Coinbase announced they will add support for ERC20 tokens, the technical standard behind ethereum blockchain tokens; they don’t have plans to add any new token yet but is building out their technology to do so; "This is an infrastructure upgrade that will enable us to support many more assets in the future," a Coinbase representative told Business Insider.; the company did caution that they will wait regulatory clarity before adding any assets. Source.
Bitcoin market exchange CoinBase has received licensing from the New York Department of Financial Services (DFS) to expand its business to New York; the bitcoin licensing process involved analysis of the company's anti-money laundering, capitalization, consumer protection and cyber security policies; along with CoinBase, the New York DFS approved four additional firms for virtual currency business operations including licenses for XRP II and Circle Internet Financial, and charters for Gemini Trust Company and itBit Trust Company. Source
Coinbase and affiliates have taken the lead on introducing a legal framework for blockchain tokens as a security; on Wednesday they released a 27-page framework for regulation and best practices for blockchain tokens; paper provides a risk score measurement, best practices for token sales and a detailed securities law analysis. Source
Coinbase announced four new services that show the exchange is looking to court institutions; Coinbase Custody is a custodian partnership...
As may have been expected, Coinbase's earnings report was a shadow of 2021's but the company's Q1 focus is now on "things they can control".
San Francisco-based Coinbase has received approval for digital currency trading of Ether and Litecoin in New York; the company was also granted approval for a debit card service called Shift Card; with the approval, Maria Vullo and the the New York State Department of Financial Services reiterated their position on the OCC's fintech charter, noting the importance for state fintech oversight. Source
The UK Financial Conduct Authority has granted Coinbase an E-Money License; Barclays is also allowing Coinbase to access the UK’s Faster Payments Scheme which is the core payment infrastructure in the UK; Coinbase’s Zeeshan Feroz stated, “There is no other exchange today that has access to domestic banking. UK consumers today have to jump through all sorts of hoops around sending money to European accounts using euros in order to get money in and out." Source
Bitcoin exchange Coinbase is reported to have brought in more than $1bn in revenues this past year; according to a report in Recode the revenue figures for Coinbase were supposed to be $600mn but the period between Thanksgiving and Christmas pushed them to over $1bn; the company has also seen spikes in users, with more than 100,000 users signing in over the Thanksgiving day weekend. Source.
Coinbase has been the top cryptocurrency exchange for the US market as it’s process makes signing up and buying bitcoin simple; they have seen accounts jump from 5.5 million to more than 13 million in less than a year; their success has not been without growing pains with a number of outages occurring and customers lodging complaints that no one was available to help them; recently they also came to an agreement with the IRS to hand over records of customers involving more than $20,000 which was a compromise from a year long battle. Source.
Cryptocurrency exchange Coinbase and payments company Ivy Koin have met with FDIC officials in recent weeks to explore obtaining a...