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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.”

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.

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 Exchange Claims EOS Suffers From Degraded Performance

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Coinbase exchange claims the EOS blockchain suffers from ‘’ degraded performance’’ and a major outage over the past four days according to the publicized status update that we are reading further about in the upcoming coinbase news. The challenges affected the services of Coinbase in a few ways according to the company itself:
 “The EOS network is currently experiencing degraded performance levels. EOS sends have been temporarily disabled and receives may be delayed. Buys and sells of EOS within Coinbase are functioning normally. We’ll keep you posted as service returns to normal.”
Aside from the Coinbase exchange claims, EOS appears to be functioning normally. The EOS Nation that is at this time one of the top three block producers of EOS has seen a number of temporary issues on the blockchain. It admits that EOS suffered a number of microforks and missed blocks on February the 20th but at the same time it makes the claim that the EOS mainnet is nonetheless “extremely reliable.” EOS New York, which is another huge EOS block producer, makes the claim that the network is functional in its entirety and that fault lies entirely on the Coinbase exchange platform. It answered the claims made by Coinbase platform on Reddit today:
 “Untrue. The network is operating fine and Coinbase is shifting blame away from their internal infrastructure problems. No other entity is reporting issues. None of our monitoring shows any issues. They could reach out to any of two dozen knowledgeable block producers for free help but instead, they do this. Exactly what are the problems they see? They provide absolutely no details.”
Coinbase has not responded publicly to block the offers of assistance of the producer. EOS may be operational in a technical manner but the platform is still experiencing certain congestion caused by an ongoing airdrop dubbed EIDOS, explained in its entirety here, by Coinbase. Although it is conceivable that the investigations of Coinbase can reveal another problem entirely, it looks like it is probable that the current issues of Coinbase are in relation to those of EIDOS taken into consideration its concerns in the past.
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Coinbase News

Ripple And Coinbase Are Among 10 Biggest Companies In 2020

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The Coinbase XRP news today show that Ripple and Coinbase are among the 10 leading fintech companies in the US by their size. The analysis shows that there are three firms in total out of these ten which focus on crypto-related activity: Ripple, Coinbase and Robinhood. Carried out every year by the American business magazine Forbes, this list is in the Ripple news once again and the news source features the 10 biggest fintech companies in the United States. To some, it may seem that this list is predictable as big companies get bigger, improve their performance and reinforce their standing. However, the list for 2020 has also brought a couple of surprises. What matters, however, is that Ripple and Coinbase have cemented their place on the list. Ripple is on the 2nd position, Coinbase lies on the 3rd position and Robinhood is on the 4th position, correspondingly. If we start with Ripple, the value of XRP is tremendous. The company has shown great performance in 2019 and rose in terms of its value. Ripple raised $200 million in an investment round and the company's value surged to $10 billion. The partnerships with BitPay and Intermex added a lot to its value and Ripple has been named one of the best workplaces in the Bay Area. The Coinbase XRP news also show that exchange is next, strengthening its position after making its mark as a safe and regulatory-compliant crypto exchange which offers crypto custodial services to institutions. In addition, the latest Coinbase news show that the exchange ventured into a personal wallet and added support for new currencies. Robinhood, as the fourth ranked company, has also been growing and introducing new features. It launched fractional stock trading with zero fees, expanded its geography and allowed US residents to trade 7 digital assets free of charge on the platform. The top fintech company on the list, however, is Stripe with $35 billion as its value. In 2019, it raised $250 million in a new round of funding, which led to an increase in its value. Besides this, Stripe rolled out a new corporate credit card and small business loans which are automatically repaid from payments that it processes for borrowers. Among other companies on the list are Plaid, SoFi, Credit Karma, Opendoor, and Root.
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Coinbase News

Coinbase Is Now A Principal Issuer Of Visa Debit Cards

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The regulation crypto news today show that one of the leading exchanges out there named Coinbase is now a principal issuer of Visa debit cards without the need to rely on third parties. This membership is actually an evolution of the current relationship that the exchange has with Visa, in which they will officially provide Visa-based debit cards for their users. The Coinbase Card will allow customers residing in the European Union or the European Community to spend multiple cryptocurrencies as part of the deal. While the debit card itself can function globally, it still cannot be ordered by people who are residing outside of the European Union. As the Coinbase news today show, the card is seeing the most usage in the United Kingdom followed by Italy, France and Spain. Coinbase is now a principal issuer of Visa debit cards and through the direct integration with the company, the exchange promises that it will be able to provide additional services as well as support more markets. They also asserted that it is the first "pure-play crypto company" which will become a principal member. Even though the regulation crypto showed that the card was launched initially in 2019 for the UK market, Coinbase previously supported the Shift crypto card which drew funds from the users' exchange balance - a service that was launched in 2015. Just like many other cryptocurrency debit cards, Shift was hit hard by the revocation of the WaveCrest Visa license in early 2018. The company, based in Gibraltar, was the issuer of almost all debit cards which served cryptocurrency users but were forced to shut down their operations in early 2019. Anyways, the fact that Coinbase is now a principal issuer of Visa debit cards means a lot for the entire cryptocurrency regulation. What is still unclear, though, is when or how the transition to the new Coinbase-issued cards will occur. There haven't been any comments from the exchange's representatives or replies to a request for comment. We will update our cryptonews section with more details on this deal in the following days. A lot of analysts saw this move as "the holy grail" in card issuing, now that a cryptocurrency exchange is an official partner of a company in the caliber of Visa.
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Coinbase News

Coinbase Trashed As The Platform Puts 25% Fee For Staking Tezos

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Earlier today the users of Coinbase trashed the platform as they charged a 25% fee for Staking tezos, since they believe that a platform such as Coinbase should charge minimal fees and not make it higher so let’s read more in the coinbase news today. Staking became extremely popular in the crypto world but the exchanges are seemingly asking for a bigger piece of reward. Despite the fact that users of Coinbase trashed the platform, Coinbase is still among the largest and most trusted exchanges in the industry but we will see how that turns out after the 25% staking fee on Tezos. Staking was rolled out by Coinbase in November 2019. According to the prices and fees disclosure of the exchange, ‘’coinbase will distribute this reward to your after receipt by Coinbase, minus a 25% commission.’’ Things do not look promising where the staking of the assets is concerned. Coinbase even confirmed to its users that they will be able to stake Tezos online and to do so they will use CB As an actually validated baker. Rather than keeping the fees to a minimum, Coinbase will charge a few of 25% which is a crazy amount for all intents and purposes. The company does have a habit of charging high commissions for virtually everything that someone should do on the platform. Tezos staking commissions across the exchanges all seem to have hovered above the 15 percent mark which is unacceptable. This is also another reason why no one should keep their funds in a centralized exchange as well. Staking XTZ can be done through other means too with much lower costs. Coinbase has been criticized for high fees before in the past and the exchange was making money on the staking trend in blockchain but also set the price for its services way to high. As one of the users wrote, at least the UI for the exchange is incredible despite the massive commission rate. Some users were also confused over why Coinbase should do this. This could possibly har their business in the long run despite the fact that it now leads the entire market in Bitcoin under custody. Coinbase now has more than 966,230 BTC in the cold wallets and the exchange still has supportive clients that do not need to dissuade XTZ holders.
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