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Coinbase Just Moved $5 Billion for Altcoin Expansion

Coinbase has been extremely active with its ’12 Days of Coinbase’ marketing initiative. The cryptocurrency exchange has been releasing daily updates on its company for the last ten days. Yesterday’s announcement was the biggest yet.

Coinbase Moves $5 Billion

On day one, the cryptocurrency exchange announced that its users could buy e-gift cards from a wallet on its platform through WeGift. Vendors supported on WeGift include Uber, Nike, and many others.

On day five, Coinbase announced that it had teamed up with PayPal, and the platform now offers PayPal withdrawals in the US. The announcements just keep getting bigger and bigger. It will be interesting to see what day 12 will hold!

Yesterday, on Day 10, Coinbase announced that it took on what it believes to be the biggest cryptocurrency transfer on record. The cryptocurrency exchange recently moved 5% of all Bitcoin, 8% of all Ethereum (ETH), and 25% of all Litecoin (LTC) in circulation. The reason for doing so was to move the funds to its new evolution of a cold storage wallet.

The announcement reads:

“We began planning months before the actual move date and involved almost every team at Coinbase in the process. We conducted risk assessments, honed monitoring plans and conducted test migrations until we were positive that the live migration would go off without a hitch.”

The migration went without complication. This new cold storage system is a core part of the company’s strategy to expand its asset offerings.

>> Western Union: Testing Ripple’s Blockchain, Will It Take on Crypto Next?

Day 11

Today, Coinbase announced it has expanded to six additional European countries. Starting today, the cryptocurrency exchange will be available in Lithuania, Iceland, Isle of Man, Guernsey, Gibraltar, and Andorra. The company was already operational in 33 countries before today’s announcement.

“Next year we will continue expanding rapidly into new regions and adding assets to the Coinbase platform to meet customer demand,” the announcement concludes.

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Coinbase Improves and Adds Crypto-to-Crypto Trading

Coinbase is now new and improved—watch out Binance! The US’s most popular cryptocurrency exchange announced yesterday it has added crypto-to-crypto trading.

Coinbase Crypto-to-Crypto Trading

Starting today on the exchange, investors are now able to convert between six different digital currencies. This is all part of the company’s new marketing initiative, called the ’12 Days of Coinbase.’ Each day at noon PST, the company plans on announcing new features, support for new digital currencies and more.

All crypto-to-crypto conversions are completed instantly, and it will cost less than performing two separate transactions. Coinbase is charging a 1% spread for the conversion. This fee is not fixed and could go up and down due to the volatility of the market. Currently, this feature is only available to US investors. The cryptocurrency exchange hopes it can roll out this feature soon to the other 34 countries it operates out of.

The other major update to the platform has been instant PayPal withdrawals and today’s announcement has yet to come.

>> Bitcoin Price Approached $20K in Dec. 2017 and Now It’s At $3K

Binance vs. Coinbase?

Once the announcement spread of the crypto-to-crypto trading that is now available on the US exchange, a major debate sparked in the crypto community.

However, the CEO of Binance quickly shot down the debate. Maybe his company is feeling some pressure?

According to CoinMarketCap, Binance still remains the top used digital currency exchange. Its 24-hour trade volume is sitting just under $1 billion. Coinbase Pro is currently the 23rd largest cryptocurrency exchange on the index by 24-hour trade volume. Doesn’t seem like much of a competition if you ask me. Binance has far more coins to choose from, although Coinbase is working on adding new altcoins to its platform as we speak.

Earlier this month, Coinbase announced it’s exploring adding an additional 30+ coins to its platform.

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Coinbase will Add Nearly 300 Coins in the Next Year but Won’t IPO

The major US cryptocurrency exchange Coinbase has just announced that it won’t IPO any time soon but will be adding hundreds of more coins in the next year. Coinbase’s President and COO Asiff Hiriji told Bloomberg his company’s plans this morning via Bloomberg TV.

Coinbase Denies IPO

Yesterday, it was announced that Coinbase is now valued at over $8 billion USD after it closed its series E investment last week. This funding round was worth $300 million USD. With its value rising, some began to speculate whether the major cryptocurrency company was eyeing an Initial Public Offering any time soon.

Hiriji himself hinted about the potential offering back in 2017, stating that the company would like to go public “at some point.” The exec confirmed to Bloomberg reporters today:

“There’s not going to be an IPO any time soon; we have so much to do.”

Hiriji elaborated a bit more on what “so much to do” meant by saying his executives want to diversify revenue stream across the company’s two platforms. Currently, Coinbase offers only seven cryptocurrencies at the time. Hiriji elaborated a bit more about his company’s future plans by saying:

“We offer seven [cryptocurrencies], so you should expect us to go from seven to that total number we think is worth it [200 – 300] over the next year or so. Some things will be offered in the U.S., but more things will probably be offered outside the U.S.”

US Regulations

Currently, the US has the strictest policies across the globe when it comes to cryptocurrency. Most companies won’t even offer their services to US citizens because it’s impossible to comply with the regulations put in place by the SEC. It seems the US-based company has no interest in trying to pass these laws and is shifting gears to foreign crypto investors now.

It remains unknown at this time which coins will be available to US investors when the new batch is released.

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Crypto Daily News | $1 Trillion Worth of BTC Transferred & Coinbase News

In today’s edition of Crypto Daily News, we’ll cover the updates of nearly one trillion dollars worth of Bitcoin (BTC) has already been traded in 2018 and Coinbase making steady progress in enhancing its platform.

Crypto Daily News: August 16th, 2018

Almost One Trillion Dollars Worth of BTC

According to Trustnodes, an estimated $830 billion worth of Bitcoin (BTC) has been traded so far this year. Coinmetrics composed the data and removed items that often mess with the price of Bitcoin, including “mixers, self-churn, privacy enhancements, spam, and change outputs.

From the perspective of the blockchain, all transactions are equally valid – but from the perspective of an analyst or economist, it’s useful to isolate only the meaningful economic transactions, so that’s what we’ve done here,” says Coinmetrics in a statement introducing the new measure.

The majority of the money moved into Bitcoin (BTC) took place at the beginning of the year, no surprise there. According to their data, Money being moved in and out of BTC has declined each month of the year.

The figures composed are just estimates, so they may be off by 10% or so.

>> Coinbase Brought in 50,000 Users a Day in 2017

Coinbase Continues to Make Moves

This week, Coinbase’s CEO Brian Armstrong spoke at Bloomberg’s Players Technology Summit in San Francisco. He told the panel and crowd at the conference that, at one point in 2017, Coinbase was signing up 50,000 users a day.

This news is unsurprising as cryptocurrency was the hot new craze towards the latter half of 2017 and a lot of the popular cryptocurrency exchanges had to halt new user registrations because their systems were at max capacity.

Armstrong didn’t comment on how many new users Coinbase is currently signing up daily, but he did mention that his company is still rapidly growing and has more than 1,000 employees now.

Yesterday, Coinbase announced that it acquired the San Francisco-based Distributed Systems Inc, which works on decentralized identity solutions. Coinbase’s know-your-customer (KYC) protocols have seriously been lacking, as that has been its customers’ biggest complaints. Since it hired new employees, service has gotten a lot better but it seems the company wants to try and streamline the process.

The company must follow the guidelines that the SEC has in place and Distributed Systems will help the company with this.

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Robinhood Adds Support For Ethereum Classic

Robinhood Adds Support: Robinhood Financial announced yesterday that it would launch Ethereum Classis (ETC) on its trading platform.

And it was no accident that it listed the coin one day before Coinbase was to add ETC to its exchange; the world’s biggest exchange had announced only a few weeks ago that it was in the final stages of testing and that ETC would be available as of August 7th.

Which is today. 

But the announcement did outline that ETC would only be accessible for users with Coinbase Pro and Coinbase Prime accounts and that official trading would not go into effect immediately.

Robinhood Adds Support For Ethereum Classic

It could be mistaken, but it seems the fresher and much smaller Robinhood is trying to beat the big-dog to the punch by introducing ETC trading, a day before its competitor’s, supposed, launch date.

Ethereum Classic will be Robinhood’s sixth crypto offering on its platform.

Robinhood is a newly-launched crypto-trading platform which serves the US. It is expanding on a state-by-state basis and began with only four states earlier in 2018. It now has expanded to 19 states and has a current trading volume of $5.6 billion.

At present, the exchange offers Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dogecoin (DOGE) and now Ethereum Classic (ETC). The platform also tracks market data for 10 other cryptocurrencies which may or may not be added in the months to come

>>Bitcoin Is Getting Bakkt! NYSE Owner To Offer Federally Regulated Market For Bitcoin

Ethereum Classic Price Chart

Back in June, when Coinbase went public with its plans to support ETC, the value of Ethereum Classic shot up 23% in less than 24 hours. And it seems Robinhood could be creating a similar buzz. Currently, the coin is seeing a healthy 10% gain and stands at $19.15.

Robinhood Adds Support
Source: Coinmarketcap – ETC 7-day Price Chart

Or is this because Coinbase is purported to being supporting the coin today? Probably.

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