With 68 million verified users and 8.8 million monthly active users as of Q2 2021, Coinbase’s entry into the NFT industry could provide competition for established marketplaces like OpenSea. Major crypto exchange Coinbase has announced that it will be opening a waitlist for a nonfungible marketplace it will launch later this year. In a Tuesday blog post, Coinbase vice president of product and ecosystem Sanchan Saxena said the nonfungible token, or NFT, marketplace would allow its users to mint, purchase, discover and showcase Ethereum-based tokens. According to Saxena, the offering will allow creators to maintain control of their artwork “through decentralized contracts and metadata transparency,” with all NFTs on-chain. The Coinbase announcement comes following crypto exchange FTX and its United States-based subsidiary introducing a marketplace wherein users are able to trade NFTs cross-chain through the Ethereum and Solana blockchains. Binance, the world’s largest crypto exchange, entered the NFT market in June by launching a marketplace aimed at minimizing transaction costs. With 68 million verified users and 8.8 million monthly active users as of Q2 2021, Coinbase’s entry into the NFT industry could provide competition for established marketplaces like OpenSea and Rarible. OpenSea’s head of product Nate Chastain is facing criticism for using burner wallets to purchase NFTs on the platform so that the artwork could receive more attention on the website’s front page. The platform mainly uses Ethereum, which dominates sales in the NFT market. According to data from DappRadar, the total transaction volume on OpenSea was $8.7 billion at the time of publication, making it the largest of the NFT marketplaces. NFT sales through the Pokemon-inspired Axie Infinity game came in second at $2.5 billion.
October 14, 2021
Almost 1.1M people have already signed up for Coinbase NFT waitlist. Sanchan Saxena, the Vice President of product at Coinbase said yesterday that the “insane” amount of traffic from signing up to waitlist temporarily broke the site. There have already been more than 1 million sign-ups for Coinbase’s NFT platform since the waitlist went live on Oct.12. Coinbase opened up the waitlist via a blog post announcing its upcoming NFT platform which is slated to launch later this year. The platform dubbed “Coinbase NFT” will initially support the Ethereum-based ERC-721 and ERC-1155 token standards, with plans to expand support to other blockchains in the future. At the time of writing, there are almost 1.1 million people waiting for early access to the NFT platform. Sanchan Saxena, the Vice President of product at Coinbase tweeted that the “insane” amount of traffic for the waitlist temporarily broke the site. If Coinbase’s user base is anything to go by — around 68 million verified users and 8.8 million monthly active users as of Q2 2021 — the NFT platform could soon provide some serious competition to giants such as OpenSea. According to data from DappRadar, OpenSea has a rolling 30 day average of 260,000 active users who have conducted a combined total of 2.49 million transactions over the past month. According to the fine print, the Coinbase NFT platform will initially be available to U.S. customers over the age of 18 before being rolled out to international markets in the future. Coinbase’s plunge into the NFT sector comes after competing crypto exchanges FTX and Binance both launched their own NFT marketplaces. Binance NFT opened its doors in June, with the platform aiming to provide low transaction costs, while FTX and FTX.US launched NFT platforms with limited functionality last month. Cointelegraph reported earlier this week that FTX.US’s NFT marketplace had expanded support to the Solana Blockchain.
September 29, 2021
Coinbase users can choose to deposit paychecks directly to accounts. Customers will have the option to deposit "as much or as little" of their paychecks as they want in the feature rolling out in the next few weeks. Coinbase will soon allow United States businesses to deposit employees’ paychecks directly into accounts at the cryptocurrency exchange. In a Monday blog post, Coinbase senior director of product Prakash Hariramani said the exchange would be offering direct deposits for workers who want to use their paychecks to purchase crypto with no transaction fees. Users can set up direct deposits through a supported payroll company on the Coinbase app, or through a company’s human resources department. Hariramani said users will have the option to deposit “as much or as little” of their paychecks as they want in the feature rolling out in the next few weeks. Coinbase cited “time-consuming and inconvenient” frequent transfers as part of the reason for the service, saying direct deposits would allow users a more efficient and faster way to earn crypto rewards. Coinbase has already partnered with U.S.-based firms including Fortress Investment Group, M31 Capital, Nansen, and SuperRare Labs to roll out direct deposits for “employees throughout the creator economy and financial services” and hinted at more in the coming months. The exchange also announced thatholders of its branded Visa debit card would have the opportunity to earn up to 4% back in crypto rewards. The move comes a week after the exchange said it would not be pursuing its Lend crypto lending program. Coinbase initially said it planned to offer partial returns on deposits of USD Coin (USDC), but later abandoned the program after the Securities and Exchange Commission threatened the company with legal action.
September 15, 2021
Coinbase has sold $2 billion worth of corporate bonds in an offering that saw $7 billion worth of bids placed. Leading U.S.-based cryptocurrency exchange Coinbase has seen enormous demand for its junk bond offering, with the firm increasing the size of the sale by one-third from $1.5 billion to $2 billion. According to Economic Times, at least $7 billion worth of orders were placed in competition for equal quantities of seven and 10-year bonds, offering interest rates of 3.375% and 3.625% respectively. The publication cites an anonymous source as claiming the interest rates were cheaper than the initial quotes offered by Coinbase, with the influx of demand suggesting buyers hold a higher opinion of the company’s credit-worthiness than initially suspected by the exchange. “The strong demand is clearly a big endorsement by debt investors,” commented Bloomberg Intelligence analyst Julie Chariell. However, the exchange’s bonds were rated one rank below investment-grade, with Bloomberg bond indexes indicating that similar debt offerings fetch a 2.86% yield on average. Junk bonds refer to corporate debt issued by a company that does not have an investment-grade credit rating. Due to the reduced credit rating, junk bonds command higher interest rates than investment-grade corporate bonds. Coinbase announced its debt offering on Sept. 13, stating the funds may be used for “continued investments in product developments” and “potential investments in or acquisitions of other companies, products, or technologies” the firm may identify in the future. Coinbase is only the second major crypto firm to complete a junk bond offering, with MicroStrategy Inc. issuing $500 million worth of notes to fund further Bitcoin accumulation as the markets crashed in June. Since trading as high as $342 on its opening day, Coinbase’s COIN stock last traded for $243. However, COIN is up roughly 20% since late June. The recently bullish investor sentiment surrounding Coinbase comes in spite of the U.S. Securities and Exchange Commission (SEC) threatening to take legal action against the exchange should it launch a USDC lending product. Prior to the SEC’s warning, the exchange had intended to launch its crypto lending product ‘Lend’ in only “a few weeks.”
August 31, 2021
Coinbase sent an email to 125,000 users mistakenly notifying them their two-factor authentication settings had been changed. Customers of leading U.S. crypto exchange Coinbase have spent the weekend panicking after the exchange mistakenly sent emails to users stating their two-factor authentication (2FA) settings had been changed. On Aug. 27, Coinbase accidentally sent the email to 125,000 of its customers, resulting in widespread public backlash.Coinbase took to Twitter on Aug. 29 to apologize for the mishap, stating: “We’re laser-focused on building trust and security into the crypto community so that the open financial system we all want is a reality. We recognize that issues like this can hurt that trust.” Despite Coinbase’s apology, many of its users reported taking significant measures in response to the email while fearing that their accounts were being targeted by hackers, including overhauling security settings and liquidating their crypto holdings. Comments on the exchange’s social media also suggest that numerous customers were unable to access the Coinbase app for several days after the incident. According to a CNBC story published Aug. 24, thousands of users assert that Coinbase’s support has failed to respond to requests for help relating to the alleged incident. “Interviews with Coinbase customers around the country and a review of thousands of complaints reveal a pattern of account takeovers, where users see money suddenly vanish from their account, followed by poor customer service from Coinbase that made those users feel left hanging and angry,” CNBC wrote. Earlier this month, Coinbase announced a new support phone line for customers who believe their account has been hacked.
August 27, 2021
Jim Cramer, the host of CNBC’s Mad Money thinks Coinbase is the “natural repository of crypto” and has recommended buying the stock. Jim Cramer, the host of CNBC’s “Mad Money” has recommended buying Coinbase stock, and suggested that 5% of investment portfolios should be allocated to cryptocurrency. Cramer made the comments in the Lightning Round on Aug. 25 in response to a caller who asked whether buying Coinbase stock was a good way to get crypto exposure. The 66-year-old finance personality stated that while Coinbase’s listing went “very poorly” he views it as a big player in crypto: “I think Coinbase is inexpensive. I don’t really care for management because I think they let out a lot of stock when they started. I was against that. They should’ve been buyers, not sellers. I think the listing went very, very poorly. I think the company is the ... natural repository of crypto.” Coinbase Stock (COIN) stock has seen a lackluster performance since its listing on the Nasdaq exchange in mid-April. At the time of writing, COIN is sitting at $248, down 27% from it's all-time high of $340 on April 16. However, the firm had a strong performance last quarter with its Q2 report posting net profits of $1.6 billion, compared to $32 million in Q2 2020.
August 26, 2021
Coinbase customers are venting again in frustration with the lack of customer support from the $65 billion company. Coinbase is under fire for terrible customer service following reports of users accounts being hacked and drained of funds. According to an Aug. 24 investigation by CNBC, thousands of customers across the country have lodged complaints against the company. The outlet stated that it had interviewed numerous Coinbase customers who claimed hackers had drained their accounts, with the issue exacerbated by the exchange not responding to support requests: Interviews with Coinbase customers around the country and a review of thousands of complaints reveal a pattern of account takeovers, where users see money suddenly vanish from their account, followed by poor customer service from Coinbase that made those users feel left hanging and angry. One Coinbase client, Tanja Vidovic, claimed to have lost nearly all of her $168,000 in cryptocurrency holdings after receiving a number of password change security alerts in April. Attempts to contact Coinbase by phone were fruitless, Tanja said. Another customer told the outlet that after logging in to the Coinbase app in March, almost $35,000 in various crypto assets had disappeared from his account. Coinbase’s Regulatory Response Team eventually emailed the victim stating that transactions on the blockchain are irreversible adding that Coinbase’s insurance policy does not cover theft from individual accounts. In March, the New York Times ran a piece on a helpless Coinbase customer who eventually sued the company after losing $100,000 worth of cryptocurrency. Venting their frustrations, other Coinbase users have taken to social media such as popular analyst Kaleo who told his 360,000 followers that the company had shown an “absolutely embarrassing display of care for customers.”
August 20, 2021
Coinbase will buy $500M in crypto and invest 10% of all future profits in digital assets. CEO Brian Armstrong expects the percentage of profits spent on cryptos to grow over time. Leading U.S. exchange by trade volume, Coinbase, has revealed plans to add half a billion dollars worth of crypto to its balance sheet. Coinbase CEO, Brian Armstrong, announced that the company’s board had approved the crypto spending spree in an August 20 tweet, adding that Coinbase also plans to invest 10% of all profits generated into digital assets moving forward. Armstrong also indicated the company hopes to increase the percentage of profit it allocates to cryptocurrency purchases over time. A blog post published by Coinbase on the same day announces that the move will establish the exchange as the first publicly-traded company to hold Ether, DeFi tokens and Proof-of-Stake assets on its balance sheet. The announcement emphasizes Coinbase’s commitment to making long-term investments in the crypto sector, stating: “Our investments will be continually deployed over a multi-year window using a dollar cost averaging strategy. We are long term investors and will only divest under select circumstances, such as an asset delisting from our platform.” The post adds that future investments may be informed by its customers’ holdings, suggesting Coinbase may add an asset to its balance sheet should users make significant custodial deposits of a given crypto cryptocurrency. Coinbase will make its trades on third-party platforms or via its over-the-counter trading desk to avoid creating conflicts of interest with its customers. According to Crypto Treasuries, Coinbase is currently the eight-largest public company by Bitcoin holdings on its balance sheet, and the largest crypto exchange by value of BTC held in its treasury. The news about new expenditures on crypto comes just a day after Coinbase completed its Japanese launch in partnership with Mitsubishi UFJ Financial Group (MUFG). Coinbase will also gain access to Mitsubishi's customer base of about 40 million customers as part of their agreement, according to the announcement. On the same day, Coinbase also announced that it had amassed a $4 billion war chest of cash to prepare for regulatory expense and the next crypto winter.
August 19, 2021
Coinbase announced its official launch in Japan in partnership with banking giant Mitsubishi UFJ Financial Group providing a “quick deposit” fiat on-and-off ramp. Coinbase, the top crypto exchange in the U.S. has announced its official launch in Japan in partnership with banking giant Mitsubishi UFJ Financial Group (MUFG). The firm led by CEO Brian Armstrong announced on Aug. 19 that it will first launch retail trading products including “a suite of five top assets based on trading volume,” with more assets and products to be listed in the coming months. “We also plan to introduce more localized versions of globally popular services such as advanced trading, Coinbase for Institutions, and more in the future,” The partnership with Tokyo-based MUFG will see the bank provide a fast fiat on-and-off ramp for Coinbase customers in Japan called MUFG Quick Deposit. “In line with our global strategy, we will aim to be the easiest to use and most trusted exchange in Japan that’s fully compliant with local regulations.” the announcement read. Coinbase has had its eye on the Japanese market for a while now, with Cointelegraph reporting in October 2019 that the firm was seeking licensing approval from Japan’s financial regulator the Financial Services Authority (FSA). In March 2020 the firm also registered as a crypto exchange with FSA-approved and official self-regulatory organization the Japan Virtual Currency Exchange Association (JVCEA). Cointelegraph reported earlier today that Coinbase has hoarded a cash-based war chest worth around $4 billion to prepare for decreased retail trading in case of a possible “crypto-winter”, along with increased costs brought on by future regulatory compliance hurdles.
August 11, 2021
Coinbase beat analyst estimates in Q2, after it generated $2.23 billion in revenue compared to estimates of $1.78 billion. Coinbase generated $2.23 billion of revenue for the second quarter of 2021, as Ethereum (ETH) trading volume surpassed Bitcoin (BTC) for the first time on the platform. Coinbase posted its Q2 report on Aug. 10 and the crypto exchange’s revenue beat analyst predictions — with industry standard financial estimators Refinitiv forecasting $1.78 billion in expected revenue for the firm. Coinbase’s earnings per share came in at $3.45, compared to estimates of $2.33. The trading platform posted a net profit of $1.6 billion in Q2, a whopping increase of 4,900% compared to the $32 million recorded in the same period in 2020. For the first time in Coinbase’s nine-year history, ETH flipped BTC in trading volume, with the assets representing 26% and 24% of total volume respectively. BTC trading volume declined 39% compared to Q1, while ETH increased 23% within that time frame. In the report, Coinbase stated that the decline in BTC trading volume may have been the result of the total Bitcoin volume decreasing “as a percentage of global exchange spot volume,” along with the addition of many new assets which saw increased interest and speculation. The firm attributed the rise in ETH trading volume to the growth in DeFi and NFT ecosystems, along with increased demand due to Eth 2.0 staking. Coinbase saw a 38% increase in total volume compared to Q1, with the firm processing $462 billion of volume in the second quarter. Operating expenses were also high, totaling $1.35 billion and equating to 67% of net revenue. Coinbase stated that Q2 2021 was a “strong quarter” which saw “growth and diversification” across the platform, with the report emphasizing a significant increase in retail and institutional clients: “Retail Monthly Transacting Users (MTUs) grew to 8.8 million, up 44% from Q1 2021. Verified Users were 68 million. We now have over 9,000 institutions who continue to deepen and broaden their activities in the crypto economy.” Retail traders accounted for $145 billion worth of total volume, while institutional investors represented $317 billion, equating to increases of 20% and 47% compared to Q1 respectively. Ten of the top 100 largest hedge funds in terms of assets under management (AUM) are clients of the platform: “In addition, in recent months, we have formed partnerships with industry leaders including Elon Musk, PNC Bank, SpaceX, Tesla, Third Point LLC, and WisdomTree Investments.”
August 6, 2021
Coinbase has added additional user-friendly payment options to its platform. Crypto exchange Coinbase announced on Thursday that users can now use Apple Pay to purchase crypto assets on its platform, with Google Pay integration to follow. “Today, we’re introducing new and seamless ways to enable crypto buys with linked debit cards to Apple Pay and Google Pay, and instant cashouts up to $100,000 per transaction available 24/7,” said a Coinbase blog post on Thursday. “If you already have a Visa or Mastercard debit card linked in your Apple Wallet, Apple Pay will automatically appear as a payment method when you’re buying crypto with Coinbase on an Apple Pay-supported iOS device or Safari web browser,” the Coinbase blog post mentioned. Coinbase expects to enable Google Pay functionality “later this fall.” In the same post, Coinbase announced “instant cashouts via Real-Time Payments (RTP), enabling customers in the U.S. with linked bank accounts to instantly and securely cash out up to $100,000 per transaction.” Digital asset exchange Gemini made a similar move back in April, integrating Google Pay and Apple Pay cash transfer options on its platform. Coinbase went public under the ticker symbol COIN earlier in 2021 and has significantly developed its business over the years, aiming for compliance with regulatory agencies. A new United States bill presently awaiting approval includes alterations to the country's crypto tax requirements. Coinbase's CEO, Brian Armstrong, recently expressed disagreement with the bill, calling one aspect nonsensical.
July 23, 2021
Fees is also the factor that could force you to expedite the switch from Coinbase to Coinbase Pro since the latter offers smaller fees compared to the basic version. For instance, you could be charged a 3.99% deposit/withdrawal fee on your credit card, while the crypto conversion fee on Coinbase amounts to 2%. In comparison, Coinbase Pro charges 0.5% taker/maker fees for the accounts with a monthly trading volume of less than $10K. Those who put up a trading volume of up to $50K will have to pay a 0.35% taker/maker fee. Coinbase Pro obviously favors the whales and large institutional investors who operate with millions on a regular basis. For instance, those participants who generate the volume of $50 million to $100 million enjoy the taker fee of only 0.1% and a 0% maker fee.
July 22, 2021
Coinbase Commerce recently took the stage as Sotheby’s payment partner during the auction offering Banksy’s iconic protest artwork “Love Is In The Air.”At the 14-minute bidding battle, which was marked by the auction house as the first time cryptocurrency was accepted as a payment option for a piece of physical artwork, bidders could pay using Bitcoin or Ether through the partnership with Coinbase Commerce. Sotheby sold Banksy’s art for $12.9 million, but the auction house didn’t comment on whether the final payment was made with crypto. In March 2020, nearly two years after its inception, Coinbase Commerce surpassed $200 million in total transactions processed, with 8,000 retailers using Coinbase for payment services. Product lead John Zettler then said that Bitcoin was by far the preferred payment method among the available cryptocurrencies on the platform, adding, “Merchant customers often tell us it’s the crypto they’re most familiar with and the one they trust the most.”
July 1, 2021
Coinbase, has announced plans to launch a crypto app store offering third-party developed products. A June 30 blog post penned by Coinbase CEO Brian Armstrong revealed its plans for an app store, stating that while “the crypto economy is still in its early stages, [...] it is clear that every year more and more economic activity will take place on crypto rails.” “Apple didn’t attempt to build every app for the iPhone, it empowered developers and gave mobile users an easy way to access new innovative apps. We need to do the same in crypto.” Armstrong estimated there is now “[tens] of billions of dollars of economic activity running on DApps." The post also emphasized Coinbase’s commitment to expanding the number of crypto assets it supports and increasing the speed of new listings, announcing plans to reduce its legal review for prospective listings and launch an “‘experimental zone’ for new assets.”
June 30, 2021
In a Tuesday blog post, Coinbase said its users could earn 4% annual percentage yield, or APY, by lending out their holdings for the U.S. dollar-pegged stablecoin USD Coin (USDC). The crypto exchange seemed to be targeting banks with the offering, claiming it has a better return than a typical savings account in the United States. However, Coinbase said the loaned USDC is not protected by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation — unlike typical savings accounts in the U.S. — nor is the exchange offering a crypto interest account that provides “attractive rates on customers’ assets.” While most savings accounts in the United States provide returns of less than 1% on the dollar, many other crypto platforms provide an interest rate of roughly 8% for lending U.S. dollar-pegged stablecoins. “While the high interest rates are appealing, they can present varying levels of risk,” claimed Coinbase. “You may find that your assets are loaned to unidentified third parties and subject to their credit risk, which could result in a total loss of your crypto holdings.”
June 19, 2021
Coinbase has already started accepting incoming transfers to ADA and will open trading on March 18, subject to liquidity requirements. The cryptocurrency is being added to the professional trading platform Coinbase Pro. Coinbase.com retail portal and ADA mobile app will not be available for purchase at this time.
June 17, 2021
The in-house token of cryptocurrency payments app Flexa, AMP, has hit new all-time highs after being listed on major exchange Coinbase. Flexa, which describes itself as the “first ever digital currency payment option for brick-and-mortar retail,” aims to offer a blanket solution for cryptocurrency acceptance and spending. Its previous infrastructure token, Flexacoin (FXC), was converted to AMP late last year as part of an overhaul. The replacement appeared to fare better than the original almost instantly, rising throughout 2021 from a starting value of just $0.006 — year-to-date gains of around 1,700%. Flexa has already partnered with Canadian multinational e-commerce company Shopify. When the latter announced that it would expand its payment features to all Facebook and Google merchants this week, AMP cemented its ongoing bull run, jumping 25% in the past 24 hours alone as exchange Coinbase launched trading.
June 2, 2021
Coinbase Pro, the professional trading arm of the Coinbase cryptocurrency exchange, has begun accepting inbound transfers for Dogecoin (DOGE), setting the stage for wider adoption of the meme-based digital asset. Trading of DOGE will go live on Coinbase Pro on Thursday at 4:00 pm UTC, provided that liquidity conditions are met, the exchange announced Tuesday afternoon.
May 18, 2021
Users of the popular exchange can now access their cryptocurrency DApps directly through the Google Chrome browser. Digital currency exchange Coinbase has announced a new browser extension for its native wallet, enabling users to more easily connect to decentralized applications and decentralized finance directly on their desktop. The Coinbase Wallet browser extension is now available on Google Chrome, the company announced Monday. Coinbase Wallet lead Sid Coelho-Prabhu said that more than 1 million Coinbase Wallet customers regularly connect to applications like Uniswap and Compound. The new Chrome extension will streamline this process, removing the need to scan a QR code on their mobile devices each time they want to connect.
May 7, 2021
Investors mean business as current prices remain more than attractive to new buyers. Another day, another spike in Bitcoin (BTC) leaving major exchange Coinbase as funds pour into the largest cryptocurrency. Data from on-chain monitoring resource Glassnode showed 12,354 BTC ($694 million) being withdrawn from the Coinbase order book in a single hour on Friday. Coinbase sees another BTC balance squeeze. As the largest exchange in the United States, Coinbase has frequently been the venue for major Bitcoin buy-ins this year. Sudden tranches in excess of 10,000 BTC heading to private wallets is far from unheard of but nonetheless demonstrates a desire to at least store Bitcoin for the long term instead of keeping it within easy reach of a point of sale. The type of investor behind such transactions remains uncertain - it could be a private individual or small group, as well as an institutional investor or corporate client. Institutions or not, that’s still a significant outflow.
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