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Regulators Approve Coinbase Acquisitions

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Coinbase

Coinbase recent request to gain the regulators’ approval for three acquisitions has finally been granted. This might lead to the popular crypto platform becoming the first-ever venue for trading securities that have been regulated on a federal level.

Coinbase moves forward: The trio acquisition approved

According to Coinbase recent announcement, both the SEC, as well as FINRA, have decided to approve its request to buy three firms that might allow it to start offering tokens classified as securities. If this does come to pass, the process of trading such tokens will be under federal oversight, but the process will be officially regulated, and therefore – completely supported.

The companies in question include Digital Wealth LCC, Venovate Marketplace Inc., as well as Keystone Capital Corp. By making this move, Coinbase is expected to receive a license that will allow it to work as a broker-dealer, as well as a registered adviser regarding investments, and even as an alternative trading system. This will make a large change in the way that the platform conducts its business, considering that alternative trading systems work outside of public stock exchanges that are considered to be traditional.

Coinbase’s spokesman, Elliott Suthers, stated that this approval is another very important step towards trading securities on the platform, which is Coinbase’s ultimate goal. Of course, Suthers recognizes that there are a lot more steps before this becomes a reality, but each step towards it is a big deal.

Coinbase spearheads the securities enlistment

The possibility of achieving this goal would mean a lot for Coinbase. Regulated traders might end up handling billions of dollars worth of tokens that the companies end up selling during ICOs. Even though a lot of countries have been attacking ICOs whenever they got the chance, various companies have already managed to raise billions upon billions via ICOs in this year.

This amount is three times a large as what was achieved in 2017, and we are only halfway through the year. According to the SEC, the large majority of these coins are classified as securities, which means that coin issuers need to register and follow the federal laws. However, this also includes all the platforms that choose to accept these coins in their trading practices.

This has caused a lot of exchanges to do just that, with Coinbase obviously leading the movement. Despite the fact that Coinbase seems to be leading, other traders are not far behind. Circle Internet Financial Ltd., for example, stated only last month that it plans to register as brokerage so that it might allow its customers to buy or sell securities just like regulated cryptos.

Additionally, the company also works on plans to receive federal banking licensee, so that it could serve even more customers.

As for Coinbase, its next move is to integrate its technology into the companies that it had bought. The company’s spokesman did not provide an established timeline regarding this, so there is no telling when the company will start or finish this task. Still, it is known that the process will include company employees getting the right licenses, as well as changing the way how data reporting goes within the companies.

Five new coins might come to Coinbase soon

Additionally, Coinbase also announced that it will soon consider adding five new coins, which was an announcement that a lot of people have been waiting for, for a long time. The new additions to Coinbase’s crypto list may include Cardano, Stellar, 0x, Basic Attention Token, and Zcash. Despite these coins being considered, Coinbase stated that there is no guarantee that all of them – if any – will actually be listed.

If the platform does decide to add some, or all, of these coins, such a move would mark a very important turning point for the platform. Especially considering that so far, it only offered Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Still, nothing is confirmed yet, and there is no guarantee that the coins won’t end up being considered securities. The crypto community continues to await the final decision, while Coinbase continues to move forward with its plans of expansion.

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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.

Image courtesy of DonkeyHotey via Flickr

Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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