Coinbase launches new crypto think tank to help shape policies. Coinbase’s new “crypto native think tank” features an advisory board of finance and law academics from top United States universities and will publish original research to shape policies around crypto. Cryptocurrency exchange Coinbase has created a “crypto native think tank” in an attempt to help shape the global conversation around policies for digital assets. The newly formed Coinbase Institute will also publish research on crypto and Web3. Coinbase tapped its director of policy Hermine Wong to head the institute. She previously served in the Division of Economic and Risk Analysis at the United States Securities and Exchange Commission (SEC) and before that worked at the Department of State. The related Coinbase Institute Advisory Board has also been formed and will feature academics across law and finance from top universities such as Harvard, MIT, Duke and John Hopkins, coupled with an academic partnership with the University of Michigan.
May 5, 2022
Coinbase's plans to purchase firm behind Mercado Bitcoin fall through. The crypto exchange previously announced the acquisition of blockchain infrastructure platform Bison Trails as well as the Routefire platform. Coinbase and Brazilian company 2TM, the parent company of Mercado Bitcoin, have reportedly scrapped talks around the crypto exchange purchasing the firm. According to a Tuesday Bloomberg report, 2TM and Coinbase have ended discussions around the United States-based crypto exchange buying the Brazilian company, which was valued at more than $2 billion. It’s unclear what led to the purchase not going through, as 2TM reportedly declined to comment and a Coinbase spokesperson said it was simply “committed to the Brazilian market.” As the parent company of Mercado Bitcoin — one of the largest crypto brokerage firms in Latin America — 2TM cemented its unicorn status in July 2021 following a $200 million funding round, pushing the company ahead of a $2 billion valuation. Cointelegraph reported in March that 2TM was valued at $2.2 billion ahead of Coinbase’s reported plans to purchase the firm. In addition, 2TM acquired a controlling stake in Lisbon-based crypto exchange CriptoLoja in January. A Coinbase institutional investor report on Latin America from December 2021 suggested interest in expanding operations in Brazil. In April, Brazil’s Senate approved a law to regulate cryptocurrencies in the country, expected to be signed into law by President Jair Bolsonaro by the end of 2022. Rio de Janeiro, the second-most populous city in Brazil, also announced in March it will accept Bitcoin (BTC) payments for taxes related to urban real estate within city limits starting in 2023.
April 12, 2022
Coinbase suspended some payment services on its newly launched Indian exchange due to pressure from the local payment regulators. The largest United States-based crypto exchange Coinbase has stopped payment services through United Payments Interface (UPI) on its platform for Indian users just three days after its launch in the South Asian subcontinent. The UPI is the payment portal governed by the National Payment Corporation of India (NPCI), which facilitates buy orders on Coinbase’s India services. The exchange has already updated its payment method information on its website for Indian users, which urges users to try Immediate Payment Service (IMP) to place sell orders. The NPCI is a special division of the Reserve Bank of India (RBI), under the Ministry of Finance. Financial news outlet Business Standard reported on Monday that Coinbase stated that it would work to remedy the situation in India with the appropriate regulators and that it was “committed to working with NPCI and other relevant authorities to ensure that we are aligned, with local expectations and industry norms.” The NPCI said in a statement on Thursday that it did not recognize the legal standing of any crypto exchanges using the RBI’s United Payments Interface (UPI) even after Coinbase announced the release of its services. The impetus for the suspension may have arisen from this comment: “With reference to some media reports around the purchase of Cryptocurrencies using UPI, National Payments Corporation of India would like to clarify that we are not aware of any crypto exchange using UPI.” Indian Coinbase users do not appear to be vexed by the sudden suspension of service. Co-founder of the Crypto India YouTube channel Aditya Singh tweeted to his 210,000 followers on Monday that “This is not new, Indian exchanges have also been facing payment service problems since 2018.”
April 11, 2022
Coinbase to increase transparency on potential 2022 listings. The exchange issued the names of 50 projects that could possibly be listed in the second quarter of 2022 as a way of adding information symmetry to crypto markets. America’s largest crypto exchange, Coinbase, announced a long list of tokens it could potentially list in the second quarter of 2022 in an effort to increase transparency. A Tuesday blog post from the exchange includes a list of tokens under consideration, but notes that other tokens may be under consideration but not specifically mentioned. Among those on their radar are 45 ERC-20 tokens on the Ethereum network and five SPL tokens on the Solana network. Some of the tokens with a relatively large market cap are Binance USD (BUSD), which is the third-largest stablecoin on the market, and one of the largest DAO projects BitDAO (BIT), which boasts a market cap of just over $1 billion at the time of writing, according to CoinGecko data. The exchange stated that its new approach toward token listings will also provide “as much information symmetry as possible.” Information symmetry promotes efficiency and fairness within a market. It also reduces the chances for a pump-and-dump scenario on listing day, as the retail trading frenzy can be mitigated by advanced knowledge of a listing. While it is far more common on other centralized and decentralized exchanges, Coinbase has had its share of such price action on coins it lists. In 2020, OMG Network pumped 200% within 15 minutes of being listed on Coinbase and crashed moments later. Crypto projects are aware of the attention a Coinbase listing, or even just the potential one can bring. The relatively small decentralized finance (DeFi) data tokenizer Big Data Protocol, with a $3.3 million market cap according to CoinGecko, tweeted in delight on Tuesday that Coinbase was giving it looks at potentially being listed. However, while the increased transparency may be a boon for investors and projects, the seasoned crypto trader from Twitter account “12yearoldwithcc” believes the potential listings are lackluster. The account tweeted today that “Coinbase is in their flop era.”
April 8, 2022
Coinbase kicks off retail crypto trading services in India. One of the world’s biggest cryptocurrency exchanges Coinbase has gilded its way into the country with the largest number of crypto holders present. At an event hosted in Bengaluru, Coinbase confirmed that it has launched digital assets trading services in India, with plans to lead Web3 expansion in the country. Part of the expansion included the exchange conducting mass recruitment with intentions to triple its team in India by the end of 2022. The app, catering to its Indian audience, is integrated with the popular UPI payment process. The Unified Payments Interface (UPI), which is an instant real-time payment system administered by India’s central bank, accounts for approximately 60% of the retail payment volume in the country. Coinbase expansion plans in India came despite the stringent regulatory environment in the country. The Indian government recently implemented a 30% tax rule on cryptocurrencies and NFT related transactions, placing them in the highest tax bracket. In addition, it has also levied a 1% TDS, which is set to enforce from July 1. However, Coinbase has so far remained enthusiastic about its plans to enter the Indian market. It has already invested about $150 million in the country’s crypto startups, such as Polygon, CoinDCX, CoinSwitch Kuber, and more.
March 28, 2022
Coinbase, one of the world’s largest cryptocurrency exchanges, has expanded its staking offerings to include Cardano’s native token ADA. Announcing the news on Thursday, the exchange revealed plans to add more tokens to its staking portfolio in 2022. Per the blog post, delegators can expect to earn up to 3.75% APY as the estimated annual return from staking ADA on Coinbase. Users will receive awards in their accounts every 5–7 days after the initial holding period of 20–25 days ends. The company noted that ADA allows staking through a dedicated wallet, the process can be “confusing and complicated.” Using Coinbase service would allow users to participate and earn rewards in an “easy, secure way.” With the latest addition, Coinbase now offers staking services for Ethereum (ETH), ALGO, Cosmos (ATOM), Tezos (XTZ), and Cardano (ADA).
March 26, 2022
Crypterium, the fast-growing digital fintech solution helping customers manage their assets with ease, has announced its largest listing in the history of the company on the world’s biggest cryptocurrency exchange, Coinbase. Transfers and wallet support for CRPT will now be available on Coinbase’s exchange with the Experimental Label in the regions where trading is supported, and will include the trading pairs CRPT/USD, CRPT/USDT and CRPT/EUR. Crypterium has also announced the collection of bids where investors transfer their tokens to Coinbase, and if there is enough volume they will begin trading in auction mode. Then they will be transferred into limit bids, and then into full trading on Coinbase’s exchange. Following this listing of CRPT on Coinbase, Crypterium expects to continue its growth and operations following the Coinbase listing.
March 22, 2022
The Avalanche ecosystem stands to gain from three tremendous developments announced this week with Coinbase Cloud’s integration, BTC support and UST trading. Web3 developer hub Coinbase Cloud has added a suite of tools to support development on the Avalanche blockchain and smart contract platform. As part of the new support features, Coinbase Cloud is running an Avalanche (AVAX) public validator node. This allows Avalanche network participants to stake their AVAX tokens with Coinbase Cloud and delegate power for validating transactions on the blockchain. There is also an AVAX integration with Coinbase Wallet, the crypto exchange’s proprietary Web3-enabled digital asset wallet. It will also provide developers with the documentation needed to deploy applications on the Avalanche network. Coinbase Wallet added support for Solana (SOL) last week.
February 3, 2022
Major crypto exchanges originating from Asia as well as from the West have shown an increasing interest in the Asia-Pacific region. Coinbase launched in Japan last year, joining the selected group of exchanges to offer crypto trading services to native customers. Binance, the world’s leading crypto exchange by trading volume, has forged a series of new partnerships in Singapore, Indonesia and Thailand. The growing interest in global crypto exchanges in Asia could be attributed to the crypto craze in the region, despite regulatory uncertainty in several countries. The Asia-Pacific region is currently the hub for the majority of crypto growth. Countries such as Singapore and Thailand have seen a great boom in crypto adoption both as a retail payment as well as a form of investment.
January 19, 2022
Coinbase partners with Mastercard for NFT marketplace purchases. The agreement is aimed at allowing non-crypto natives to get into NFTs without using a wallet and first buying Ether or other tokens. Credit card company Mastercard has announced users of Coinbase’s upcoming nonfungible token (NFT) marketplace will be able to use their cards to make purchases as part of a new partnership. In a Tuesday blog post, Mastercard executive vice president of digital asset and blockchain products Raj Dhamodharan said under the agreement, NFTs would be considered “digital goods” and could be purchased using a credit card. The measure is aimed at allowing non-crypto natives to get into NFTs without using a wallet and buying Ether (ETH) or other tokens. “Cryptocurrency enthusiasts are used to this process,” said Dhamodharan. “But for most people, it's not simple, it’s not intuitive. We think it should be much easier. That will ensure NFTs can be for everyone. Getting more people involved safely and securely is perhaps the best way to help the NFT market thrive.” Since Coinbase first announced its NFT marketplace - under the planned name “Coinbase NFT” — in October, more than 1 million people have signed up to be on the waiting list. The crypto exchange plans to make the NFT platform available to U.S. users before opening it up to users in other countries. Following the growth of and interest in the NFT sector in 2021, major crypto exchanges FTX and Binance launched their own NFT marketplaces prior to Coinbase’s October announcement. In June, Binance launched an NFT platform aimed at “providing the highest liquidity and cheapest fees for users.” FTX followed in September with a platform exclusively for United States-based customers. According to a recent report from DappRadar, there may be a higher demand for NFTs in 2022 following the surge the previous year. The platform reported that NFT trades generated $10.7 billion in the third quarter of 2021 to $11.9 billion in Q4, with the first ten days of 2022 "looking strong." "Despite the volatile cryptocurrencies cycles, NFTs maintain a stagnant positive trend," said DappRadar analyst Pedro Herrera.
January 5, 2022
Coinbase CEO reportedly buys LA mansion for $133M. The estate was formerly owned by Ellen Bronfman Hauptman, the daughter of billionaire Seagram’s heir Charles Bronfman. Brian Armstrong, CEO of Coinbase — the largest cryptocurrency exchange in the United States - reportedly made a multi-million-dollar real estate purchase at the end of 2021. Armstrong bought a $133-million Los Angeles property from Japanese entrepreneur Hideki Tomita in December, The Wall Street Journal reported on Monday, citing anonymous people familiar with the matter. According to The Wall Street Journal, Tomita originally purchased the real estate for $85 million in 2018. The new deal allegedly marks the biggest home purchase ever completed in the L.A. area. Prior to being sold to Tomita, the Bel-Air estate was formerly owned by Ellen Bronfman Hauptman, the daughter of billionaire Seagram’s heir Charles Bronfman. The property includes a 19,000-square-foot mansion featuring a theater, a gym and a double-height dining room. The property also reportedly had a 6,600-square-foot guest house designed by Paul Williams.
January 4, 2022
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.
December 20, 2021
Coinbase adds nearly 100 crypto assets for trading in 2021. DeFi projects, decentralized exchange tokens, stablecoins and NFT gaming: What underpins Coinbase’s extensive token-listing activity this year? As of today, Coinbase has 139 tradable assets. The exchange added a whopping 83 assets to its trading list in 2021, nearly double the number of assets it had accumulated in the eight years since its founding. Is this rapid expansion a simple cash-grab? Are any of these lesser-known tokens and coins securities? Is this irresponsible or overly ambitious? What does this rapid expansion of assets by Coinbase mean? I feel the answer to the first question is an emphatic “No!” Coinbase is making a lot of money on trading fees, but its token list expansion is not about the money. Coinbase started out with a small booth at a conference “just trying to make something that customers wanted,” pitching T-shirts and a hosted Bitcoin (BTC) wallet. Now, Coinbase is the second-largest crypto exchange in the world. It’s a common tale that an entrepreneur builds something, finds success, sells and moves on, but Coinbase founder and CEO Bryan Armstrong was manning that small booth eight years ago, and is still at Coinbase today. The exchange stays true to its - and Armstrong’s - core values: economic freedom, property rights, a more efficient global system of exchange, and in my opinion, just building the things that customers want.
December 16, 2021
Coinbase Wallet rolls out support for NFTs. Nonfungible tokens took the crypto market by storm this year, with sales expected to reach almost $18 billion by the end of 2021. United States crypto exchange Coinbase has made new upgrades to its self-custody wallet, including adding support for nonfungible tokens, or NFTs, in a move that could drive further adoption of its browser extension. The company announced Tuesday that Coinbase Wallet will soon be able to support NFTs, giving users the ability to view their collections and access leading NFT marketplaces like OpenSea. Coinbase didn’t specify an exact date for the rollout but said users will need to have the latest version of the browser extension installed to access the features. Looking ahead into 2022, Coinbase said it plans to expand its support for NFTs, as well as make its native decentralized exchange trading feature more accessible and affordable. Coinbase Wallet has a DEX integration feature that allows users to convert their holdings through various decentralized exchanges. As Cointelegraph reported, Coinbase recently unveiled a new standalone browser extension for its wallet that allows users to access a wider array of crypto assets on the leading DEXs.
December 9, 2021
Coinbase users launch online refund campaign following GYEN troubles. Many Coinbase customers are understandably frustrated after the company decided to freeze their accounts for weeks. Coinbase has come under fire recently following a technology snafu that reportedly resulted in the company closing many of its customer’s accounts. When users attempted to purchase Japanese stablecoin GYEN and Powerledger (POWR), they suffered from technical difficulties. This was then followed by an error in the system response. Now, deeply frustrated customers have launched an online campaign demanding refunds. Chris Flemming, a Coinbase user, has started an online petition against the exchange called “Accountability for COINBASE GYEN account freeze,” which has already garnered 1,620 signatures. It states, “We as a whole recognize that mistakes happen and there is the potential for loss when investing in any cryptocurrency or asset. Though in this case the losses came from internal technical errors of Coinbase.” On Nov. 10, according to a CNBC report, Coinbase listed GYEN for the first time. Somehow, the coin became detached from the Japanese yen’s price it was supposed to track starting around Nov. 17. The token’s value rose to a peak of 0.065643, which is more than 7.5 times greater than investors had anticipated in fiat currency. Transfer activity on Coinbase increased on Nov. 18 and peaked at $122 million, according to the report. It’s still unclear how many clients were affected, how much money was lost, or whether anybody made a profit by selling before the price tumbled again. The currency is now trading at the yen peg rate as it was originally intended. A Coinbase representative told CNBC that the company would provide a thorough explanation of what occurred and how concerns would be addressed. The Nasdaq-listed exchange “will publish a blog article on the November 19 event involving GYEN and POWR assets in the coming weeks,” the representative said. They noted that both GYEN and POWR have resumed trading on Coinbase Pro, and withdrawals are enabled on Coinbase.com. Elon Musk, CEO of Tesla, recently suggested that cryptocurrency owners transfer their funds out of centralized exchanges to safeguard them. “Any crypto wallet that won’t give you your private keys should be avoided at all costs,” Musk said.
November 16, 2021
Coinbase posted a 41% growth in subscription services revenue of $145 million compared to Q2 via its such avenues as its ETH 2.0 staking program, custodial fee revenues and token rewards. The firm also noted that its 7.4 million Monthly Transacting Users (MTUs) are beginning to “engage beyond crypto’s first use case.” “Approximately 28% of our retail MTUs both invested and engaged with at least one other product in Q3. Further, 49% of our retail MTUs engaged with non-investing products such as Staking, Earn, and Coinbase Card, including 2.8 million users who were earning yield on their crypto assets.” Trading volume on the platform tallied at $327 billion in Q3, down 29% compared to Q2, with institutional investors representing the lions’ share of trading with $234 billion, while retail traders accounted for $93 billion. Ether (ETH) outperformed Bitcoin (BTC) in terms of trading volume for the second quarter in a row, with the former totaling 22% while the latter equated to 19% of total volume. “Other crypto assets” accounted for 59% of trading volume, which was up 18% compared to Q2.
November 15, 2021
Coinbase now allows users to share their crypto allocations. “We want to empower the cryptoeconomy to share knowledge and information and learn from each other,” said Coinbase senior product manager Rishav Mukherji. All of United States-based crypto exchange Coinbase’s roughly 68 million verified users can now more easily make information on their portfolio public. In a Coinbase blog post on Friday, senior product manager Rishav Mukherji said the crypto exchange’s app now includes a feature that shares a user’s allocation percentage — not balances — to their network of friends. He said this would just be the first move in the coming weeks for users to begin sharing additional details on trades conducted on Coinbase. “We want to empower the cryptoeconomy to share knowledge and information and learn from each other,” said Mukherji. With a reported 8.8 million monthly active users as of the second quarter of 2021, Coinbase is the largest crypto exchange in the United States, reporting more than $1.2 billion in revenue in Q3. The firm’s profits totaled $406 million the same quarter, marking a 74.7% decrease compared with those of Q2. The social media integration is largely a new move for Coinbase, though some may consider major figures publicly disclosing even the percentage allocation of their funds a market indicator. This week, Apple CEO and billionaire Tim Cook revealed for the first time that he held some crypto in his portfolio, but he did not specify which type and how much. Others, including Shark Tank star Kevin O’Leary and Mad Money host Jim Cramer, have been more open about sharing the crypto percentages of their portfolios.
November 10, 2021
Despite the underwhelming performance in Q3, Coinbase said in the report that it had been a “strong quarter” for the firm, pointing toward deeper investor engagement on the platform and the development of new products such as its upcoming NFT marketplace. The firm also emphasized that it is focused on the long term as opposed to quarter-to-quarter: “Coinbase is not a quarter-to-quarter investment, but rather a long-term investment in the growth of the crypto economy and our ability to serve users through our products and services. We encourage our investors to take this point of view.” It appears that the frosty relationship between Coinbase and the U.S. Securities and Exchange Commission (SEC) is beginning to thaw. CEO Brian Armstrong first highlighted the firm’s issues with the SEC in September when he revealed that the enforcement body had threatened to sue Coinbase if it launched its USD Coin (USDC) lending program. Armstrong followed those comments up later that month by stating that the SEC was the only government branch that was unwilling to meet with the firm.
November 10, 2021
Coinbase shares to open lower after 75% drop in net income in Q3. Coinbase posted total net revenue of $1.235 billion in Q3 falling 30% short of FactSet estimates of $1.614 billion. Coinbase (COIN) shares have taken a hit after the firm posted a 75% decrease in net income during the third quarter. COIN closed Nov. 9 with a 0.98% gain at a price of $357.39, however the release of the leading U.S. exchange’s Q3 report after market close has coincided with a dip of around 13.10% (at time of this writing) in after-hours trading. Coinbase posted revenue of $1.235 billion in Q3 falling well below analyst estimates according to FactSet of $1.614 billion. The firm’s profits totaled $406 million, marking a 74.7% decrease in profit compared to the previous quarter, although it was above analyst expectations of $380M. Coinbase also reported earnings of $1.62 per share, which came in 10% short of the FactSet consensus estimate.
November 2, 2021
Coinbase acquires Indian AI startup to improve customer service. Co-founded by Coinbase’s head of operations in India, Agara helps Coinbase with customer service using AI and machine learning. Coinbase, the largest cryptocurrency exchange in the United States, is working to improve its customer support while expanding in India by having acquired a new startup. Coinbase officially announced Tuesday the acquisition of Agara, an artificial intelligence-enabled support platform with operations in India and the United States. The acquisition aims to expand and automate Coinbase’s customer service capabilities by providing new machine learning and natural language processing tools to Coinbase’s engineering team. The deal also reconfirms the company’s strategy to expand its tech hub in India. The acquisition of Agara will cost Coinbase between $40 million and $50 million, technology-focused publication TechCrunch reported Monday, citing anonymous sources familiar with the matter. The two firms reportedly expect to close the deal later this year.
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