Coinbase opens Dublin office amid Brexit uncertainty

San Francisco-based cryptocurrency exchange Coinbase has announced the opening of a Dublin site, its second office in Europe.

In a blog post, Coinbase Vice-President for Operations and Technology Tina Bhatnagar said, “Our new office will help us tap into the city’s diverse talent pool and long-standing support for technological innovation, including a burgeoning cryptocurrency economy.”

She said that the team in Dublin “will complement Coinbase operations in London and host a variety of new business-related functions, including roles for which we’re hiring right now.”

Ireland’s Minister for Financial Services and Insurance Michael D’Arcy said, “This decision highlights the competitive offering and attractiveness of Ireland for financial services.”

Coinbase UK CEO Zeeshan Feroz told CNBC that uncertainty in the implementation of policies after Great Britain’s 2016 vote to separate from the European Union (EU), “played some part in the decision.” He also pointed out that “[t]he EU is our most significant market outside the U.S.”

Martin Shanahan, CEO of IDA Ireland, the country’s inward investment promotion agency, said, “Dublin is a talent hotspot for companies like Coinbase as they scale and internationalize critical business operations.”

Last month, the UK Parliament’s Treasury committee released a report that recommended for additional oversight of the cryptocurrency trade, to be handled by the Financial Conduct Authority. The report denied that cryptocurrencies served as media of exchange, due to their volatility in price.

Coinbase has also recently opened an office in New York, to focus mainly on institutional clients. The New York office currently has a work force of 20, but is set to increase by 150 next year, to handle the expansion.

Even at present, regular users are reportedly experiencing delays with withdrawal of funds. Some 200 pages of complaints against Coinbase had reportedly been filed at the U.S. Securities and Exchange Commission (SEC) last summer. Responding to such concerns, the company said it was addressing the problems by hiring more personnel and working to reduce response times, among other actions.

As part of Coinbase’s efforts at developing its global market, it has modified its cryptocurrency listing procedure, allowing users to directly suggest or apply for tokens to be listed.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Coinbase withdrawals delayed as much as a week

It would appear that Coinbase, the San Francisco-based cryptocurrency exchange and wallet provider, is slow to respond to customer requests. Specifically, requests to withdrawal funds. According to a report in CryptoGlobe, sources have told the media outlet that US-based customers are having a difficult time making withdrawals, with some reporting delays of up to a month.

According to the article, only the US customers are affected. The issues apparently impact all of the platform’s assets and have been reported for as long as two weeks. The delays are reportedly not seen on Coinbase’s institutional platform, Coinbase Pro.

The topic has found its way to social media. One user, Ricard Antonio Ramos, stated on Facebook, “6 day hold now last I checked [at least] for me.” He was responding to a post by Chris Enlow, who had said “…It takes a few days for your deposit to clear but then you can buy and sell instantly at least. I think the last time I bought crypto from [Coinbase] they held the damn coins for 7 days…”

Coinbase is no stranger to complaints. Since last year, there have been reports that the platform holds funds before pushing them out to depositors’ accounts. This past summer, a number of media outlets reported on the issues, uncovering 200 pages of complaints that had been filed with the US Securities and Exchange Commission (SEC).

The platform said at the time that it was working to facilitate customer issues and would be hiring more staff to help manage a surge in activity on the exchange. However, the latest complaints follow a decrease of 83% in the trading volume seen on the exchange this past August. This will make it difficult for Coinbase to explain the delays as being a result of too much activity.

Coinbase has also had to deal with lawsuits of insider trading and accusations of making repeated illegal charges against the bank accounts of its users. The insider trading issues have been found to be unsubstantiated and the unauthorized charges were, according to Coinbase, a result of problems at Visa, not at Coinbase.

The company is reportedly now worth $8 billion after being backed by hedge fund Tiger Global last month. Tiger Global reportedly invested $500 million, half of which will go toward investments with the other half used to buy out investors.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Coinbase reaches $8B valuation on heels of Tiger Global’s $500M investment

With Coinbase poised to land a $500-million investment from hedge fund giant Tiger Global, the cryptocurrency exchange’s value may be at $8 billion, according to online publication Recode.

Of the $500 million to be invested, as much as $250 million is earmarked for buying out existing investors.

The Recode article noted that Coinbase had been valued at $1.5 billion in the summer of 2017, just before a spike in interest in cryptocurrencies and record levels of coin prices and trading volumes.

When Coinbase bought out networking platform Earn.com in April for over $120 million, it reportedly did so at an $8-billion valuation, which the company has declined to confirm or deny.

Rumors of an upcoming Coinbase IPO have been around over the past year. Last December, its President Asiff Hirji said, “the most obvious path of Coinbase is to go public at some point, but there’s a lot for us to do between now and then, whenever that date is.”

It doesn’t hurt that the exchange recently welcomed Chris Dodds from brokerage Charles Schwab, as part of the Coinbase Board of Directors. In a blog post, Coinbase co-founder and CEO Brian Armstrong said, “Chris brings world-class leadership skills, deep knowledge of the financial services industry, and significant financial and accounting experience… His addition to the Coinbase board is part of our effort to expand our financial services capabilities as we head into this next chapter for the company and the cryptocurrency industry as a whole.”

Dodds also continues to serve as board member of Charles Schwab, and as the brokerage’s risk committee chairman.

Coinbase has been busy expanding its operations, such as opening a branch in New York, and providing new products. It recently introduced Coinbase Bundle, where traders can purchase for a minimum of $25, a diversified portfolio featuring five cryptocurrencies—including Bitcoin Cash (BCH)—as an alternative to deciding what and how much of each asset to buy.

The exchange has also changed its process for listing assets, allowing users to submit their applications, where local laws will determine what coins or tokens will be made available to users for trading.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Coinbase ‘Bundle’ aims to simplify crypto trading

Cryptocurrency exchange Coinbase has released a new update, the Coinbase Bundle, which aims to simplify crypto trading.

In a blog post, the San Francisco-based company said the Bundle is a market-weighted selection of five cryptocurrencies—Bitcoin Cash (BCH), along with BTC, ETH, LTC and ETC—which are available to buy and sell on Coinbase for as low as $25.

Customers will be able to choose how much cryptocurrency they want to own. Using the current market cap at the time of purchase, Coinbase will calculate a diversified portfolio of available cryptocurrencies that will be purchased with just a few taps. According to the company, it will be easy for anyone to own as much (or as little) of a stake in cryptocurrency as they see fit.

Once a bundle is purchased, the cryptocurrencies will be stored in their respective wallets and can be traded just like separate cryptocurrencies in one’s Coinbase account. One will be able to buy, sell, send and receive each cryptocurrency as an individual asset. Coinbase Bundles will be available to customers in the U.S. and Europe over the coming weeks.

Incidentally, the crypto exchange also announced that all of its UK customers can now access GBP payments and new GBP trading pairs on their Coinbase, Coinbase Pro or Coinbase Prime accounts.

Along with the Coinbase Bundle, the exchange will now host informational asset pages about the top 50 digital currencies in terms of market capitalization, in addition to a “Coinbase Learn” section aimed at educating newcomers to cryptocurrency trading.

The rollout will now allow users to submit their applications for virtual currencies to be traded in the platform via Coinbase Listing. The listing requests will be allowed “in a jurisdiction-by-jurisdiction manner,” depending on local laws. “In practice, this means some new assets listed on our platform may only be available to customers in select jurisdictions for a period of time,” according to the company.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Coinbase to provide ‘global’ selection of tradable cryptocurrencies

California-based cryptocurrency exchange Coinbase announced a change to its process of listing cryptocurrencies as part of its efforts to increase trading options for users.

In a blog post, the exchange said that it would now allow users, through Coinbase Listing, to submit their applications for virtual currencies to be traded in the platform. Such listing requests will be entertained “in a jurisdiction-by-jurisdiction manner,” depending on local laws. “In practice, this means some new assets listed on our platform may only be available to customers in select jurisdictions for a period of time,” Coinbase said.

The exchange said the changes were a way to deal with “now thousands of digital assets of all types, including coins, tokens, forks, stablecoins, and collectibles” being offered worldwide. “With this shift in process, our customers can expect us to list most assets over time that meet our standards,” according to the Coinbase team.

Currently, the exchange already offers Bitcoin Cash, among other cryptocurrencies that include BTC, ETH, ETC and LTC.

Coinbase said that such an increase in assets for trading meant “we will also begin communicating with a wide variety of asset developers and ecosystem participants. As always, all employees of Coinbase will continue to be subject to trading restrictions and confidentiality obligations to ensure the integrity of our platform.”

Coinbase’s Dan Romero, in explaining the move, told CNBC, “Ultimately, crypto is a global phenomenon. You have software developers and entrepreneurs around the world building products on top of crypto, and it’s unlocking a lot of use cases, particularly in emerging markets. I think we need to shift as a company to a more global perspective.”

Matthew Beedham from online tech magazine The Next Web noted that the “jurisdiction-by-jurisdiction” approach would mean “some new digital assets won’t be available to customers based in the U.S. due to stricter regulations.”

Coinbase recently announced the opening of a new office in New York, in which about 150 employees will be hired throughout next year. The expansion is intended to cater to institutional clients located closer to Wall Street.

The exchange is one of several companies that have expressed an interest in launching an exchange-traded fund (ETF), although this still depends on regulators, who have yet to approve an ETF application, giving the go-signal.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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US regulators punish crypto firm claiming ties to Coinbase

A Russian cryptocurrency firm has met the long arm of the law in Texas. According to a press release by the Texas Securities Commission (TSC), Coins Miner Investment Ltd. was presented with an emergency cease-and-desist order following allegations that the firm and allegedly misstated marketing material to investors.

Specifically, the TSC claims that Coins Miner fraudulently claimed ties to Cointelegraph and Coinbase. It allegedly spoofed Coinbase’s email address in an effort to defraud investors and make it appear as though the company was tied to Coinbase.

Additionally, Coins Miner lied and said that it was registered in the UK. However, it was operating out of Volgograd, Russia. TSC has charged the company with sending spam emails to lure them into making investments in its mining operations.

The cease-and-desist order targets a Coins Miner affiliate by the name of “Ana Julia Lara.” She is charged with representing herself as a cryptocurrency trader with Coinbase and for misappropriating a photo that allegedly showed her with the president of Ripple.

According to the order, “Respondent Lara is telling potential investors she met the president of Ripple and [is] providing potential investors with a photograph that purports to depict her and the president of Ripple. The photograph does not depict Respondent Lara. Instead the photograph depicts a vice president at CoinTelegraph Media Group [sic].”

On its website, CoinTelegraph has denied “all connection with the person ‘Ana Julia Lara.'”

A video published by Coins Miner was also targeted in the order. The fake video includes pictures of supposed facilities, as well as engineers and other professionals, that were proven to be stock photos easily accessible over the Internet.

Another video shows a journalist with Fortune magazine talking about crypto. Next to him is a logo for the Coins Miner company. However, the logo was superimposed on the imagery and the TSC order points out that “neither the journalist nor Fortune authorized the use of the video, which was filmed for Fortune as part of its coverage of cryptocurrencies.”

Crypto opponents love stories like these because they give them the opportunity to try and prove the fallacy of cryptocurrencies. However, a quick Internet search on the term “fraud” produces over 40 articles on fiat-based fraud and scams—written only in the past 24 hours.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post US regulators punish crypto firm claiming ties to Coinbase appeared first on Coingeek.

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US regulators punish crypto firm claiming ties to Coinbase

A Russian cryptocurrency firm has met the long arm of the law in Texas. According to a press release by the Texas Securities Commission (TSC), Coins Miner Investment Ltd. was presented with an emergency cease-and-desist order following allegations that the firm and allegedly misstated marketing material to investors.

Specifically, the TSC claims that Coins Miner fraudulently claimed ties to Cointelegraph and Coinbase. It allegedly spoofed Coinbase’s email address in an effort to defraud investors and make it appear as though the company was tied to Coinbase.

Additionally, Coins Miner lied and said that it was registered in the UK. However, it was operating out of Volgograd, Russia. TSC has charged the company with sending spam emails to lure them into making investments in its mining operations.

The cease-and-desist order targets a Coins Miner affiliate by the name of “Ana Julia Lara.” She is charged with representing herself as a cryptocurrency trader with Coinbase and for misappropriating a photo that allegedly showed her with the president of Ripple.

According to the order, “Respondent Lara is telling potential investors she met the president of Ripple and [is] providing potential investors with a photograph that purports to depict her and the president of Ripple. The photograph does not depict Respondent Lara. Instead the photograph depicts a vice president at CoinTelegraph Media Group [sic].”

On its website, CoinTelegraph has denied “all connection with the person ‘Ana Julia Lara.'”

A video published by Coins Miner was also targeted in the order. The fake video includes pictures of supposed facilities, as well as engineers and other professionals, that were proven to be stock photos easily accessible over the Internet.

Another video shows a journalist with Fortune magazine talking about crypto. Next to him is a logo for the Coins Miner company. However, the logo was superimposed on the imagery and the TSC order points out that “neither the journalist nor Fortune authorized the use of the video, which was filmed for Fortune as part of its coverage of cryptocurrencies.”

Crypto opponents love stories like these because they give them the opportunity to try and prove the fallacy of cryptocurrencies. However, a quick Internet search on the term “fraud” produces over 40 articles on fiat-based fraud and scams—written only in the past 24 hours.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Coinbase to hire over 100 employees as part of Wall Street growth

California-based Coinbase recently opened a new office in New York. Coindesk reports that it will cater primarily to institutional clients and currently operates with 20 employees. In anticipation of extreme growth, the company has said that it will hire an additional 150 employees over the course of 2019 as it continues to grab a hold of Wall Street.

The market downturn has not resulted in a downturn in interest. Institutional investor demand is on the rise and is expected to pick up even more. According to Coinbase Institution General Manager Adam White, “When we saw the market begin to correct, which we all expected, institutions didn’t lose interest. It was exactly the opposite. They look at it as an opportunity to enter when things are not too frothy.”

The company’s local staff was recruited from traditional financial entities—Citigroup, Barclays and the New York Stock Exchange, for example—operating on Wall Street. This has given Coinbase access to “an incredibly deep pool of talent.” According to White, “We have to create a bridge between financial services and technology. In order to do that, we need to pull from some of the best and brightest minds that have worked their whole careers in other kinds of traditional financial firms.”

Despite a focus on institutional investments, Coinbase clarifies that it isn’t neglecting the retail investors. Christine Sandler, the company’s head of institutional sales, told CoinDesk, “We want to partner with appropriate institutions to help the whole ecosystem grow. It’s not ‘institutional or retail,’ because a lot of these institutions will be distributors.” She added, “We’re committed to not being a U.S. company.”

Coinbase is also looking to expand its operations globally “pretty quickly.” It began forming a team to staff a new office in Tokyo last summer and has also applied for certification with Japan’s Financial Services Agency (FSA).

While Coinbase is expanding, other cryptocurrency exchanges have been shrinking. Earlier this month, Kraken laid off 57 employees, or around 10% of its workforce, across North America. However, the exchange’s CEO, Jesse Powell, still expects to add more personnel this year, possibly growing his team to as many as 1,000.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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