The major cryptocurrency exchange Coinbase recently launched the USD Coin stablecoin (USDC) issued by Circle, making it the first stablecoin for trade on the Coinbase platform – and making new headlines on our DC Forecasts crypto news site.
The launch was announced at the Money 20/20 conference that was held yesterday, where USDC was described as a stablecoin with solid underlying technology – developed collaboratively between Coinbase and the blockchain-powered payments technology company Circle.
According to Coinbase, the USDC will help customers in supported jurisdictions to purchase, sell, send and receive USDC at the exchange and its iOS and Android apps. As they noted in the statement, the US-based customers outside of the state of New York are able to buy and sell, while customers from the rest of the world can send and receive the coin.
As Coinbase announced:
“We are issuing stablecoins backed 1:1 with the U.S. dollar, completely audited, completely transparent. We think this is a key step toward unlocking innovation in crypto.”
For those who don’t know the concept of a stablecoin, it is basically a digital currency that is tied to another stable currency like the US dollar – primarily designed to minimize price volatility. Its value is based on the value of the backing fiat currency which is held by a third party which is a regulated financial entity.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
New Report Shows That Bithumb Is Laying Off 50% Of Its Staff
“Voluntary retirement is part of our support program for former employees and is intended to provide assistance and training for job placement. Apart from that, [Bithumb’s] trading volume has decreased compared to the previous year, [so] we are trying to provide internal measures. We will continue to add necessary personnel for various new businesses.”Bithumb still hasn't responded to the requests for comment. However, many speculate that this move is right because of the crypto winter which led to a lot of minuses all over the market. Still, what's interesting is that Bithumb has been preceded by many other firms in the sector - such as the mining giant Bitmain, the blockchain software company ConsenSys, the decentralized social network named Steemit as well as the similar crypto exchanges Coinsquare and Huobi - all of the companies which have decided to make significant cuts in the recent months. According to data from CoinMarketCap (CMC), Bithumb has seen more than $1.3 billion in trades over the past 24 hours. The exchange, however, was removed from the CMC global exchange rankings in January 2018 mostly because of the concerns that the site had over the reportedly "extreme divergence in prices from the rest of the world" and its fellow exchanges in South Korea. Currently, everyone is waiting for an official confirmation about the layoff from Bithumb. The respected exchange hasn't confirmed anything yet but will probably do that over the next couple of days.
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