Coinbase trading services for the USD coin (USDC) are now available for customers in 85 more countries according to the official blog post posted on May 14. The latest cryptocurrency news will share a part of the blog post.
The United States crypto exchange titan announced a major global expansion and now serves 103 countries in total. Along with the USDC announcement, the platform also added 50 more jurisdictions to its coverage including countries such as Taiwan, South Africa, and Brazil.
The crypto exchange added that they will move further to help speed up the mainstream adoption process of crypto trading. The USD Coin is the first stablecoin to be listed on the Coinbase platform. The exchange initially listed USDC back in 2018 in October for customers in chosen jurisdictions in the United States. The company pointed out:
“For new customers in countries like Argentina and Uzbekistan, where consumer prices are expected to inflate by 10–20% in 2020, stablecoins like USDC could provide an opportunity to protect against inflation.”
USDC was launched in 2018 at the end of the autumn according to the best cryptocurrency news sites, along with the crypto finance startup Circle. The CENTRE consortium developed the coin in order to ease the transfer value on the public blockchains:
“Crypto assets and blockchain technology will enable us to exchange value and transact with one another … instantly, globally, securely and at low cost.’’
By adding the Coinbase trading services in the 85 new jurisdictions, the company will ‘’improve the lives of people in countries where inflation is eroding wealth.’’ The platform also noted that stablecoins such as USDC will provide an opportunity to protect the citizens of high inflation in countries such as Uzbekistan, Argentina, and others where the prices are expected to inflate further up to 30 percent by 3030.
At the start of the week, a Coinbase-backed startup dubbed Reserve announced that it would soon launch its Venmo-styled app in Venezuela for crypto to fiat payments. The goal is to target this country in particular in order to help the citizens with ever-growing inflation. The stablecoin is also a digital currency which has a minimal due to its 1:1 peg to a certain fiat currency. There are about 350 million USDC circulating currently.
Telegram Open Network Will Finally Launch On October 31st
“Telegram was the first big project that legally prohibited investors from selling their allocation. Investors usually just share their allocations with friends, without signing documents.’’The purchase agreement which was written for Telegram by the US legal powerhouse Skadden, Slate, Meagher, and Glom LLP according to one investor stipulates that the buyers of grams may not offer pledge, swap, sell and encumber or dispose of their tokens directly and indirectly. The investors may sell any securities convertible into or exercisable or exchangeable for the investment contract between an investor and the company. The issuance of the tokens is conditional upon the investors’ compliance with the rule. One investor stated for the latest cryptocurrency news:
The future issuance of tokens is conditional upon the investor’s compliance with this rule. If Telegram learns the investor broke the agreement, it can cancel the allocation.
Blockchain CEOs Tired Of The South Korean Regulation: Report
‘’Experts point out that domestic blockchain projects are flocking to foreign exchanges largely due to tougher domestic cryptocurrency exchange market conditions. Investors cannot make or withdraw deposits in the Korean currency at Korean exchanges’’If we don’t include the nation’s four largest exchanges, some of the 200 smaller exchanges cannot even open real-name virtual accounts and this is one of the reasons why crypto investors cannot benefit from the protection systems. The international players such as China’s BW.com, Bitholic and Binance Labs sense the demand from South Korea hence they are either opening Korean won markets or in this case, Binance Labs is only sponsoring the blockchain efforts. Only this week, Japan as one of the governments that openly claim to foster crypto exchange innovation while still has a strict licensing scheme added another platform to its domestic economy in the form of Rakuten Wallet. These moves are also impacting other exchanges and market players' share of the market. As a result the South Korean exchanges are less appealing in 2019 because of the low volume and out of the top one hundred in the world, there are only a few exchanges that are located under the jurisdiction in Seoul. Other issues faced by the local include added responsibility for loss or theft of the customers’ funds. Earlier this month, the commentators warned that the existing restrictions on cryptocurrency by the regulators will throttle attempts to foster blockchain innovation as read in the latest cryptocurrency news:
“It is no exaggeration to say that 97 percent of domestic exchanges are in danger of going bankrupt due to their low volume of transactions’’
Coinbase Confessed To Have Put Traders’ Funds At Risk
‘’Under [a very specific] and rare error condition, the registration form on our signup page wouldn’t load correctly, which meant that any attempt to create a new Coinbase account under those conditions would fail. Unfortunately, it also meant that the individual’s name, email address, and proposed password (and state of residence, if in the US) would be sent to our internal logs.’’The exchange noted that the users who resubmitted the form had their usernames and passwords and other details kept securely. Unfortunately, more than 3,000 customers as mentioned logged their private data onto the servers. Coinbase pretended to be the good Samaritan and fixed the issue on top priority. The company traced the entire line of storage to confirm that they are not holding any more information from the customers’ personal information. According to the blog post:
‘’We have an internal logging system hosted in AWS, as well as a small number of log analysis service providers. Access to all of these systems is tightly restricted and audited. A thorough review of access to these logging systems did not reveal any unauthorized access to this data.’’The company also started a password reset for affected customers and asserted that a password alone could not have a hacker potentially stealing their bitcoins because they protect each account with mandatory email and 1FA authentications. Coinbase confessed:
‘’We maintain incredibly high standards for securing the Coinbase platform, and any time we fall even slightly short of those standards, we mobilize a team to figure out what went wrong, and how we prevent it from happening again. We also believe in being transparent with our customers, which is why we’re sharing the results of our investigation today.’’As we can read in the coming altcoin news today, the alert came in a time when the institutional investors are taking huge steps into introducing bitcoin in their portfolio because security is still the top of their concerns.
Data Privacy And The Importance Of Blockchain Technology: Report
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