Blockinpress.


Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today.

The post The Daily: Coinbase Increases Trading Limits, ABCC Opens in Malta, Omniex Hires Former Regulators appeared first on Bitcoin News.

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The Daily: Robinhood Reaches Iowa and Georgia, Coinbase Returns to Wyoming

August 7, 2018 |

The Daily: Coinbase Returns to Wyoming, Robinhood Crypto Reaches Iowa and Georgia

In today’s edition of Bitcoin in Brief, we cover the return of Coinbase to Wyoming, the expansion of Robinhood Crypto to Iowa and Georgia, a lawsuit against an exchange for failing to give a user his BCH plus a cybersecurity research that finds cryptocurrency exchanges experienced a massive surge of user data leaks.

Also Read: Indian Exchange Zebpay Enables Trueusd (TUSD) Stablecoin Trading

Coinbase Returns to Wyoming

The Daily: Coinbase Returns to Wyoming, Robinhood Crypto Reaches Iowa and GeorgiaCoinbase has announced that its money transmitter license has been renewed in the state of Wyoming. That means that after about three years of absence, locals can once again use the platform to buy, sell and spend supported cryptocurrencies. Wyoming passed a number of laws meant to make the state more attractive to Bitcoin business this year, including exempting cryptocurrencies from property taxation.

Mike Lempres, Chief Legal & Compliance Officer, stated: “Regulators and legislators can work together to foster innovation by either licensing cryptocurrency money transmissions or exempting cryptocurrency from money transmission laws. The leadership and partnership between the state legislature and Governor Matt Meade allowed for this new legislation to be signed into law, under which cryptocurrency companies in Wyoming are no longer required to double reserve the assets of state residents. Now Coinbase and other compliant, regulated cryptocurrency companies can serve Wyoming customers in the same way we serve customers from nearly every other state.”

Robinhood Crypto Reaches Iowa and Georgia

The Daily: Coinbase Returns to Wyoming, Robinhood Crypto Reaches Iowa and GeorgiaRobinhood Financial, the Palo Alto-headquartered US stocks brokerage app, has added another two locations where cryptocurrency trading is now supported for its clients. The company officially announced on its Twitter page that the service is rolling out to Iowa and Georgia. The app now supports Ethereum Classic (ETC), in addition to its previous offering of BTC, BCH, ETH, LTC and Doge. In total, Robinhood Crypto is now available in 19 US states, including Arizona, California, Colorado, Florida, Georgia, Indiana, Iowa, Massachusetts, Michigan, Mississippi, Missouri, Montana, New Jersey, New Mexico, Pennsylvania, Texas, Utah, Virginia and Wisconsin.

Chinese User Sues Okcoin

According to media reports from China, a user of Okcoin named Feng Bin is suing the exchange over some missing bitcoin cash. The client claims he had to receive about 38.75 BCH following the fork due to his holdings before the event which just recently marked its one year anniversary. The Chinese investor alleges that when he contacted the Okcoin team to help recover his BCH he was told by support staff that the deadline the exchange set for doing so had expired and he was no longer eligible due to that reason.

‘Leaky’ Cryptocurrency Exchanges

Group-IB, a Moscow-based cybersecurity firm, has issued a report about user data leaks from cryptocurrency exchanges. The researchers analyzed the theft of 720 user accounts (logins and passwords) from the 19 largest exchanges during 2017, and found a steady increase in the number of compromised user accounts. In 2017, it increased by 369% compared to 2016. And in January 2018, the number of incidents jumped by 689% compared to the 2017 monthly average. The US, Russia and China are where users are targeted most often.

The study identified 50 active botnets used for launching cyberattacks on users of cryptocurrency exchanges. The researchers found that cybercriminals employ sophisticated malicious software and even modified tools previously used for attacks on banks to hack cryptocurrency exchanges and gain access to users’ personal data. However, the main culprit is that both users and exchanges fail to use two-factor authentication. The second cause is disregard for basic cybersecurity rules such as using weak and repetitive passwords.

The Daily: Coinbase Returns to Wyoming, Robinhood Crypto Reaches Iowa and Georgia

“In 2018, we will see even more incidents. This situation requires prompt and effective response of all stakeholders, including experts in different areas,” stated Ruslan Yusufov, Director of Special Projects at Group-IB.

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


Images courtesy of Shutterstock, Group-IB.


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 The Daily: Robinhood Reaches Iowa and Georgia, Coinbase Returns to Wyoming appeared first on Bitcoin News.

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Coinbase Seeks Online Merchant Crypto Adoption by the Millions

August 6, 2018 |

Coinbase Seeks Online Merchant Crypto Adoption by the Millions

Adoption news keeps flowing this week, from Wall Street to Australia, and now San Francisco. The United States largest cryptocurrency bank, Coinbase, announced it is expanding its commerce section to include Woo Commerce via a plugin downloadable from Github. It could be just what more online merchants need to get comfortable with cryptocurrency.

Also read: Bitcoiners Hope to Have a Friend in Top US Regulator Jay Clayton

Coinbase Seeks Online Merchant Crypto Adoption by the Millions

More than a quarter of all online merchants use Woo Commerce. It’s easily one of the most popular payment platforms around. This week, Coinbase announced it is releasing a Woo Commerce plugin as part of its proprietary Coinbase Commerce offering which can be downloaded from Github.

Coinbase Seeks Online Merchant Crypto Adoption by the Millions

Coinbase Commerce is itself a payment solution focusing on getting more online merchants to use cryptocurrency. Woo Commerce businesses will “have access to cryptocurrency payments from customers around the world,” Coinbase stressed. “This increased access will lead to more widespread adoption, and ultimately, moves us closer to our goal of an open financial system.”

At present, ethereum and bitcoin cash (BCH) are still being tested on the platform, but users who hold bitcoin core (BTC) and litecoin can send theirs from Coinbase Commerce. The team is working on building similar functionality for bitcoin cash and ethereum.

Huge Market

Merchants who use the payment button React now have the option of embedding Coinbase functionality as well. The San Francisco-based crypto bank is also incorporating programming languages such as Python, and are said to even be considering Ruby. The idea seems to be keeping merchants happy by not asking them for acceptance payment fees. 

Coinbase Seeks Online Merchant Crypto Adoption by the Millions

These are just a scant few moves Coinbase has been making as a unit this year. They are now involved with institutional financial products, and are launching a crypto index fund, gobbling up licenses such as the Bitlicense, have purchased Paradax exchange, and are plotting a move into Japan.

The payment processing market is a giant one. All the proof anyone would need to measure just how huge is, say, the recent announcement by Wall Street and its entrance into all things retail with Bakkt (includes Microsoft and Starbucks). And while the space is getting crowded a bit, Coinbase has a built-in advantage being a relatively early mover in the ecosystem, a very positive brand identification, and a host of lincenses and general trust among weathermen. 

Do you think Coinbase’s new plug-in will encourage merchant adoption? Let us know in the comments section below. 


Images via Pixabay. 


Be sure to check out the podcast, Blockchain 2025; latest episode here.

The post Coinbase Seeks Online Merchant Crypto Adoption by the Millions appeared first on Bitcoin News.

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Coinbase Custody is Eyeing Some Extremely Odd Altcoins

August 4, 2018 |

Coinbase Custody is Eyeing Some Extremely Odd Altcoins

As is now customary for the company, Coinbase has released a list of the latest assets it’s considering. The latest batch are being mooted for its institutional platform, Coinbase Custody, and thus are for storage only at this time, though future trading cannot be discounted. The list of altcoins it’s considering is as eclectic as it is incongruous. While some selections make sense, others have left observers scratching their heads.

Also read: NYSE Owner: Bitcoin Should Be in Retirement Funds, Credit Cards, Retail Stores

Coinbase Prepares to Unleash a Plague of Assets

Coinbase Custody is Eyeing Some Extremely Odd AltcoinsCoinbase, which has traditionally added new cryptocurrencies at a rate of one a year, has been on something of a splurge lately. In addition to ethereum classic (ETC), which is scheduled to start trading in around a week on its retail exchange, there’s a handful of other assets it’s likely to list in the near future such as ADA, BAT, and ZRX. Yesterday it was the turn of its institutional arm, Coinbase Custody, to unveil a shortlist of possible new tokens. Only in this case, it was more of a long list, containing no less than 34 coins.

Scanning the list of coins that are candidates for custodial inclusion provides an insight into the thinking of CEO Brian Armstrong and his team, for like it or not, Coinbase exerts huge sway over the industry. It may be slow to list new coins, but when it does belatedly get its act together, the markets react swiftly to the news. ETC is up 15% in the past 24 hours ahead of its Coinbase listing, while the likes of Tezos, which is on the Coinbase Custody shortlist, is up by 20%. Even in a bear market, Coinbase has the power to move markets.

Coinbase Custody is Eyeing Some Extremely Odd Altcoins
The complete list of coins being considered by Coinbase Custody

Half of Coinbase Custody’s Shortlisted Assets Make Little Sense

Like any shortlist, the selection of coins that might make the grade at Coinbase Custody is open to debate. The company is naturally entitled to list whatever it likes, but from a business perspective, there are some odd choices. Furthermore, given that low market cap altcoins are more synonymous with retail investors than institutional, it’s hard to imagine why Coinbase Custody is interested in safeguarding altcoins that investment firms are unlikely to look twice at.

As the company clarified in its blog post, “Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only, and will be working to add them as quickly and safely as possible. At this time, we have not yet considered these assets for trading.”

It is safe to assert, however, that Coinbase wouldn’t offer to care for these assets on behalf of its clients if it wasn’t at least considering making some of them tradable in the future.

The Strangest Names on the List

Of the 34 assets on the list, the following coins have attracted particular attention:

Ripple: Could this be Coinbase’s way of taunting ripple bagholders by offering to safeguard their coin but never list it?

Coinbase Custody is Eyeing Some Extremely Odd AltcoinsMonero: Given XMR’s association with illicit transactions, it had been assumed that Coinbase would never touch a coin whose previous owners could have used it to fund anything from terrorism to drugs.

Tezos: Last year this might have made sense, but ever since Tezos’ legal woes, the coin has become a hot potato that US investors in particular have been reticent to touch. It is currently listed on Gate.io, Hitbtc, and Gatecoin only.

Bytecoin: As one commenter pithily put it, “listed on the Chinese govt top shitcoin list, now being considered by @CoinbaseCustody, apparently institutions might want to own this. Launch was a joke of a scam: claimed it had been used on deep web for 2 years, faked whitepaper dates, faked blockchain, 80% premine.”

Bitshares: In 2015 maybe.

Tatatu: A coin literally no one has heard of.

Kik: Pump and dump vaporware.

Bitcoin Gold: One of 2018’s worst performers, down 95% from its ATH (though listing might still make sense since it’s a BTC fork so many Coinbase customers will own it by default).

On a brighter note, the remainder of Coinbase’s shortlist makes sense, with some commendable candidates ranging from the obvious (Decred) to the nostalgic (Doge) to the up-and-coming – Telegram, Hashgraph and Foam, which is so fresh its token sale hasn’t even completed. While crypto commenters debate the wisdom of Coinbase Custody’s proposed new additions to the vault, institutional investors will be googling hard, trying to ascertain the identity of these hitherto unheard of assets that are now poised for inclusion – and possibly even listing – on the world’s most famous exchange.

What do you think of Coinbase Custody’s shortlist? Let us know in the comments section below.


Images courtesy of Shutterstock, and Coinbase.


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

The post Coinbase Custody is Eyeing Some Extremely Odd Altcoins appeared first on Bitcoin News.

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The Daily: Coinbase Introduces GBP Pairs, Hitbtc Adds EURS, Bitpanda Offers EOS

August 2, 2018 |

The Daily: Coinbase Introduces GBP Pairs, Hitbtc Adds EURS, Bitpanda Offers EOS

In today’s Bitcoin in Brief, we cover several decisions made by leading cryptocurrency exchanges regarding new trading options offered to clients. UK customers of Coinbase will be able to purchase cryptocurrencies with British pounds, Hitbtc has added support for the new euro-pegged stablecoin, EURS, and European exchange Bitpanda offers EOS. Also in The Daily, US exchange Poloniex is reportedly under investigation for denying users access to their accounts.

Also read: Check Which Coins You Can Spend With Debit Cards and Why Upcoming Fuzex Chooses BCH

Conbase’s UK Customers Can Buy Coins with Pounds

The Daily: Coinbase Introduces GBP Pairs, Hitbtc Adds EURS, Bitpanda Offers EOSUS-based crypto exchange Coinbase announced this week that its UK customers will be able buy cryptocurrencies with GBP. This is a good news for British residents who until recently had to maintain fiat funds in EUR and put up with slower purchasing times and foreign exchange fees. Now they can take advantage of same day payments and withdrawals. Zeeshan Feroz, CEO of Coinbase UK, commented:

UK banks have been conservative in terms of working with crypto businesses and we’re proud to be one of the first companies to get access to domestic banking.

On Wednesday, the company said it will begin adding GBP trading pairs such as GBP/BTC and GBP/ETH in the coming weeks. Coinbase expects that the new offerings will also be popular with professional traders as the pairs can be used to bet on currency movements in the global foreign exchange markets.

The San Francisco, California-based trading platform currently supports the following cryptocurrencies: bitcoin core (BTC), bitcoin cash (BCH), litecoin (LTC), and ethereum (ETH), and plans to introduce support for ethereum classic (ETC). Recently, the exchange announced it is “exploring the addition of several new assets”: cardano (ADA), basic attention token (BAT), stellar lumens (XLM), zcash (ZEC), and 0x (ZRX).

Hitbtc Adds Support for EURS Stablecoin

The new stablecoin on the block, euro-pegged EURS, has received another recognition. The cryptocurrency which is tied to the common European fiat, EUR, is now trading on one of the leading crypto exchanges, Hitbtc. “We’ve integrated $ EURS on #HitBTC!” the trading platform recently posted on Twitter.

The Daily: Coinbase Introduces GBP Pairs, Hitbtc Adds EURS, Bitpanda Offers EOS“Dear traders, we are happy to announce the official launch of the new stablecoin – Stasis EURS. Stasis is a new project on the marketplace, offering the first ever fiat-collateralized cryptocurrency pegged to Euro,” the exchange said in a blog post. According to Hitbtc, “the coin maintains the benefits of both traditional instruments of finance and crypto-markets” and “is already helping European institutional investors to join the world of crypto.”

The launch of EURS was announced in July by Stasis, a company that has applied for a crypto license in Malta. The new stablecoin, joining the dollar-pegged tether (USDT), is built on Ethereum’s EIP-20 standard and claimed to be backed 1-for-1 by euro. EURS is already trading on London-based DSX exchange. Stasis hopes to reach an order volume of up to $ 500 million by the end of 2018.

On July 31, Hitbtc went briefly offline explaining in a tweet that a hardware fault has caused the issue and informing users it will be unavailable for about 2 hours. The exchange assured its clients that their funds were safe without providing further details on the cause of the problem.

Bitpanda Offers EOS in Europe

The Daily: Coinbase Introduces GBP Pairs, Hitbtc Adds EURS, Bitpanda Offers EOSBitpanda, a leading European crypto exchange, has added EOS to its trading platform. The cryptocurrency with the fifth largest market capitalization, according to Satoshi Pulse, will also be available at a number of Post AG branches and branches of its partners across Austria. The addition is expected to both bolster the reputation of EOS and increase the trading volume of Bitpanda, considered to be the major crypto exchange on the Old Continent.

In June, Bitpanda expanded its offerings with two new coins, IOTA (MIOTA) and komodo (KMD), as news.Bitcoin.com reported. The announcement came after the successful launch of Bitpanda 2.0. Along with theses listings, the team of the exchange promised to add new coins on a regular basis in the future. Both cryptos were added as partners of Bitpanda and in response to popular demand within the Bitpanda community.

Poloniex Under Investigation in the US

The Daily: Coinbase Introduces GBP Pairs, Hitbtc Adds EURS, Bitpanda Offers EOSCryptocurrency exchange Poloniex has been placed under investigation by the US Department of Justice (DoJ). The move follows a number of complaints from users who had been denied access to their account profiles.

According to media reports, the Chief Special Investigator of the Investors Protection Unit (IPU) at the DoJ has sent out an email to a number of selected active Poloniex users on July 25, asking them to revert back if they had encountered any difficulties when using their Poloniex accounts.

The Delaware-based trading platform currently ranks 33rd among crypto exchanges, according to Coinmarketcap, with a daily trading volume of almost $ 35 million USD. Poloniex offers trading for close to 100 cryptocurrencies and digital tokens.

What are your thoughts on today’s news tidbits? Tell us in the comments section below.


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Coinbase Inquiry Finds No Improper BCH Trading Took Place Prior to Launch

July 25, 2018 |

Coinbase Inquiry Finds No Improper BCH Trading Took Place Prior to Launch

An inquiry by leading United States-based cryptocurrency exchange, Coinbase, has found that no improper trading took place last December surrounding the launch of its Bitcoin Cash pairings.

Also Read: SEC Postpones Deliberations on NYSE Arca Bitcoin ETFs

Coinbase Inquiry Finds No Insider Trading on BCH Markets

A Coinbase spokesperson has confirmed that the investigations into potential insider trading conducted by “two well-known national law firms” have come to a close, asserting that no improper trading took place.

“We can report that the voluntary, independent internal investigation has come to a close, and we have determined to take no disciplinary action,” the spokesperson said. “We would not hesitate to terminate an employee or contractor and/or take appropriate legal action if evidence showed our policies were violated.”

According to an anonymous source, the findings of the inquiry were discussed with Coinbase employees during a company-wide meeting in recent days.

Suspicions Emerge Following BCH Price Spike

Coinbase Inquiry Finds No Improper BCH Trading Took Place Prior to LaunchAfter initially scheduling the launch of BCH pairings by the 1st of January, 2018, Coinbase’s Bitcoin Cash markets abruptly went live during mid-December, 2017.

The altered date for the introduction of Coinbase’s Bitcoin Cash pairings aroused suspicions that employees of the exchange who were privy to the launch date may have been responsible for the significant BCH price rise during the hours preceding to the announcement of the Coinbase’s mid-December launch.

In a blog post published on the 20th of December, 2017, Coinbase co-founder and Chief Executive Officer, Brian Armstrong, revealed that the exchange would be launching a legal inquiry into the matter, stating: ”Given the price increase in the hours leading up the announcement, we will be conducting an investigation into this matter. If we find evidence of any employee or contractor violating our policies — directly or indirectly — I will not hesitate to terminate the employee immediately and take appropriate legal action.” The post also emphasized that “All Coinbase employees and contractors were explicitly prohibited from trading Bitcoin Cash and from disclosing our launch plans.”

A class-action lawsuit pertaining to improper BCH trading that was filed against Coinbase is still ongoing.

What is your response to the inquiry’s findings? Share your thoughts in the comments section below!


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Coinbase Flexes Political Muscle, Beating While Joining Them

July 24, 2018 |

Coinbase Flexes Political Muscle, Beating While Joining Them

Widespread reporting revealed the United States’ largest cryptocurrency bank, Coinbase, has formed a political action committee (PAC). This is the debate. Is onboarding broader sectors, mainstream folks, coming at too grave a cost? Is crypto’s philosophical soul worth greater adoption? One company is threading between those tensions, siding on the venial sin of being in bed with gatekeepers while moving against the mortal sin of not bringing everyone to digital assets. And now they’re bent on conquering electoral politics.

Also read: Philippines Embraces Cryptocurrency: Exchanges Issued Provisional Licenses

Coinbase Forms PAC

Colin Wilhelm effectively broke the story, and he did where it would get traction, Twitter. “SCOOP: @Coinbase has formed a political action committee as part of a push to increase its presence in DC,” he tweeted late last week.

Cryptocurrency success stories such as Coinbase have a real choice: wait around to be regulated, which is coming in as many forms imaginable; or, get ahead of politicians, and frame regulation in a favorable manner. The answer seems obvious. 

Coinbase Flexes Political Muscle, Beating While Joining Them

The San Francisco-based crypto bank is officially the first in the space to form a PAC, a fact later confirmed by the Federal Election Commission (FEC). For potential institutional investors, such actions show mature, long-term thinking leads Coinbase. For the market as a whole, it just might be a lynchpin in the quest to bring about more certainty, clarity, going forward from regulators.

It’s the latest in a series of such moves for the bank. Its executives are well known political animals, personally donating to favorited politicians. As a unit, however, the company reportedly approached US Securities and Exchange Commission (SEC) regulators about becoming a full-fledged brokerage, which would better explain the whys behind its PAC. If regulators don’t play ball, the politicians who appointed them could be targeted for defeat. 

Screwy Melange

To outsiders, US politics are a melange of screwy laws, regulations, arcane rules. And nowhere is that more in evidence than with regard to political financing. PACs, in a long line of ironies, were a post-Watergate, early 1970s reform to clean up corruption. The overrepresentation of big money was thought best counteracted by regular folk being allowed to cartel up and pool resources, giving them a fighting chance in the moneyed arms race.

And then there was reform of the reform meant as final reform. Odious federal and state reporting laws were enacted. Legal language Swiss cheese-like holes, wide enough to match the Grand Canyon, were quickly found. Big money got around it all, as anyone with a modicum of sense would’ve predicted. By 2010 the Roberts Court upheld more than three decades’ old challenges to the concept of money as speech. Citizens United does seem to have settled the matter. Money is speech.

Coinbase Flexes Political Muscle, Beating While Joining Them

Key, of course, is the noun money. If a given crypto, or all, isn’t considered money then such cases mean little. Indeed, complications are numerous when its fifty states are put into play: in one instance, Colorado, is considering allowing crypto as a form of political donation; in another, Kansas outright forbade such an occurrence. Federal clarity on the issue could be an influential force for states also struggling with it.

Whatever the case, Coinbase is on another roll: not only has it formed a pack, but it snagged a giant hedge fund, became whitelisted on Facebook, and one of its founders, Brian Armstrong, was named a leading young executive.

What do you think about Coinbase’s PAC? Let us know in the comments section below. 


Images via Pixabay, Twitter. 


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Coinbase Gets $20 Billion Prime Client, Ads Back on Facebook

July 22, 2018 |

Coinbase Gets $  20 Billion Prime Client, Ads Back on Facebook

Coinbase, the San Francisco-based cryptocurrency exchange already valued as high as $ 8 billion by itself, had a couple more additional positive developments recently. The company reportedly landed a $ 20 billion prime client and got its ads reinstated on Facebook.

Also Read: The Weekly: New Regulations, Blackrock Probes Market, Coinbase Gets Into Politics

$ 20 Billion Hedge Fund

Coinbase Gets $  20 Billion Prime Client, Ads Back on FacebookCoinbase has been focusing on big institutional money recently, launching a custodial service this month and, earlier this year, establishing Coinbase Prime, a suite of tools specifically designed for institutions, along with an institutional coverage group headquartered in New York City to provide a higher level of service to these type of clients. And the strategy has apparently now started to bear fruit.

A $ 20 billion hedge fund has already signed up for the prime business according to “people familiar with the matter” cited by Business Insider. And additional massive hedge funds are being worked on by the Coinbase Prime team to possibly join the trading venue too. The lack of a prime brokerage to use is seen as the main hurdle for getting big money trading crypto as institutional players don’t like to risk it with a direct exposure to an exchange. Coinbase may have solved the issue by launching its own prime service, something that on Wall Street is usually reserved for mega-banks. The company is also reportedly planning to offer margin finance as early as the end of the year, allowing institutional investors to trade on borrowed capital for increased leverage.

Coinbase Ads Back on Facebook

Coinbase Gets $  20 Billion Prime Client, Ads Back on Facebook
Coinbase ad on Facebook

The company also got good news on its retail side of the business, with its promotional posts allowed back on Facebook. CEO Brian Armstrong announced on social media that: “Facebook banned ads for crypto earlier this year. Proud to say we’ve now been whitelisted and are back introducing more people to an open financial system.”

After banning all crypto ads in January, Facebook has updated its policy in June to allow promotional content from “pre-approved advertisers.” With its position in the US market, and the money it can afford to spend on lawyers, its little surprise that Coinbase made it on the list.

Are these positive developments for the wider US crypto ecosystem? Share your thoughts in the comments section below.


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