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Coinbase To Start Offering Custodial Services

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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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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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