Coinbase Custody Exploring 39 Crypto’s Including DeFi Tokens for Listing

Coinbase continues to take its altcoins and DeFi listing spree one step further every other day. Today, the San Francisco-based exchange announced a slew of other tokens its exploring to add support for.

After adding FTX (FTT) and Serum (SRM), Coinbase Custody that offers features such as staking, governance, and decentralized finance (DeFi) and serves institutional clients across the Asia-Pacific region, announced a total of 39 new digital assets that are up for listing.

Coinbase’s crypto custodian has released the latest list of all the digital assets that it is exploring for listing, including some known DeFi tokens and some unknown ones that are heard for the time here only.

Aave (AAVE), Amp (AMP), Ampleforth (AMPL), Ankr (ANKR), ArCoin (ArCoin), Audius (AUDS), Barnbridge (BOND), BitTorrent Token (BTT), Centrifuge (RAD), Conflux Network (CFX), Curve (CRV), DFI.Money (YFII), Elrond Gold (EGLD), JUST (JST), JUST Stablecoin (USDJ), Meta (MTA), MovieBloc (MBL), mStable (MUSD), Neo (NEO), Nervos (CKB), Nexus Mutual (NXM), NKN (NKN), NuCypher (NU), Ontology (ONT), Paxos Gold (PAXG), Paxos Standard (PAX), Reserve (RSV), Reserve Rights (RSR), Request Network (REQ), Skale (SKL), SUN Token (SUN), tBTC (TBTC), Terra (LUNA), The Graph (GRT), Tron (TRX), VeChain (VET), WING (WING), WINK (WIN), and Wrapped Bitcoin (WBTC).

Some of these tokens like WBTC have already been supported on Coinbase’s other platform Coinbase Pro.

According to Coinbase, support for any digital asset is subject to its “significant technical and compliance review,” which in some cases may also be subject to regulatory approval in some jurisdictions.

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Author: AnTy

Coinbase Turned Over Info on 1,914 Users; 96.6% Were Criminal-based Law Enforcement Requests

As part of its commitment to be a trusted venue, Coinbase has released its first Transparency Report.

Much like other financial service providers and technology companies, Coinbase says it received requests from the law enforcement and government agencies seeking information and financial records in connection with civil, criminal, and other investigative matters in the form of subpoenas, search warrants, court orders, and other formal processes.

Because these requests are valid under the applicable laws, Coinbase must respond, wrote Paul Grewal, Chief Legal Officer at the San Francisco-based exchange, that currently serves over 38 million customers worldwide.

As per the report, the exchange received requests for information on 1,914 customers during the first six months of 2020. 58% of this request was from US agencies, and 16% was from state or local authorities like FBI, HSI, DEA, SEC, IRS, DOJ, and others.

Of the request, the majority, 96.6%, were criminal, while the rest was a civil or administrative type.

Overall, 90% of all requests came from just three jurisdictions — the US, UK, and Germany.

Coinbase Transparency Report
Source: Coinbase

“Great to see this transparency from coinbase. After some controversy re: privacy, this is a strong step forward,” said Jake Chervinsky, General Counsel at Compound. “Also worth noting, this comes from new CLO Paul Grewal (who I still think of as Judge Grewal), an extremely well-respected tech lawyer & big asset to the company.”

Coinbase also noted in the report they have been pushing back when appropriate; back in late 2017, they won against IRS over customer policy.

“I hope they’re pushing back on inappropriate gag orders as well,” said Jerry Brito, executive director of Coin Center, a DC-based crypto think tank.

“Glad to see Coinbase publishing a transparency report, joining companies like Kraken. Hopefully this becomes an industry standard,” he added.

More Reading: After US Secret Service, Coinbase Strikes a Deal with IRS to Sell its Data

Also Read: #DeleteCoinbase Trending After the Coinbase’s Deal with DEA & IRS Becomes Public

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Author: AnTy

Coinbase Adds Wrapped Bitcoin (WBTC) & Custody Service to Support Filecoin (FIL)

In its DeFi listing spree, Coinbase Pro has added the popular and fast-growing Wrapped Bitcoin (WBTC).

The San Francisco-based exchange has taken to list all the hot and happening DeFi products, and WBTC, which has grown to become the third-largest DeFi project with nearly $1.2 billion in total value locked (TVL), is the latest one.

An Ethereum token, WBTC represents Bitcoin on the Ethereum blockchain, where 1 BTC can be converted to 1 WBTC and vice-versa. This protocol allows bitcoin holders to participate in the popular DeFi space.

WBTC listing is announced with two trading pairs, USD and BTC.

Starting Monday, Oct. 19, WBTC will be available in all Coinbase’s supported jurisdictions except New York state.

Recently, Coinbase has added support for the likes of Yearn.Finance (YFI), Balancer (BAL), Uniswap (UNI), UMA, REN, Loopring (LRC) BAND, Compound (COMP), Celo (CGLD), Numeraire, and OmiseGo (OMG) along with supporting additional European and UK order books.

Amidst this, the same day, Coinbase Custody also announced at-launch support for Filecoin (FIL), which after years of first coming into the market, finally launched its mainnet.

“We’re thrilled that Coinbase Custody is providing secure custody for FIL. Coinbase has a great track record of building new, innovative tools for its users,” said Juan Benet, Filecoin founder.

Filecoin is a decentralized storage network and marketplace where miners earn FIL tokens by renting open hard drive space, and clients pay them to store and retrieve their data.

Its testnet took off in China, and already “roughly $100M of storage hardware is humming on the testnet.”

“Buying hardware and converting it directly to crypto is key here,” said Muneeb Ali, co-founder of Blockstack.

Yesterday, the mainnet of the Filecoin network was launched at block 148,888, a number the team said signifies “prosperity for life” in Chinese, chosen “to honor the epic contribution by our Chinese mining community to Filecoin’s long-term success.”

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Author: AnTy

Coinbase Adds Compound to Its ‘Learn & Earn’ Program; Users Rewarded With Free COMP

  • Coinbase Earn adds Compound (COMP) rewards.
  • COMP token is the ninth token users can learn about to earn rewards.

Coinbase, the largest crypto exchange in the U.S., offers Compound (COMP) token rewards for users to learn about the governance protocol. In a blog post released on Wednesday, Coinbase Earn, the learning wing of the exchange, announced users could start earning COMP rewards by “watching videos and completing quizzes about the Compound protocol and its governance token, COMP.”

The Coinbase Earn project aims to educate and explain the vast world of crypto and new developments in the ecosystem. As the world of decentralized finance surges, Coinbase aims to have a wholesome view in pushing forward adoption in the space, including voting, buying, staking, and mining – pairing them with intense and incentivized education.

“You can now start advanced tasks for Earn Compound (COMP) on Coinbase. Learn how to use USD Coin with Compound Finance, natively within the Coinbase Wallet app. Start learning how to earn interest with Compound today”. – Coinbase on Twitter.

Coinbase Earn launched in 2018, offering users an opportunity to learn while stacking up cryptocurrencies in rewards. Compound joins the program as the ninth token allowing users to earn from learning on various blockchain projects.

So far, Coinbase Earn has collected over $100 million in rewards to distribute to customers in the program from 0x (ZRX), Basic Attention Token (BAT), Zcash (ZEC), Stellar Lumens (XLM), EOS, Dai (DAI), Tezos (XTZ), Orchid (OXT) and now Compound (COMP).

This allows unbanked and underbanked users to receive crypto straight to their wallets, enhancing global financial inclusion.

At launch, Coinbase Earn will allow users to earn $10 worth of COMP tokens. While the rewards are not great, the value arises from learning how the DeFi governance protocol works.

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Author: Lujan Odera

Coinbase Commerce Attempts at ‘Be Your Own Bank’ & Launches a Self-Custody Crypto Wallet

Coinbase has released Coinbase Commerce to allow businesses and merchants to accept cryptocurrencies.

“With Coinbase Commerce, we’re building the most trusted and secure way for merchants anywhere in the world to accept cryptocurrency payments, and in turn, enabling more ways for customers to spend their crypto,” said John Zettler, Senior Product Manager at Coinbase.

The latest service by the San Francisco-based exchange is advertised as fast and free, where it gives full control of the crypto ownership to the merchant itself.

With no middleman, the idea is to allow everyone to “be your own bank.”

An Open Finance System

Coinbase’s latest step is towards the company’s mission to create an “open financial system” where it wants to help connect an increasing number of participants in the crypto-economy, reads the official announcement.

Commerce merchants were needed to transfer their crypto to an exchange before selling their crypt for cash or fiat-backed stablecoins, but with Coinbase Commerce, they can convert their crypto payments into USD, EUR, GBP, or USD Coin right from its platform for a 1% fee.

For now, the service is available for merchants with Coinbase.com accounts; connection for Coinbase Prime or Coinbase Pro accounts will be coming soon.

According to Coinbase, decentralized finance is an important part of growing the crypto-economy; thus, they now support new Dapps on its Coinbase Wallet – the “self-custody crypto wallet app.”

Wallet users can now also sign-up and purchase cryptos right from the app — a feature available on Android devices in the US that will soon expand to iOS and more countries.

The exchange is cutting down the extra step of buying the crypto from an exchange and then transferring it manually to Wallet apps.

Most of the assets supported by the exchange are available within the Wallet, which supports debit card purchases. Wallet users can now store their crypto, send them or start using dapps like Uniswap and Compound from one place.

“With the addition of a simple and secure fiat onramp service, developers can build dapps with just one easy app install for their users,” said Sid Coelho-Prabhu, Group Product Manager at Coinbase.

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Author: AnTy

Crypto Exchange Coinbase Is ‘OK being Political’ About One Particular Area

San Francisco-based cryptocurrency exchange Coinbase is losing about 5%, about 60 of its employees following its mandate barring political activism at work.

Chief executive officer Brian Armstrong shared this on Thursday in a blog post where he said these employees had accepted an exit package offered to employees who are bothered by the policy. The number is further expected to grow.

“There are a handful of other conversations still ongoing, so the final number will likely be a bit higher,” Armstrong said in the post.

He further added it was “reassuring” that minority groups at the company haven’t taken the exit package disproportionately.

In late September, Armstrong told employees that generous severance packages are offered to those who don’t want to comply with the prohibition on activism at work — the latest rules are basically designed to make the company apolitical.

In his latest blog, however, Armstrong clarified, “We have just made a decision to not engage in broader activism as a company outside of our mission.”

This means conversations about current events related to work are permitted, and employees are allowed to be political about this one particular area – cryptocurrencies.

This is because “it relates to our mission,” Armstrong added.

This clarification came after Twitter CEO Jack Dorsey called out Amstrong for his move, which he said is in direct opposition to what bitcoin and cryptos stand for.

“We are political about one thing: our mission,” which includes Bitcoin, crypto, economic freedom, and other unmentioned things, Armstrong replied to Dorsey at that time.

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Author: AnTy

Coinbase Now Allows Instant WIthdrawals via Mastercard & Visa Debit Card

San Francisco-based Coinbase is now allowing instant cash withdrawal through Mastercard and Visa debit cards.

“Don’t wait days for your cash when you need it now,” it says.

In a move towards the defining characteristics of crypto, transacting instantly, and anywhere, anytime that is curbed by the traditional banking system, Coinbase is offering instant withdrawals in about 40 countries.

These instant withdrawals will cost US customers a 1.5% fee (minimum $0.55), while for the UK and European customers, it is up to 2%.

Coinbase product manager Eddie Lo shared that customers in the US, UK, and Europe can withdraw funds with a linked Visa debit card with US customers allowed through Mastercard as well.

“The ability to easily spend, send, and receive crypto is critical to growing the cryptoeconomy, so we’ll continue building even more ways for our customers to access and use their crypto on Coinbase,” said Lo.

Using Visa to convert crypto balances into fiat means it can be spent at more than 60 million merchant locations while providing “faster, simpler and more connected experience” for Coinbase users, said Terry Angelos, SVP and global head of fintech, Visa.

Customers have the option to select between standard or instant withdrawal methods.

According to Sherri Haymond, executive vice president, Digital Partnerships at Mastercard, today’s digitally driven consumers want real-time payment options, and Mastercard will help them achieve “greater flexibility and convenience” in converting their cryptocurrency into fiat currency.

Also Read: Coinbase Pro to Pass the Rising Network Fees Onto The Customer

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Author: AnTy

Coinbase Pro to List Balancer (BAL) and Ren (REN) In A Push Towards The DeFi Ecosystem

  • Coinbase announces the launch of Balance (BAL) and Ren (REN) trading on its professional exchange.
  • New York state and U.K residents locked out from trading the new tokens.

In an announcement on October 1, Coinbase revealed two new listings – Balancer (BAL) and Ren (REN) – expected to start trading on Coinbase Pro starting October 6 officially. The latest move shows Coinbase’s commitment to the decentralized finance world following the listing of over 10 DeFi tokens in the past three months, including Uniswap (UNI), Band Protocol (BAND), and Compound (COMP).

According to the listing statement starting Oct. 1, Coinbase’s professional trading exchange, Coinbase Pro, will be accepting REN and BAL token deposits. Trading these new DeFi tokens is expected to launch on Tuesday, 6th Oct at 9 AM Pacific Time (PT) if enough liquidity requirements are reached.

At launch, trading of Balancer and Ren will be paired with Bitcoin (BTC), and the dollar (USD) – BAL/USD, BAL/BTC, REN/USD, and REN/BTC – with more pairs are set to be added in the future.

The balancer is an Ethereum-based automated market maker (AMM) that lets users provide liquidity to the trading pool and receive trading fees as rewards (in BAL tokens) for being a liquidity provider. REN is a native token that enhances the transfer and swapping of tokens across blockchains.

As is custom for Coinbase, the trading of REN and BAL will launch in four phases – transfer-only, post-only, limit-only, and full trading. Trading of REN and BAL “will be available in all Coinbase’s supported jurisdictions, except for New York State and the U.K.,” the blog post reads.

More details will be provided by the exchange as the trading launch date nears.

Recent Coinbase News:

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Author: Lujan Odera

Coinbase’s Anti-Politics in Workplace Stance Goes Against Bitcoin’s Core Principle: Twitter CEO

Twitter CEO and Bitcoin proponent Jack Dorsey criticized Coinbase Inc.’s newly announced policy for keeping politics out of the workplace, saying it is exactly the opposite of what bitcoin and cryptocurrency are all about.

“Bitcoin (aka “crypto”) is direct activism against an unverifiable and exclusionary financial system which negatively affects so much of our society. Important to at *least* acknowledge and connect the related societal issues your customers face daily. This leaves people behind,” said the Twitter chief.

The tweet from Dorsey, who’s Twitter profile bio only reads “#bitcoin,” has been in reaction to Coinbase CEO Brian Armstrong’s blog post arguing that the company must be mission-focused and not “advocate for any particular causes or candidates internally that are unrelated to our mission, because it is a distraction.”

Social activism, according to Armstrong, has the potential to “destroy a lot of value” at a company by being a distraction and creating internal division.

“Jack making an appeal to all the (ex) Coinbase employees that are about to get paid to leave, well played,” tweeted one crypto community member, “Brian driving his talent away… Jack sniping it.”

Amidst this, former Twitter CEO Dick Costolo pushed things further by suggesting those who disagree with having political activism in the workplace will be “lined up against the wall and shot.”

The world is divided on Coinbase’s mission, with some completely against it and others hailing it as “leading the way” and interpreting it as “let’s stop shitposting about politics in slack and get back to work.”

The San Francisco-based cryptocurrency exchange with more than 35 million users says, “We are an intense culture, and we are an apolitical culture.”

The company took one step further and doubled down on its stance this week. In an internal email to employees, Armstrong offered any employee who “doesn’t feel comfortable with this new direction” four to six months of severance to leave the company.

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Author: AnTy

Coinbase Proposes Severance Package for Employees Not Aligned With ‘Apolitical’ Culture

Coinbase, the San Francisco domiciled crypto exchange, has offered a severance exit package to its employees who are not comfortable with the firm’s new ‘apolitical culture’ as signaled by its CEO Brian Armstrong over the weekend. Armstrong published an open letter on Sunday, noting that the firm will no longer engage in broader societal issues, but focus on the Coinbase mission instead.

In a follow-up letter shared by Coindesk, Armstrong has now said he is glad that the exchange is having a difficult conversation despite divided opinions by employees after clarifying the Coinbase culture. He highlighted that he is aware the Sunday blog may have unsettled some employees to the point of questioning their continuity as part of the Coinbase team.

With this in consideration, Coinbase is offering a severance package for its existing employees who feel they can no longer work under its newly clarified ‘apolitical culture.’ The exit packages on the table include six-month severance for employees with over three years’ experience and a four-month severance for those below this level. Also, they will get six months’ insurance via COBRA, a U.S government program, as well as a seven-year option exercise window.

The letter also mentions an upcoming AMA session on Thursday to further clarify the Coinbase cultural shift. After this, employees will have up to October 7 to have submitted their forms or be considered to agree with the new ‘apolitical culture’ and, therefore, ready to move forward as a Coinbase employee. Armstrong, however, noted that one does not have to agree with every aspect fully but committed to making the new direction a success.

Employees who feel like they would want to exit but not with the current package have since been advised to initiate discussions with HR,

“If you’re interested in speaking with HR about this package (not committing to taking it, but beginning a discussion), please fill out this form, and someone will reach out shortly.

Your conversation will be confidential with HR unless you choose to include your manager. If you decide to proceed, HR will provide you with a separation agreement and work with you on your last day.”

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Author: Edwin Munyui