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Coinbase Generated Close To $2 Billion In Trading Fees Since The Launch

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Coinbase generated almost $2 billion in trading fees since the launch of the company in 2012. Let’s see more in the Coinbase news today.

The CEO Brian Armstrong explained at Vanity Fair’s New Establishment Summit that the company is doing well over the years and he also told Vanity Fair that the technology has always been the major focus at Coinbase which is the reason why the company remained profitable. He added:

‘’Coinbase has been profitable since 2017 and has generated close to $2 billion in trading commissions since the company launched back in 2012. Most of these profits we’re plowing back into the business to create new products. I sort of think of us as the anti-unicorn unicorn […] I want Coinbase to be a company of repeatable innovation.”

Armstrong also noted that he does not know why the regulators’ reactions to the planned launch of Facebook’s Libra were extremely negative in the United States and he said that he would really like to see the US embracing the area of innovation by adding:

 “There are a lot of people who are unbanked in the world, who are underbanked […] My hope is the U.S. embraces this kind of innovation, even if it comes from a company like Facebook that they’re not necessarily very happy with.”

Coinbase generated its profit despite being of the 21 remaining companies that are a part of the Libra Association which has been under scrutiny by lawmakers across the world for its potential to threaten the user privacy and regulatory rules. Libra lost more than seven high-profile participants including eBay, Visa, and Mastercard. Later, more companies decided to leave the crypto project and now its future is uncertain with all the regulatory and media scrutiny around it.

Armstrong previously criticized the US senators for asking Visa and Mastercard to leave the Libra Association and after the payment giants were apparently pressured into leaving by the US Senators Brian Schatz and Sherrod Brown. He noted that they can even be responsible for future of the project and he even said:

 “Something feels very un-American about this. Two senators writing to Visa, Mastercard, and Stripe to ask them to withdraw from Libra.”

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Coinbase News

Coinbase UK Branch Starts Providing Support For Cosmos

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A few days ago, the Coinbase UK Branch started supporting Cosmos (ATOM) along with the iOS apps and on Coinbase Android as well. All of the UK customers now will be able to enjoy their Cosmos tokens on the platform as we are reading in the coinbase news UK. The users of Cosmos will be able to purchase, sell or trade an increased number of assets via the GBP wallet which is backed by a GBP bank account or debit/credit card. As per the coinbase news UK, the crypto exchange was founded in 2012 and it has carved a massive reputation as a leading digital currency wallet and platform which allows traders and customers to transact with the biggest cryptocurrencies including Litecoin, Ethereum, and Bitcoin. The company has headquarters in San Francisco, California but opened many offices around the world as well. Now, the Coinbase UK branch allows the users to buy or sell Cosmos which can be described as an interoperable blockchain protocol that allows the transfer of data between the chains. It operates through a hub and spoke model that can heavily influence the algorithm that was initially created by Tendermint for obtaining the same protocol. It is also worth noting that Cosmos’s structure is based on the Byzantine Fault Tolerant consensus algorithm that was created by Tendermint for having the protocol. The coinbase news UK say that as the platform started bringing support for a larger number of assets, it will help more to bring the company much closer to the long-lasting objective. This move will bring bigger economic liberty, innovation, and equality for the users across the world. Earlier, the crypto exchange-Coinbase, explained that the most common requests that are demanded from the exchange’s users were about the capacity to buy and sell a bigger number of cryptocurrencies on Coinbase itself. The crypto exchange is now trying to figure out a way to improve and bring new tools to allow people to easily comprehend and discover cryptocurrencies, as well as to make the entire job of trading much easier for novice traders. Cryptocurrency exchanges that offer ATOM trading now include Hotbit, BitForex, Coinone, and GDAC. With a market cap of $881 million right now, ATOM is trading at $4.62 and has been seeing a massive increase this month.
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Coinbase News

Coinbase Commerce Adds Support For DAI Stablecoin

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Coinbase Commerce, the merchant payments arm added support for the DAI stablecoin thus bringing together the decentralized finance and online retail as we are reading in the coinbase news today. MakerDAO announced back on Thursday that coinbase commerce had integrated DAI as a new payment method which will open the cryptocurrency to the affiliated online merchants and online commerce platforms such as Woocommerce and Shopify. The integration will further introduce ‘’ merchants to a growing segment of the crypto market and will allow them to bridge the gap between DeFi dapp entrepreneurs and their own real-world businesses’’ according to the report. Coinbase Commerce is free to use for online retailers and even allows them to integrate cryptocurrency into their business operations. Starting out with Ether, Bitcoin, Litecoin and Bitcoin Cash, the platform has only added more support for USDC which is a stablecoin created by Coinbase and Circle as a part of the Centre consortium. Coinbase still hasn’t commented more about this topic. With the new integration, the merchants will be able to make some interest on the received DAI by transferring them into the DAI savings rate from the maker protocol smart contract. The DSR interest rate reached 0.75 percent by community vote back in February. MakerDAO stated that the integration will boost the DAI perception and will increase adoption. There is now about 435,000 ether which is worth about $117.4 million which were locked in DAI vaults and they got down more than 75 percent since the all-time high in November, according to the statistics site MRK tools. Maker vaults create DAI as the users commit collateral assets into them. The Coinbase Commerce integration means that the DAI will be accepted at about 4 million online merchants that will use the payment services. Coinbase said that it has surpassed more than $135 million in merchant transactions in 2019 which is a 600 percent increase since 2018. The latest Coinbase news shows that the exchange looks forward to the May Bitcoin halving event which draws closer. In fact, the exchange recently took to pushing the “Bitcoin as digital gold” narrative. A tweetstorm shows that Coinbase claims Bitcoin will officially become the new digital gold, outlining all the reasons why the halving and the subsequent supply rate reduction can cement its position.
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Coinbase News

US Bank Blocked Coinbase CEO’s Payment, Crypto Fixed It

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The CEO of Coinbase, Brian Armstrong, is in the Coinbase news today for his Twitter post in which he complained about his user experience with two popular legacy fiat payment apps. Armstrong apparently tried to send a payment to a colleague and a US bank blocked his payment, when he highlighted the need for crypto alternatives. Brian Armstrong was apparently not able to make a peer-to-peer payment to his friend using two different but very popular payment apps - PayPal and Square Cash App. He tweeted stating:
"Trying to send money to pay back a friend. Paypal tells me "recipient is unable to receive money" and SquareCash tells me my bank declined the payment. This is in the U.S. where these services work best. Imagine rest of the world." https://twitter.com/brian_armstrong/status/1227678692425359360
Armstrong pictured how a US bank blocked his payment and how he is facing these difficulties in the US, the world's largest and most developed economy. He also pointed out that residents of smaller and less economically developed nations would face even larger obstacles than he had. Armstrong also elaborated on the take, explaining that the US bank blocked him and that the regulatory restrictions are often to blame for lackluster customer experiences, as the companies themselves must comply with new regulations and often have their hands tied. While the crypto news show that alternatives are still very early and have similar problems with UX, Armstrong believes that the crypto payments will be the payments alternative which "just works" in the future.
"Crypto has it’s own (numerous) UX challenges of course. But by building on new underlying infrastructure there is an opportunity to make things better, and finally have payments that “just work” as he noted.
The Ripple-backed remittances service Moneygram also offered Armstrong a promotional code in an effort to shill their services to his Twitter audience. It is unclear whether Armstrong took them up on the offer. He also went on to mention that as the US bank blocked his payments, there is plenty of space for innovators to introduce groundbreaking new alternatives in regulated markets.
"There is a lot of opportunity to launch products in regulated markets though. It is so much harder to be innovative, so most entrepreneurs shy away from it," he noted in the Coinbase news today.
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Coinbase News

Coinbase Claims BTC Will Become Closer To Digital Gold In 3 Months

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The latest Coinbase news show that the exchange looks forward to the May Bitcoin halving event which draws closer. In fact, the exchange recently took to pushing the "Bitcoin as digital gold" narrative. A tweet storm shows that Coinbase claims Bitcoin will officially become the new digital gold, outlining all the reasons why the halving and the subsequent supply rate reduction can cement its position. https://twitter.com/coinbase/status/1225788465373073408?s=12 Ever since the gold standard was broken back in 1971, the value of the dollar has declined and gold's value has risen over 4,000%. This is why gold is seen as a major reference to coins in the cryptocurrency news. Right now, gold has more value than similar metals such as copper mainly due to its relative scarcity and difficulty to acquire. Meanwhile, Bitcoin has been designed to be scarce just like gold. In that manner, it is very difficult to acquire BTC through the Proof-of-Work process of mining. All of this supports the fact that Coinbase claims BTC will take a new position and officially become the digital gold that many have been referring to in the past. The exchange's blog post reads the following:
“Armed with a myriad of technological advantages, accelerating development, and maturing global market, Bitcoin is a store of value to rival gold in the digital age.”
What's also important to note is that the supply of Bitcoin is limited by design. There are new tokens being minted as a reward every time a block of transactions is mined. The initial reward is 50 BTC per block and has already undergone two halving events, bringing it down to the current 12.5 BTC per block.
“Gold’s stock to flow is higher than any other metal commodity, and bitcoin is set to soon follow,” Coinbase claims.
Right now, there are numerous forecasts about the upcoming price of Bitcoin. If there is no demand, BTC may not reach the digital gold standard we are all hoping for. And as central banks increase the money supply, economies can prosper. However, if the money supply overwhelms demand, then we can see major hyperinflation events. Today's market news show that Bitcoin (BTC) is stable above $9,800.
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