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The chief legal counsel at Coinbase responds to concerns that conflicts of interest could compromise the company’s newly-created Crypto Ratings Council. Brian Brooks, the chief legal counsel at major United States digital wallet and exchange Coinbase, has responded to concerns that conflicts of interest could compromise the company’s newly-created Crypto Ratings Council. In an interview with crypto media outlet The Block on Oct. 3, Brooks addressed concerns that the Council’s compliance guidance might be affected by the private stakes of those involved. “Not legal advice”Coinbase has previously clarified that the evaluations produced by the Council are designed to serve as a “scalable, points-based rating system,” drawing upon yes-no questions formulated on the basis of the U.S. Securities and Exchange Commission (SEC) guidance for classification. In the interview, Brooks said that the Council’s ratings are emphatically not legal advice, noting: “This is essentially an automated compl..
Coinbase has enabled some customers to earn 1.25% interest from holding USDC, New York-based customers are not eligible. Major United States-based cryptocurrency exchange and wallet service Coinbase now allows holders of USD Coin (USDC) to earn a 1.25% annual percentage yield (APY). In a blog post on Oct. 2, Coinbase said that eligible U.S. customers will begin earning 1.25% APY rewards on every USDC they hold on Coinbase with rewards being distributed on a monthly basis. Interest earning is not available for customers in New York state. In the announcement, Coinbase described USD Coin as a stablecoin that offers price stability by being backed by a reserve asset. USDC was created by CENTRE, the Coinbase co-founded consortium that has issued over one billion USD Coins as of early August 2019. No transactions needed to earn USDC rewardsAccording to the statement, Coinbase customers will be able to earn a return on their USD Coin holdings without having to sell or transact any cryptocur..
Decentralized finance startup InstaDApp has secured $2.4 million in a seed round from an array of strategic investors, including Coinbase Ventures and Pantera Capital. Decentralized finance (DeFi) startup InstaDApp has secured $2.4 million in a seed round from an array of strategic investors, including Coinbase Ventures and Pantera Capital. New fundingPer an Oct. 1 blog post, InstaDApp saw funding from investment firms Coinbase Ventures, Pantera Capital, Robot Ventures, venture capital company IDEO Colab and a number of other investors. InstaDApp is the developer of a mediator smart wallet layer between the user interface and protocols that purportedly simplifies the cost of conducting financial transactions. The startup claims that its protocol launch saw a substantial growth, with the value locked in their smart contracts increasing by a factor of 9, from $4 million to more than $35 million. This ostensibly brought InstaDApp to the third position in total value locked after MakerDAO..
Coinbase, Kraken and other major U.S. crypto firms reportedly team up to establish Crypto Ratings Council. Major United States’ crypto firms such as Coinbase and Kraken teamed up to launch a rating system to jointly define which digital assets are securities. Crypto Ratings Council to launch on Sept. 30In a move to provide more clarity for what tokens can be traded without the supervision of regulators, major U.S.-based exchanges formed the so-called Crypto Ratings Council, the Wall Street Journal (WSJ) reports on Sept. 30. According to the report, other members of the Crypto Ratings Council include Circle Internet Financial, Bittrex, Genesis Global Trading, Grayscale Investments, Anchor Labs and DRW Holdings' Cumberland unit. The group continues to recruit participants, the report notes. Security status: scale from 1 to 5Expected to officially launch on Sept. 30, the new crypto council will be publishing online ratings for digital assets on a scale of 1 to 5, where the highest v..
Major Spanish bank Santander is reportedly ceasing to enable United Kingdom customers to deposit their fiat funds to major cryptocurrency exchange Coinbase. Major Spanish bank Santander is reportedly ceasing to enable United Kingdom customers to deposit their fiat funds to major cryptocurrency exchange Coinbase. An unverified source posting to Reddit on Aug. 14 claims to have been informed of the development over the phone by a Santander representative. “Isolated to Coinbase,” not crypto in generalThe source alleges that having been informed over the phone, they put in a complaint with the bank’s complaints unit, which then reportedly confirmed that the client should move to an alternative bank if I wish to make the payment. The complaints unit reportedly revealed that the restriction was likely due to the bank’s attempts to tackle an apparent increase in Coinbase-related fraud. The post has sparked over 100 comments to press time, with at least three fellow Redditors noting they ha..
Finance infrastructure-focused blockchain project Findora has appointed the former CTO of major American cryptocurrency exchange Coinbase as a strategic advisor. Finance infrastructure-focused blockchain project Findora has appointed the former chief technology officer of major American cryptocurrency exchange Coinbase as a strategic advisor. As fintech media outlet Fintech Finance reported on Aug. 14, Balaji Srinivasan joined Findora after serving as a general partner at venture capital firm Andreessen Horowitz, and co-founder and CEO of blockchain-powered paid messaging service Earn.com. Apart from Srinivasan, Findora has also hired Dan Boneh, head of Stanford University’s Cryptography Group, to the same position. Commenting on the appointment, Findora CEO Charles Lu reportedly said: “We are excited to welcome Professor Dan Boneh and Balaji Srinivasan to our team as we work towards a new global financial system where users control their own financial data, identity and assets. Thes..
After 1.5 years of investigation, Coinbase is found guilty not of fraud but of negligence. But the case is not completely over just yet... Cryptocurrency exchange Coinbase, launched in 2012, is considered to be one of the largest exchanges operating in the United States — and the most trusted. However, an alleged wrongdoing back in December 2017, caused a long court procedure, the outcome of which is still vague and uncertain. It’s all fun and games until a hard forkOn March 1, 2018, an Arizona citizen and trader named Jeffrey Berk filed a lawsuit in the Northern District Court of California on behalf of exchange users who found themselves in a similar situation, accusing Coinbase of sharing misleading information and — most importantly — insider trading, both of which allegedly resulted in mass losses of funds. It started when the Bitcoin community was about to split the chain. At the end of July 2017, right before the hard fork, Coinbase declared that it would not support the new ..
Insiders at London-based banking giant Barclays have said that the bank is putting an end to its work with crypto exchange Coinbase, which will complicate. Disclaimer: this story is breaking and will be subject to updates. British banking giant Barclays has reportedly cut ties with United States crypto exchange Coinbase. As Coindesk reported on August 13, unnamed industry sources have said that Barclays will no longer be banking for Coinbase, severing a relationship that began when Coinbase opened a Barclays account in March 2018. The news is expected to hit the crypto community hard, as, in addition to linking a major crypto exchange with a heavy hitter among the traditional banking establishment, the break may end Coindesk users’ access to the United Kingdom’s Faster Payments Scheme (FPS) and slow the exchange of cryptocurrencies for British pounds sterling dramatically. The precise reason for the split is unknown, but one anonymous source speculated to Coindesk that: “It is my und..
The upcoming crypto derivatives platform Blade has raised over $4 million from Coinbase and SV Angel, among others. A soon-to-launch cryptocurrency derivatives exchange has raised $4.3 million from major investors such as the cryptocurrency platform Coinbase and the investment firm SV Angel. The exchange Blade is scheduled to launch in three weeks’ time. Blade’s funding and plans come by way of a Tech Crunch report on Aug. 12. The report notes that in particular, Blade is aiming to provide trading for cryptocurrency-based perpetual swap contracts with three new improvements. First, the perpetuals contracts will be drawn up using standard, simple contracts. Second, the perpetuals will use Tether’s stablecoin USDT for settlement and margins. Third, trades can be leveraged up to 150 times their price for cryptocurrency trading pairs. As explained in the report, crypto perpetuals allow traders to bet on the price of a cryptocurrency with respect to another currency. However, unlike future..
This week’s episode of “Coffee and Crypto” looks at FedNow, the alleged leak at Binance, and the legal fight between Bitcoin Cash and Coinbase. In the latest episode of “Coffee and Crypto,” Cointelegraph’s head of editorial Olivia Capozzalo and head of news Molly Jane Zuckerman have discussed the biggest headlines in the crypto world — armed with steaming cappuccinos. The cappucci-newsIn the video, Capozzalo and Zuckerman have a packed agenda. First, they make sense of the news that the United States Federal Reserve has started developing a 24/7 system for real-time payments — sparking endless questions and comparisons to Bitcoin (BTC) and Ripple’s XRP. Zuckerman says: “I hear the words ‘real-time payment and settlement system’ and I think that can only be done with blockchain.” Next, the pair discuss the news that alleged photographs of Binance users completing their Know Your Customer (KYC) checks have been posted online — and contemplate how the leak could have happened. Capozzalo ..