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Coinbase UK CEO: “We Need Centralized Entities Supporting Crypto”

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The latest Coinbase news bring the head of the United Kingdom brach named Zeeshan Feroz, arguing that the world needs centralized entities that support cryptocurrency. The Coinbase UK CEO noted that entities like central banks and Facebook are more than needed for overall support of the entire crypto ecosystem.

In an interview that Feroz had with CNBC published on October 24, he said that there are two ways for cryptocurrency to go mainstream. One of them is the central bank digital currency (CBDC) issuance and the other is Facebook’s Libra stablecoin which is expected to launch in 2020.

As distinct from cryptocurrencies as possible, a CBDC is a digital currency that is issued by a central bank. The point of the Coinbase UK CEO with a currency like this is to exploit its legal tender status that depends on government regulation or law. CBDCs such as the digital US dollar or British pound, according to Feroz, could “catalyze adoption in a way that us geeks in Silicon Valley might not be able to.”

Aside from this, Feroz did not mention the only CBDC that has been announced by a major global economy to date: the People’s Bank of China and its digital renminbi. As he continued, another route to mass adoption would be through Facebook and “with the billions of users that they have.”

The Coinbase UK CEO was in the Libra coin news for stating the following:

“Libra as a currency has the potential to be a form of payment that is really universal in its nature. It’s not going to be easy, you’re really challenging the status quo. We’re at step one of a thousand step journey.”

Coinbase is one of the 21 remaining companies that are part of the Libra Association, which is an organization known for being under scrutiny by lawmakers across the world and consequently losing seven high-profile participants such as Visa, eBay and Mastercard.

The Coinbase UK CEO also argued that at the end of the long journey with Libra, we could be poised to establish “a financial system that is more open, where people can send funds globally as easily as you send an email.”

When talking about central entities, Feroz pointed out to a place for centralized businesses where they would support the cryptosystem.

“To transition from the world we’re in today to that utopia, perhaps you need centralized entities, you need an on and off-ramp. You can’t buy crypto if you don’t have a centralized business that can maintain those relationships with banks,” the Coinbase UK CEO concluded.

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 And Ripple Executives Want To Drive US Crypto Adoption

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The Coinbase news today show that two executives from Coinbase and Ripple are now leading a push for a smart regulation and transparency in the crypto sphere. According to them, this would arguably drive adoption and take blockchain technology mainstream.The Market Integrity Working Group's co-chairs want regulators to grasp how they can advance the crypto industry. As they said in an official company statement, the Coinbase senior director and associate general counsel Rachel Nelson along with Ripple's head of global institutional markets Breanne Madigan, wrote:
“To improve market integrity and provide consumers the confidence they deserve, Congress may need to enact legislation to support the orderly and secure functioning of crypto markets.”
When it comes to regulations, the Coinbase and Ripple executives noted:
“Such legislation could expand the Commodity Futures Trading Commission’s (CFTC) authority to include the regulation and oversight of digital commodity exchange markets.”
They also expanded on the need for a regulatory framework and said that state-specific regulations are to blame now.The Market Integrity Working Group has the Blockchain Association behind it. As these Coinbase and Ripple executives said in the crypto news today, exchanges are hobbled by many regulatory frameworks in the US and as a result of that, new exchanges find it hard to enter the market while existing ones have a hard time remaining compliant.
“Consumers and cryptocurrency exchanges deserve a clear regulatory framework, the establishment of which would ultimately enhance market integrity and drive consumer adoption of cryptocurrencies.”
The executives from Coinbase and Ripple now argue that the new exchanges face byzantine burdens while existing exchanges struggle against compliance requirements. However, a regulatory framework would help them bolster market integrity and would encourage consumer adoption of cryptocurrencies.Before this, we saw that Coinbase announced Dogecoin (DOGE) and Stellar (XLM) support on their wallet and developed a new asset listing process. On the other hand, Ripple's XRP token was in the news for trading high and reaching new monthly highs. Right now, the altcoin is at $0.2329 with a 2.17% increase on the day and a market cap of $10.18 billion.Speaking of which, the market has returned to its previous highs and is now stable at $247 billion and preparing to cross the major psychological barrier at $250 billion.
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Coinbase News

Coinbase Wallet Nears 1 Million BTC, Exchanges Hold Record Levels Of Crypto

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The latest Bitcoin news show us that the Coinbase wallet nears 1 million in BTC and will soon hit this record number in its cold wallets. This would obviously be a controversial first for the industry. And as data from the news and information resource Longhash released on January 23 reads, Coinbase's cold wallets contained 970,000 BTC ($8 billion) as of January 1st.If this current growth sustains, the company will officially reach the 1,000,000 BTC mark by February this year. In that scenario, Coinbase would lead the way and position itself as one of the most dominant exchanges out there. The trend also underscores a major growing tendency to interact with Bitcoin via exchanges, with the Coinbase figures now including both private and institutional investors.Now, despite all of the hacks in the Coinbase news and the other dangers of trusting third parties with their crypto wealth, it appears like consumers still prefer not to control their coins themselves.
“More individuals and institutions need to learn how to self custody,” the Tales from the Crypt Podcast host Marty Bent said in a recent episode.
Meanwhile, as the Coinbase wallet nears 1 million users, the exchange is by far the one with the largest BTC holdings. However, the majority of the major trading platforms are seeing their balances increase now.Now, there is a dedicated effort to inspire Bitcoin holders to remove their coins from exchanges and place them in wallets to which they control the private keys. On top of all this, a recent analysis from Proof of Keys on exchange wallets shows that the most recent event on January 3 did not spark mass withdrawals.
“Coinbase’s apparent dominance and steady growth may be because it attracts a large share of long-term/institutional investors, who are less concerned with short term price swings,” one expert said.
A couple of days ago, Coinbase officially rolled out support for Cosmos (ATOM) which was a move that many praised in the altcoin news. As the Coinbase wallet nears 1 million BTC, it is important to stimulate other altcoins and expand on the support.Before this, news emerged showing that Coinbase Pro is available on Android devices in a move that went to embrace the importance of mobile nowadays. 
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Coinbase News

Coinbase Officially Announces Cosmos (ATOM) Support

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The latest Coinbase news feature one kind of a surprise move for many traders where the cryptocurrency Cosmos (ATOM) was officially rolled out. Since Monday, January 13, the exchange offers ATOM to any Coinbase Pro accounts and users. Now that Coinbase officially decided to bring support for this cryptocurrency, transfers are expected to take place during office hours only.In an official blog post on Coinbase Pro, the exchange announced that starting from January 13, 2020, ATOM inbound transfers will be accepted for a minimum of 12 hours before the beginning of full trading. The schedule also states that trading will begin at 10:00 PT if enough ATOM is accumulated.If this is the case, trading will commence over a series of stages. In the first one, only posting is enabled. In the second one, full trading can begin if the available metrics promise that the market will be both favourable and profitable.As Coinbase officially said, the supported trading pairs include ATOM/BTC and ATOM/USD but the exchange is planning to list a lot more assets at some point soon. The announcement also states that the ATOM coin can be accessed in all of the regions of the world where Coinbase is present. However, the exchange also notes that ATOM staking is still not an option.The ATOM launch as Coinbase officially puts it is scheduled to occur over a series of stages. All of this was planned so that the entire process can be carried out orderly and healthy trading can occur at all stages without panic. The exchange can decide to prolong the stay of assets in a single stage or multiple stages and can suspend trading at any time if it thinks that this is necessary. All of these steps will help Coinbase assume and regain control quickly if the market is deemed to be chaotic.Before the ATOM launch, the exchange caught the attention of many by promising that there would be a slew of standard assets on the platform. There are many reasons to think that this promise will be met at some point in the future - and very soon.In today's crypto news from the market, we can see that Cosmos (ATOM) is trading at $4.44 with a 7% decline on the day after the downward move on the market.
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Coinbase News

Coinbase Pro Is Now Available On Android Devices

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In today's crypto news, we can see that Coinbase Pro is now available on Android as the exchange extended compatibility for its trading platform. The Coinbase Pro mobile app has been confirmed in a January 7 blog announcement - as a follow up to the iOS app which arrived for the iPhone users back in October 2019.Right now, Coinbase Pro is available on Android as the exchange touts its updates to the already-available iOS app version. This includes crypto and fiat currency (USD, CAD, etc.) deposit and withdrawal capabilities as well as additional security features as the blog post said. Coinbase also updated its Pro iOS app to include these capabilities.Despite the recent Coinbase news and the Android update, decentralized applications (dApps) may suffer in the days ahead mainly because of the recent bans and restrictions. A couple of days ago, Google took the Ethereum (ETH) wallet and dApp Metamask off its Google Play App Store claiming that the app hosted "deceptive services" as reported in December 2019.Coinbase Pro is now available on Android but just like other dApps, may also suffer under the Apple App Store policy. As the CEO of the exchange Brian Armstrong noted earlier, “Apple seems to be eliminating usage of Dapps from the App Store."Meanwhile, the Coinbase Pro iOS app has hosted a significant trading volume ever since it opened last fall. The exchange noted this in a blog post while indicating user interest. In other news, we can see that the past two years have showed that Coinbase Pro has added numerous digital assets to its platform including DASH, Tezos and Chainlink.When it comes to the market updates, Bitcoin's price is now at $8,300 in a 5% move on the day and we can see that BTC managed to grow by more than 10% in a couple of days as the total market cap extended to $218 billion.Other winners on the day from the altcoin department include ETH which is now in a safe zone as it climbs to $150 as well as Bitcoin Cash (BCH) which added a lot to its price and reached $243 today. There are also some losses, but the momentum is well kept as today's updates show.
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