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Coinbase To Start Offering Custodial Services

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Coinbase
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A new report issued by the DFS (Department of Financial Services) of the state of New York stated that cryptocurrency exchange Coinbase has received an approval to form custodial firm for cryptos. The new firm, Coinbase Custody Trust Company LLC, will offer custody services for six different digital currencies. These will include all major coins that Coinbase has already listed — Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ethereum Classic — but also Ripple (XRP), which does not fall under that category.

The new move was announced only a few hours after Coinbase officially added support for USDC. Up to this point, the exchange already had two DFS licenses — Virtual Currency license, and Money Transmitter license. These two allowed it to trade, store, receive and transfer digital assets. While it is still unclear whether or not the new subsidiary will offer custody services for altcoins like USDC or ZRX, which are now also listed on the exchange, the move is still very beneficial to the general crypto market.

Asiff Hirji, the president and COO of Coinbase, commented by saying that that the NYDFS has always been a strong supporter of the crypto industry and its development. Furthermore, by opening new channels of funding, Coinbase will bring significant benefits to the crypto space.

Coinbase moves to further expand its services

The exchange’s recent moves are very different from their usual approach. Apart from furthering the establishment of cryptocurrencies and bringing them closer to mainstream use, Coinbase is also accelerating the adoption of additional altcoins. While this may only be a response to an increase in demand, it is still a good development for the cryptocurrency industry.

Another reason why this move will help Coinbase significantly is the fact that it is not the only crypto business to ask and gain approval to offer custody services. Other companies, such as Prime Trust, BitGo, Northern Trust, and multiple others have done the same thing. By gaining the approval, Coinbase will now be able to rise up to meet the competition on equal ground.

Not only that, but the exchange also seeks approval for multiple other projects, such as the broker-dealer license, registered investment advisor license, and even a license for an alternative trading system. Additionally, a report from August 2018 stated that the exchange is making expansion plans, which will double the number of their employees in New York. These plans come as preparation for a larger goal of providing services to institutional investors, many of which have developed an interest in the crypto market.

Finally, considering that Coinbase will now offer custody services for XRP as well, the community started speculating whether or not this means that Ripple will soon be listed. So far, Coinbase has not confirmed these rumors, but the investors remain optimistic.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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