Coinbase leads over some of the largest crypto exchanges in terms of holding bitcoin since the platform reportedly has about 956K BTC which is the biggest amount compared to the others as per the recent reports that we have in our Coinbase news today.
The largest US-based crypto exchange Coinbase leads alone in the interesting statistics regarding the bitcoin storage. Built-in 2012, the exchange managed to accumulate over 960K BTC over the years. When bitcoin reached $7,250 a day ago, the amount that Coinbase reached up to $7 billion. BitMEX is the closest to Coinbase with more than 265K of bitcoins which is slightly less than $2 billion.
Bitstamp is in the third position since it holds up to 229K bitcoins and also 26K Ethereum. This means that the total amount that is stored on Bitstamp in US dollars reaches up to $1.66 billion at the time of writing. Further down the list is Bitfinex at $1.48B, Kraken with $1.33B, Coincheck with $256M and Poloniex at $166M.
Poloniex seems to be on a downtrend in other aspects as well. As previously reported, the users don’t store large portions of Ethereum on the exchanges and it seems that the exchange has the most significant decrease as well. So far, the trading volume goes on crypto exchanges and the numbers that can be seen from the application are somewhat different. Bitcoin Margin Trading exchange and BitMEX are now using the first spot with a total daily trading volume which surpassed the $2 billion mark as per the recent charts.
The exchanges now allow trading of Futures contacts and are the most widely used. Binance has about $842 million of trading volume which comes in the second position and Huobi Global is third with $644 million. The highest-ranked exchange that doesn’t provide Futures trading is BitMart at $607M and then Okex with $601M.
As per the previous reports, Coinbase secures a new patent, and we can see that the system works to assess whether the purportedly non-compliant accounts are good or bad. Their classification is entered into a feedback system and the system decides whether or not to close the account.
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Coinbase Secures New Patent For An Account Identification System
“An investigator may be able to determine whether an account is being used for illicit activities by doing research on the parties of the transaction who receive or send payment and determining whether such parties are regularly involved in illicit activities. It may for example be relatively easy to determine that a party sending or receiving payment is in the business of conducting online services that may be illegal,” the filing shows.As Coinbase secures a new patent, we can see that exchanges are making bigger and bigger moves towards adoption of systems that work against illicit activities.Speaking of, CipherTrace reports for the third quarter of 2019 show that the total volume of cryptocurrency related fraud and theft resulted in losses which are worth $4.4 billion in 2019. CipherTrace also showed the 120 most popular exchanges and their Know Your Customer (KYC) and Anti-Money Laundering requirements and analyzed patterns in these crypto-related crimes.In contrast to this, we can see that earlier in November this year, the lawyer and general counsel at the decentralized startup Compound Finance, Jake Chervinsky, asked whether exposing the public to data risks that KYC requirements carry with them is actually worth it. He argued and said that KYC helps law enforcement to track illegal transactions but also exposes the public to hacking, identity theft and phishing.
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Coinbase CARD Added XRP And BAT Support: Report
‘’ Today is a big day for Coinbase Card. Not only are we celebrating the launch of the card in 10 new countries — bringing the grand total to 29 — we’re also excited to announce that customers can now spend using five additional assets, including XRP and BAT.’’The blog post also noted that they have more than doubled the number of assets that are available to spend which goes from 4 up to 9 XRP, BAT, REP, XRX and XLM wallets that can be used to purchase anything from ‘’coffee to Christmas shopping.’’ Spending your cryptocurrencies as easily as money is the exact thing that Coinbase Card wants to provide its users. Spending the summaries and the monthly statements feature will make tracking your crypto spending much easier.In order to get started with your Coinbase Card, you will have to download the iOS or Android app and sign in to your Coinbase account. Once the card has been requested, the customers can spend their crypto through their in-app card right before the card officially arrives.
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