Coinbase Archives - Crypto Insider https://cryptoinsider.asia/post_tag/coinbase/ Crypto and Blockchain News Mon, 03 Jun 2024 15:47:14 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 https://cryptoinsider.asia/wp-content/uploads/2021/11/cryptocurrency-icon.png Coinbase Archives - Crypto Insider https://cryptoinsider.asia/post_tag/coinbase/ 32 32 199368904 Flood of Cash from Coinbase Gives Crypto One of the Biggest Campaign War Chests https://cryptoinsider.asia/flood-of-cash-from-coinbase-gives-crypto-one-of-the-biggest-campaign-war-chests/ Mon, 03 Jun 2024 15:47:14 +0000 https://cryptoinsider.asia/flood-of-cash-from-coinbase-gives-crypto-one-of-the-biggest-campaign-war-chests @ Crypto Insider

Coinbase followed Ripple and a16z in each giving a new $25 million to their political…

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Coinbase followed Ripple and a16z in each giving a new $25 million to their political action committee, Fairshake, as the general election approaches that may shift crypto’s destiny.

The crypto industry has – with the addition of another $25 million from Coinbase Inc. on Monday – amassed one of the largest stockpiles of campaign cash in U.S. politics.

U.S. digital assets exchange Coinbase (COIN) announced that it was following in the footsteps of its two major campaign-finance partners, Ripple and Andreessen Horowitz (a16z), in throwing another $25 million each into the pot that has taken in about $161 million to spend on the 2024 U.S. elections. The other two companies announced their new commitments last week.

The money is specifically bolstering the coffers of the industry’s Fairshake political action committee (PAC) and its affiliate PACs, which have been combing through state primaries to find congressional candidates who’ve left their political platforms open to pro-crypto positions. The committees have flooded some little-known politicians with millions in off-book support. So-called super PACs like these typically buy ads for or against candidates, but they aren’t allowed to have any official connections with the candidates’ campaigns.

“When it comes to our mission of increasing economic freedom by growing the adoption of cryptocurrencies, we are deeply engaged in policy efforts,” Coinbase said in a company statement. “The House and Senate help determine what crypto legislation gets passed, amongst other things, so growing the number of pro-crypto members is critical.”

U.S. regulations represent the massive remaining hurdle for the industry to win more significant global acceptance, which could translate to many more mainstream investors and users embracing the technology. U.S. lawmakers are showing recent signs of shifting toward wider acceptance of crypto, and the next congressional session could see all that come to a head in legislation that establishes tailored rules of the road for digital assets.

Super PACs allow corporations to plough unlimited cash into steering elections, and the crypto industry’s stockpile of campaign cash now rivals the scale of the massive war chests assembled by the political parties themselves to dole out to House and Senate races. The digital assets businesses are also rivaling the most historically political and deep-pocketed industries.

But the actual management and strategies of Fairshake — including its ongoing level of involvement with the donors backing it — remain opaque, because its main supporters decline to answer management questions and the PAC’s organizers won’t comment on such details.

House Majority Whip Tom Emmer (R-Minn.), who has run the House GOP’s campaign operations in the past, pushed back on narratives that the PACs suggest crypto is trying to buy Congress.

“This is no different than the healthcare industry; this is no different than the airline industry,” he told a crowd at CoinDesk’s Consensus 2024 last week in Texas. “This is all about: I want to get to know you. I’m going to invest in you, because I want to see you being the representative, because your views are in alignment with mine.”

All three companies – Coinbase, Ripple and a16z – may crowd into the top five individual company donors ranked by OpenSecrets.org, if other companies among the biggest political donors don’t make similar short-term additions to surpass their spending.

By comparison to the $161 million for crypto causes, the Congressional Leadership Fund – the conservative PAC associated with House Speaker Mike Johnson – had tallied $84 million, and the Senate Leadership Fund – the equivalent for Republican efforts in the Senate – had taken in $64 million, as of the most recent disclosures two months ago. The House Majority PAC, which seeks to put Democrats in the House, announced it intends to spend $186 million on advertising this year, though it’s only showing $86 million in contributions so far, according to Federal Election Commission records.

Though Fairshake has already spend tens of millions on targeted races, its fundraising level would have theoretically allowed it to spend well over $300,000 on every contested House and Senate seat – a total of 468 – in the November 5 general election.

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Coinbase Upgraded to Neutral as Goldman Sachs Ends Bearish Stance https://cryptoinsider.asia/coinbase-upgraded-to-neutral-as-goldman-sachs-ends-bearish-stance/ Fri, 08 Mar 2024 15:55:30 +0000 https://cryptoinsider.asia/coinbase-upgraded-to-neutral-as-goldman-sachs-ends-bearish-stance @ Crypto Insider

The bank lifted its rating on the stock after bitcoin hit record highs and the…

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The bank lifted its rating on the stock after bitcoin hit record highs and the crypto exchange’s trading volume reached levels not seen since 2021.

Wall Street giant Goldman Sachs (GS) called time on its bearish stance on crypto exchange Coinbase (COIN), upgrading the shares to neutral from sell after bitcoin (BTC) hit a record high and daily trading volumes hit levels not seen since 2021, according to a report published Thursday.

The bank also lifted its price target to $282 from $170. Coinbase shares were little changed at $242.10 in premarket trading.

“While we still see limited use cases of crypto at present, the ‘beta’ to the price action has significantly outweighed any alpha from not seeing an acceleration in retail adoption over time,” analysts led by Will Nance wrote.

Goldman attributes the stock’s advance this year to the large jump in crypto prices as well as the “company’s commitment to managing towards more consistent profitability over time.”

As bitcoin hit new highs above $67,000, data shows Coinbase’s daily volumes in the $3 billion to $5 billion range, and the bank’s analysis shows that much has been driven by increased retail participation, “which fundamentally come in at much more attractive take rates for COIN.”

The exchange has seen fundamental benefits from “increasing price on the simple trading platform, while maintaining market share, a renewed commitment to greater expense control and profitability in all market environments and tailwinds from higher interest rates as a result of COIN’s 50% revenue share of the interest income earned on USDC reserve balances,” the report added.

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Coinbase, MicroStrategy Jump in Premarket Trading as Bitcoin Rallies https://cryptoinsider.asia/coinbase-microstrategy-jump-in-premarket-trading-as-bitcoin-rallies/ Mon, 04 Dec 2023 10:25:52 +0000 https://cryptoinsider.asia/coinbase-microstrategy-jump-in-premarket-trading-as-bitcoin-rallies @ Crypto Insider

Bitcoin is trading at levels previously seen in April 2022, shrugging off a tough year…

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Bitcoin is trading at levels previously seen in April 2022, shrugging off a tough year marked by several implosions and regulatory clampdowns.

Stocks of Coinbase (COIN) and MicroStrategy (MSTR) jumped nearly 9% ahead of the market open as bitcoin (BTC) surged 4% in the past 24 hours to extend its year-to-date gains to over 150%.

Traders consider the two companies as proxy bets for the crypto markets, given their close ties to bitcoin.

Coinbase is one of the largest crypto bourses by trading volumes and is among the few publicly listed crypto companies in the U.S. The firm, which has historically maintained a regulated stance, is listed as a custodian for several proposed bitcoin spot exchange-traded fund (ETF) products in the country.

The crypto exchange’s Nasdaq-listed shares reached their highest level since April 2022 last week, closing at $133 on Friday to extend year-to-date returns to over 200%.

Business software company MicroStrategy, on the other hand, is the largest public holder of bitcoin with its 174,000 BTC holding, a position it acquired over a three-year period by investing company funds and proceeds from bond sales. The value of the holdings is now equal to over 88% of MicroStrategy’s $8.2 billion stock market capitalization.

MSTR traded at $574 ahead of Monday’s open, reaching a level previously seen in April 2022.

Bitcoin has surged recently amid optimism U.S. regulators will approve exchange-traded funds (ETFs) that hold BTC, a move some experts believe will prompt a flood of investment into the foremost cryptocurrency.

Crypto miners Marathon Digital (MARA) and Riot (RIOT) jumped over 10%, while Hut 8 (HUT) jumped nearly 450% in premarket trading.

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Coinbase Picks Ireland as EU Hub https://cryptoinsider.asia/coinbase-picks-ireland-as-eu-hub/ Thu, 19 Oct 2023 10:51:04 +0000 https://cryptoinsider.asia/coinbase-picks-ireland-as-eu-hub @ Crypto Insider

Forthcoming European laws known as MiCA will allow the exchange to serve the entire EU…

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Forthcoming European laws known as MiCA will allow the exchange to serve the entire EU bloc with a single license.

Coinbase has picked Ireland to be its regulatory hub within the European Union (EU), the company said.

New EU laws known as the Markets in Crypto Assets regulation (MiCA) will allow crypto service providers to operate across the bloc based on a license from one of its 27 national regulators.

“Ireland has a supportive political environment for FinTech companies, as well as a globally respected regulator,” said a statement by Coinbase’s Vice President and Regional Managing Director for Europe, the Middle East and Africa, of the EU country that already plays host to tech giants like Apple and Google. “We look forward to working with regulators in Ireland, Germany and beyond, to bring this industry to its full potential with the advent of MiCA.”

The crypto exchange has already registered in Italy, the Netherlands and Spain, and is currently fighting charges from U.S. federal and state regulators that it should have registered as a securities exchange. In a September blog, the company said it was targeting regulatory clarity as part of international expansion plans.

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Ethereum Co-Founder Vitalik Buterin Sends $1M ETH to Coinbase https://cryptoinsider.asia/ethereum-co-founder-vitalik-buterin-sends-1m-eth-to-coinbase/ Mon, 21 Aug 2023 10:37:15 +0000 https://cryptoinsider.asia/ethereum-co-founder-vitalik-buterin-sends-1m-eth-to-coinbase @ Crypto Insider

Vitalik Buterin transferred over $1 million worth of ether to crypto exchange Coinbase on Monday.…

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Vitalik Buterin transferred over $1 million worth of ether to crypto exchange Coinbase on Monday.

Ethereum co-founder Vitalik Buterin deposited 600 ether (ETH), which is around $1 million worth of the cryptocurrency, to crypto exchange Coinbase on Monday, according to data from Ethereum blockchain scanning website, etherscan.

The move comes as ether, the second largest cryptocurrency by market capitalization suffered a 10% decline over the last seven days, amid a broad market downturn which saw traders witness $1 billion in liquidations. Ether has recovered slightly on Monday, trading in the green over the last 24 hours at $1,700.

On Sunday, Buterin repaid 250,000 RAI and withdrew $1.6 million worth of ether, according to on-chain tracker, lookonchain. RAI is a non-pegged stablecoin backed by ETH.

It is not clear why the Ethereum co-founder transferred the ether to centralized exchange Coinbase.

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Coinbase Looks to Add Bitcoin Lightning for Payments https://cryptoinsider.asia/coinbase-looks-to-add-bitcoin-lightning-for-payments/ Wed, 02 Aug 2023 09:56:42 +0000 https://cryptoinsider.asia/coinbase-looks-to-add-bitcoin-lightning-for-payments @ Crypto Insider

The move is part of the exchange’s broader plan to improve cryptocurrency-based payments globally. Coinbase…

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The move is part of the exchange’s broader plan to improve cryptocurrency-based payments globally.

Coinbase (COIN) is looking to add Bitcoin’s Lightning network for payments as part of a broader plan to offer more cryptocurrency payments to users around the world.

“We’re looking into how to best add Lightning. It’s non-trivial, but I think worth doing. I’m all for payments taking off in Bitcoin,” CEO Brian Armstrong said on Wednesday. “Let’s build it together,” he added in response to a tweet by Jack Dorsey, founder of financial services company Block Inc.

The Lightning Network is a second layer for bitcoin (BTC) that uses micropayment channels between software providers called nodes to speed up payments on the Bitcoin blockchain for a low cost.

These channels allow two parties to lock up on-chain funds. It decreases network congestion by conducting several transactions separately and by then bundling every transaction into one when submitting to the main blockchain.

As of Wednesday, the Lightning network’s total capacity – or the total amount of bitcoin locked for payments across all channels – is 4,686.64 bitcoin, worth just over $138 million at current prices.

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Crypto Exchange Coinbase Receives License To Operate in Bermuda https://cryptoinsider.asia/crypto-exchange-coinbase-receives-license-to-operate-in-bermuda/ Thu, 20 Apr 2023 16:45:19 +0000 https://cryptoinsider.asia/crypto-exchange-coinbase-receives-license-to-operate-in-bermuda @ Crypto Insider

In March, the company was reported to be exploring options to launch an offshore platform.…

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In March, the company was reported to be exploring options to launch an offshore platform.

Coinbase (COIN) has obtained a license to offer its services in Bermuda as part of its international expansion efforts, the firm announced in a blog post on Wednesday.

The U.S. crypto exchange received a Class F license from the Bermuda Monetary Authority (BMA) which allows the company to operate as a digital asset exchange in that territory.

The news comes two days after Coinbase CEO Brian Armstrong indicated that the exchange would consider moving away from the U.S. if regulation doesn’t become clearer. The exchange in March was reported to have been in discussions with institutional clients about setting up a crypto-trading platform overseas.

For now, it is unclear what services Coinbase will offer in Bermuda.
“While we are excited to partner with the BMA, and to have successfully attained the Class F License in this high-bar regulatory jurisdiction, nothing to announce today regarding our future plans to offer services through this license,” a spokesperson told CoinDesk.

As part of what the exchange calls its “8-week international expansion drive,” Coinbase in its blog post took note of, among other items, doubling down on its investments in the Canadian market. The company recently hired Lucas Matheson as country director and signed a Pre-Registration Undertaking (PRU), which is considered a stepping stone on the way to becoming a registered exchange in that country.

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Coinbase Files Amicus Brief in Insider Trading Case: ‘We Need Rulemaking’ https://cryptoinsider.asia/coinbase-files-amicus-brief-in-insider-trading-case-we-need-rulemaking/ Tue, 14 Mar 2023 05:06:55 +0000 https://cryptoinsider.asia/coinbase-files-amicus-brief-in-insider-trading-case-we-need-rulemaking @ Crypto Insider

The exchange denies that any of the tokens former Coinbase manager Ishan Wahi inside-traded with…

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The exchange denies that any of the tokens former Coinbase manager Ishan Wahi inside-traded with associates were securities because Coinbase doesn’t list securities – but it would like to if the SEC gave it proper rules and guidance.

The digital assets that Coinbase lists are not securities, but Coinbase, if given proper guidance and rules from the Securities and Exchange Commission, would like to list securities, Coinbase said Monday in an amicus brief. But the SEC’s willingness to work with the exchange in a productive fashion has been limited, the brief reads.

Coinbase filed the amicus, or friend of the court brief, as part of a case against its former employee Ishan Wahi. Wahi, along with his brother, has been charged with insider trading, and is the subject of a civil complaint by the SEC for securities fraud, regarding leaking information about new token listings on Coinbase.

While Wahi has pleaded guilty to the insider trading charges, he is contesting the SEC’s allegations of securities fraud, arguing that the tokens in question were not securities, and pushing for the case to be dismissed.

Coinbase’s filing of the amicus brief should not be read as a signal of support for Wahi, insiders say, but rather an attempt to force the SEC out of what should be a criminal case.

“The SEC’s suit rests on the erroneous premise that the seven Coinbase-listed assets identified in its complaint are ‘securities.’ But Coinbase does not list any securities on its platform,” Coinbase’s brief reads. “The SEC posits that the digital assets qualify as securities because they are “investment contract[s], but the assets lack both essential attributes of that statutory term: They are neither contracts nor investments.”

In mid-February, the Blockchain Association trade group also filed an amicus brief in the case. The group argued that prior regulation by enforcement via the SEC has made the U.S. an opaque and confusing jurisdiction to do business in for the digital assets industry.

“Such behavior is improper for a government agency, and is irreconcilable with due process concerns,” it argued in its brief. “The SEC’s motive, then, is merely to backdoor a precedent that can be used in other cases, as, indeed, it is already doing in other cases where the DOJ has brought an action, and the SEC has piled on with similar allegations of securities laws violations against absent third parties.”

Coinbase also brought forward a similar argument to the Blockchain Association’s, arguing that the SEC has failed to provide clear guidance, has deviated dramatically from its own earlier statements, and has previously ignored petitions filed by Coinbase.

“Proceeding with enforcement in these circumstances violates bedrock principles of due process and fundamental fairness, which bar an agency from seeking to punish regulated parties without providing the regulatory clarity necessary to discern their legal obligations,” Coinbase’s docket reads.

Coinbase accuses the SEC of refusing to follow the guidance Congress has set out for these agencies, namely the process of “notice-and-comment rulemaking.”

“Rulemaking is the only realistic way in which the SEC can provide fair notice to affected stakeholders and coherently consider all important aspects of regulating the crypto industry,” the docket reads.

Wahi is due back in court on March 22.

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Coinbase-OFAC Bug Affected Fewer Than 100 People, and Has Been Fixed https://cryptoinsider.asia/coinbase-ofac-bug-affected-fewer-than-100-people-and-has-been-fixed/ Wed, 08 Mar 2023 04:21:28 +0000 https://cryptoinsider.asia/coinbase-ofac-bug-affected-fewer-than-100-people-and-has-been-fixed @ Crypto Insider

Some users on Reddit reported bitcoin transfers to Coinbase from Binance were being blocked due…

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Some users on Reddit reported bitcoin transfers to Coinbase from Binance were being blocked due to potential sanctions concerns.

A technical issue on Coinbase’s side led to certain transfers of bitcoin from Binance being blocked.

Users on Reddit and Twitter were reporting late Tuesday that attempts to transfer bitcoin from Binance to Coinbase were being met with an Office of Foreign Assets Control (OFAC) notice that said their transfer was being blocked because it was coming from an “OFAC sanctioned address.”

A spokesperson for Coinbase acknowledged that this was a technical issue, which impacted fewer than 100 people, and has been fixed. Coinbase sent affected users an email saying the deposit will be credited to their account shortly.

OFAC maintains a lengthy list of crypto wallets and protocols that have been classified as “specifically designated nationals” and sanctioned, meaning that U.S.-based entities are not allowed to interact with them.

Conceivably, a data entry error could have caused this problem.
In August 2022, the crypto mixer Tornado Cash was added to the sanction list. Tornado Cash has been repeatedly used to try and obscure the destinations of hacked crypto, including by North Korea.

Coinbase is currently backing a lawsuit to try and compel the U.S. Treasury to reverse its decision on Tornado Cash.

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Tokens of Optimism Ecosystem Surge as Coinbase Unveils Its Layer 2 Base https://cryptoinsider.asia/tokens-of-optimism-ecosystem-surge-as-coinbase-unveils-its-layer-2-base/ Fri, 24 Feb 2023 10:12:34 +0000 https://cryptoinsider.asia/tokens-of-optimism-ecosystem-surge-as-coinbase-unveils-its-layer-2-base @ Crypto Insider

Coinbase said Thursday that it is leveraging Optimism’s technology to launch an Ethereum layer 2…

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Coinbase said Thursday that it is leveraging Optimism’s technology to launch an Ethereum layer 2 scaling product, Base.

Nasdaq-listed centralized digital assets exchange Coinbase (COIN) on Thursday announced an Ethereum scaling product that will leverage layer 2 network Optimism’s technology. The news seems to have lit a fire under the cryptocurrencies from the Optimism ecosystem.

Data from Coingecko shows VELO, the native token of the Optimism-based decentralized exchange Velodrome Finance, has gained 21% in the past 24 hours. The token has more than doubled in the past seven days. Velodrome is the ninth-largest decentralized exchange in the world, accounting for 2.5% of the total market volume.

Optimism-native lending protocol Sonne Finance’s SONNE token has jumped 82%, taking the seven-day tally to over 300%.

OPX, the governance and utility token of OPX Finance, has skyrocketed by 144%, while perpetual-focused decentralized exchange Perpetual Protocol’s PERP token has seen a 42% rise in its market value. Other lesser-known names like THALE, HND, RING and PICKLE have also chalked up double-digit rallies in the past 24 hours.

Optimism’s OP token has jumped over 10%, reaching a two-week high of $3.10, CoinDesk data show.

Coinbase launched the testnet version of its new Ethereum layer 2 scaling product, Base, announcing that it will be interoperable with other chains like Solana but won’t have its native token.

“Base aims to be decentralized, permissionless, and open to anyone with the vision of creating a standard, modular, rollup agnostic Superchain powered by Optimism,” the exchange said. “We’re joining Optimism as a Core Dev on the open source OP Stack and working to create a thriving community of other developers.”

The speculation on Crypto Twitter is that Coinbase is making a KYC-based DeFi portal with the help of Optimism, which will open doors for institutional participation in democratized finance.

Coinbase’s foray into the world of Ethereum layer 2 comes a year after the exchange launched a non-fungible tokens marketplace. Per data from Analytics Insight, Coinbase Ventures is one of the most active venture capital firms in crypto today, with over 240 investments.

So, observers are optimistic about Base evolving as a got to place for decentralized applications.

“The collaboration strives to upgrade Optimism Mainnet, Base, and other L2s to an initial superchain,” pseudonymous analyst Route2FI tweeted. “The hope is that the superchain can blossom into a sprawling network that maximizes interoperability, shares decentralized protocols and standardizes its core primitives.”

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