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Coinbase News

Coinbase Wants To Pay Returns On Coin Spikes: Introducing “Staking”

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A new announcement is in the Coinbase news today, showing that one of the leading exchanges may roll out a feature which will include paid returns whenever a cryptocurrency token spikes on the markets. With this, Coinbase wants to pay returns to users in a feature known as “staking” that it hopes will convince users to stick around even when the prices are not spiking.

The feature wants to convince users to stick around even when the prices are not spiking. The new system also tells that if you hold particular cryptocurrencies in your Coinbase accounts, you will receive a set of returns that is independent of your market fluctuations.

Coinbase wants to roll out this feature and will likely start with the Tezos (XTZ) coins. The returns paid on the XTZ trading will start from 5% and will come in the form of crypto tokens that Coinbase receives for participating in the network which keeps the Tezos blockchain secure.

Very similar to how Bitcoin is distributed based on how much computing power is contributed to network, Tezos will also dole new coins based on how many coins each participant has “staked.” As analysts note in the cryptonews, this is basically interest paid to users.

However, Coinbase wants to introduce the term “staking rewards” which makes a distinction in terms of regulatory questions. Even though staking has become a common choice for newer coins, it is very unclear how the process is regulated in terms of investing rules. Because of concerns like these, staking was made available to wealthy investors in March this year – and is held back from the ordinary Coinbase users until now.

Aside from all the regulatory issues, Coinbase wants to develop staking as a new feature in the direction where the exchange will look more like a bank with its diverse revenue sources which they enjoy. These will include fees generated from serving as a custodian of assets and facilitating lending as well as consumer payments.

As an end note, Coinbase said that it is confident that the new Tezos staking feature is in good graces considering the SEC. However, the SEC is yet to respond for a comment and confirm if that is the case.

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Coinbase News

Coinbase CARD Added XRP And BAT Support: Report

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Coinbase Card, a VISA debit card that is connected to the Coinbase wallet, now started expanding to more than 10 European countries and also by adding further support for altcoins on their platform. Right now, you can find five new coins on the card including XRP and BAT as we are reading today in the Coinbase news today.The card is now issued only to residents of certain countries in the European Economic Area after expanding in 10 more countries and the card only covered parts in Western Europe before. The Coinbase Card now expanded the card’s availability to customers in Croatia, Denmark, Bulgaria, Iceland, Hungary, Norway, Poland, Liechtenstein, Romania, and Sweden.Unlike the many other crypto debit cards that exist in the crypto space, Coinbase Card is directly connected to the user’s Coinbase wallet and upon making the purchase; all of the crypto coins will be instantly converted to the fiat equivalent. In addition to the standard ETH, BCH, LTC, and BTC, the Coinbase Card now also supports XRP, XLM, BAT, REP, and XRX.The Coinbase app also supports the expense tracking functionality through spending the summaries and all of the monthly statements. The virtual card will be available to download for supported mobile devices that are usable even before the physical card arrives. The customers in the previously mentioned countries will now be able to spend their crypto coins using a contactless Visa debit card in thousands of locations around the world. As per the blog post:
 ‘’ 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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Coinbase News

Winklevoss Capital And Coinbase Back $1.8 Million Crypto Startup

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A new crypto startup which makes it easier for developers to put crypto wallets in their applications recently announced a new seed round with the participation of partners including Galaxy Digital, Winklevoss Capital and Coinbase.Bitski is the name of the startup that is making waves in the Coinbase news today - as a developer platform which can help the crypto sector overcome a key hurdle. For most of the people, setting a crypto wallet is a pain. This is where the Winklevoss Capital and Coinbase backed startup comes in and lets you have one pre-loaded into your favourite application.As the co-founder and CEO of the Bitski crypto startup named Donnie Dinch recently stated when asked about the $1.81 valuation in fresh capital:
“We’re using this money to expand the funnel of people that are building on blockchain.”
What's also important to note is the fact that Bitski raised a total of $3.54 million in the fundraiser, including a late 2018 pre-seed round, according to Dinch. The crypto startup also announced its product and how it is being used by a pair of game development studios, an Ethereum-powered betting site and YouNow which is a live-streaming platform.
“There are a lot of projects out there that are interesting to the core crypto users but we’re trying to work on things that have broad mainstream appeal,” Dinch noted.
He also added that he is excited for Bitski and how it will "help catalyze the next wave of companies integrating blockchain into their products." With Winklevoss Capital and Coinbase as one of the main backers, the startup will aim for a lot more good things in the future.Speaking of, the simple UX does come with a tradeoff when it comes to self-custody. According to Dinch, the bet is that most users will prefer to have a third party that will be handling the key management for them.The Bitski crypto startup could be a major on-ramp and accelerator for new crypto users, according to experts commenting the recent cryptocurrency news.
“Bitski is a necessary experiment to (re)imagine how we interact with blockchains. They remove the friction and difficulty of wallet management, while preserving security and increasing portability,” said the compound protocol founder Robert Leshner who also participated in the seed round through his venture fund.
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Binance News

Binance US Reaches 10% Of Coinbase Trading Volume In Its First Month

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The scene of crypto exploded when Binance was launched as one of the major cryptocurrency exchanges out there. The same scene continued to prosper during 2017 and the peak of crypto, which is when Binance captured the lion's share of the overall crypto market. In 2019, Binance launched its United States branch (Binance.US) and quickly became popular on the market. In fact, so popular that the Binance US reaches 10% of the Coinbase trading volume - in just one month!As you probably know if you have been following the latest Binance news, a regulatory change and new climate forced Binance to move its US investors off its flagship platform and onto a new US-based exchange. Just like the original Binance, the new US-based platform is growing rapidly and managed to reach the trading volume of many popular exchanges - such as Coinbase in this case.Ever since this branch opened in late September, Binance US reaches new heights and has proved that it is a platform which marked a great start. The US branch is regularly adding new assets and is already capturing 10% of the trading volume that the rival Coinbase does.As we can see from the reports, Binance US reaches trading volumes of over $15 million on any given day, while Coinbase reaches roughly $150 million in the same timeframe.https://twitter.com/mdudas/status/1190340428643622912According to analysts, increased competition can be good for crypto investors but the market as well. The Bitcoin news and altcoin updates are very much linked to these updates. In the United States, Coinbase has long enjoyed the leadership role and became a household name during the crypto hype bubble, topping the Apple's app store list of top finance app.However, Binance gave the platform a real run for the crypto crown and even surpassed Coinbase, becoming the market leader. The recent move to usher US investors to a new platform separated Binance and put it at risk of losing market share to Coinbase.Despite the fact that there were reports describing Coinbase as "a killer" this move shows that Binance US reaches new heights every day and is picking up steam well - to quickly become the market's best chance for a new leader.The best case scenario at this point is for both of the platforms to continue on harmoniously and compete in such a way that causes both to regularly be improving their features and new assets.
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Coinbase News

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.”
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