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Crypto Exchange Firm Coinbase Purchases BRD for an Undisclosed Fee

Posted on by Bob Coiney

In a recent report, Breadwinner AG, also known as BRD, a cryptocurrency wallet firm, has been bought by Coinbase Inc. for an undisclosed sum.

The company’s cryptocurrency wallet, formerly known as Breadwallet and Bread, was founded in 2015 and is a mobile-first wallet with over 10 million customers and $20 billion in assets under management. 

The company also offers crypto purchases, commercial registration, credit rating information, management tools, news, and merchant services in addition to the wallet.

The BRD app is accessible in over 170 countries for iOS and Android and contains features like iCloud key backup, configurable widgets, direct blockchain access, and 14 language compatibility. The app’s code is open source, and users receive BRD incentives based on usage, which are a type of transferable cryptocurrency.

Reaction to the Purchase

Reacting to the news of the purchase, BRD’s co-founders Adam Traidman and Aaron Voisine released a letter to their customers informing them of the recent development. They also assured their client base of the safety and security of their funds. 

They wrote, “Today, we would like to share the news that members of our team will be continuing our mission at Coinbase, where we will work together to bring the power of decentralization to even more users around the globe. At this time, nothing will change in the BRD wallet app, and as always, your funds are safe and secure.”

They continued, “You may continue to transact normally. In the future, BRD wallet users will have an optional migration path to self custody with Coinbase Wallet, which will include a special gift. Stay tuned for more details to come in 2022.”

Coinbase announced on Twitter that it is boosting its investment in self-custody and Web3 to increase global financial freedom. It wrote,” the BRD team will be joining @CoinbaseWallet to help accelerate web3 adoption. The team brings deep expertise in self-custody for crypto wallets, which will help Wallet enable more people to safely and securely access the decentralized world of crypto.”

According to Crunchbase, BRD had raised $54.8 million in venture capital funding before its acquisition. Xpring, SBI Crypto, East Ventures, Das Capital, and OKWave were among the investors.

The purchase was disclosed just one day after the Senate Banking Committee wrote letters to Coinbase and other companies inquiring about regulatory frameworks and stablecoins.

Coinbase is Aiding Crypto Adoption

In the United States, Coinbase is the most popular consumer-facing crypto-asset exchange. The company, which has been in business since 2012, offers customers to purchase, sell, and store crypto-assets such as bitcoin and ethereum.

Though Coinbase is renowned for its crypto-asset exchange, the company has broader ambitions than simply facilitating the purchase and sale of cryptocurrency. The company’s declared purpose matches the main ambition of crypto asset enthusiasts: to create a new, “open financial system.”

The main aim of Coinbase, according to CEO Brian Armstrong, is to enhance economic freedom around the world.

Binance on a mission to bridge the gap between physical stocks and crypto

Posted on by Bob Coiney

Trading in stocks and paying for it through cryptocurrency is the newest trend in DeFi. With this trend started by Terra Lab’s Mirror Protocol in December, Binance is the latest entrant in this genre that has come up with a better adaptation of Mirror’s concept.

Mirror Protocol launched its tokenized stock where it used synthetic stocks that are a tokenized representation of physical stocks. However, Binance has built on the idea and launched something more substantial in zero commission ‘tokenized stocks’. These tokens are “backed by a depository portfolio of underlying securities” associated with a German investment firm.

Binance has associated with Elon Musk’s Tesla to launch its first equity. Tesla is one of the companies that have a substantial amount of cryptocurrencies to show in its financials. Even Elon Musk has taken to Twitter numerous times to show his support for this ever-growing technology-backed asset class.

http://https://twitter.com/binance/status/1381570383896252416?s=20

Binance users will be able to acquire parts of Tesla shares to a fraction as small as one-hundredth of the Tesla share by settling the trade-in Binance USD or BUSD. Putting its users’ and investors’ worries at rest, companies shared that the tokenized stockholders will also receive dividends on the shares making this new concept an instant hit.

In the latest announcement, Binance and Coinbase, two of the biggest names in the crypto world have announced the launch of  COIN/BUSD trading pair allowing users to trade in marginal shares of Coinbase.

In an official statement, Binance mentions,” Binance will list the Coinbase Stock Token (COIN) following Coinbase’s official listing on NASDAQ.”

http://https://twitter.com/cz_binance/status/1382208866402803713?s=20

Binance also adds, “Binance will continue to respond to market demand by listing more stock tokens and features. Trading of stock tokens will follow traditional exchange hours and is not available for residents in Mainland China, Turkey, and other restricted jurisdictions.”

Highlights:

  • Binance has announced the launch of COIN/BUSD trading pair for its exchange users allowing them to trade in fractions of COIN equity.
  • Binance had earlier launched Tesla’s tokenized stock enabling its users to trade in one-hundredth share of Tesla’s stock.
  • Traditional trading hours to be followed for tokenized stocks.
  • This new asset class is not available for residents of Mainland China, Turkey, and other restricted jurisdictions.

Coinbase Partners with Square’s Crypto Patent Effort COPA

Posted on by Bob Coiney

Coinbase partners with Square’s crypto patent efforts in COPA. This the latest firm to make its move into the Crypto Open Patent Alliance or COPA as it is known. 

A news article on Theblockcrypto pointed out that the creation of the Crypto Open Patent Alliance or COPA was announced in September. Today, more than 17 companies have become part of the consortium.

Some of them include Protocol Labs, Blockstream, Satoshi Labs, Kraken. Coinbase is planning to join COPA, which is a consortium designed by Square with the sole purpose of improving the accessibility of crypto technology with the development of a collaborative patent library.

This was announced this week on Thursday. Crypto Open Patent Alliance has board members too. They released information on them. They have also appointed Dan Robinson, who will take care of the Paradigm Research Partner, and Steve Lee, who is the Square Crypto Lead. 

Other board members will be independently involved in the consortium in contributing towards the initiatives that are going to be undertaken. Some of them are considered as famous individuals in the cryptocurrency market. 

Walter Adamson had tweeted this on Coinbase joining Square’s crypto patent effort. 

https://twitter.com/adamson/status/1334718333602684928?s=20 

A news post on Coinmarketcap claimed the same. Square wants to make crypto technology available for everybody to work and develop on. Besides, the COPA members have vowed never to use the crypto patents against anybody. 

It will be used only for development purposes. These patents are free to use.  Crypto Open Patent Alliance has also partnered with developers who want to share their patents that work flawlessly on the crypto market and are planning to design more technologies in the space.

Brittany Cuthbert, who is the COPA Board Member and Senior Counsel at Coinbase, said that the crypto market is growing at a rapid pace, and all project members must build towards the open financial system.

She also added that they want to ensure everybody works towards the same goal in mind. The members of COPA have a big task at hand. They have to create a “foundational patent shield” that can provide immense growth for the industry.

Coinbase Pro Exchange Supports New Order for Chainlink, Uniswap, Yearn.Finance

Posted on by Bob Coiney

Coinbase Pro exchange has announced its support for new order books for a barrage of choices in the form of Zcash [ZEC], Uniswap [UNI], Algorand [ALGO], Yearn.Finance [YFI], and Chainlink [LINK].

A news publication on AMBCrypto claims that Coinbase Pro exchange is now adding support to Chainlink, Uniswap, Yearn.Finance, Zcash, and Algorand. The new pairs, which will be added to the exchange are UNI-BTC, LINK-BTC, LRC-BTC, ALGO-BTC, YFI-BTC, and ZEC-USD. 

The trading for the pairs will be launched on December 8th in phases. Traders can make use of the post-only, limit-only, and full trading. The exchange said that if traders find that the new order books are not able to meet the assessment, the books may be kept in one state for a lengthy period of time. 

They can suspend trading according to the rules of the exchange to ensure a healthy and orderly market. The move is not surprising, considering the fact that several cryptocurrency exchanges are aggressively adding new projects at this time. 

It is evident given the current environment in the crypto market where there is decentralized finance. Fuzzy. One who are a supply chain and information engineering service had this to tweet about the development.

https://twitter.com/FuzzyOne10/status/1334222100127567872?s=20 

Coinbase will henceforth be stopping handing margin trading service for users. The platform made the decision on November 25. Traders noticed that it was removed in December as the expiration of all trading positions came into effect. 

According to a news post on NEWS BREAK many from the DeFi and insiders knew the move was just a matter of time. Kyle Joseph Kistner, who works for the bZx platform, said that the CFTC stance of not your keys, then it is not your cryptocurrency, may impact the exchanges. 

He felt that CFTC is saying only DeFi traders will be given the margin trading service, which is not a good idea. That is because it may become a barrier to other users. As of now, Coinbase Pro supports significant projects, including UNI and YFI.

Latest Crypto Exchange news – 1 Dec

Posted on by Bob Coiney

In this post, we will take a look at some of the latest Binance news and happenings in the crypto market. This information will be useful for users and traders who have funds on Binance as well as those planning to invest in the exchange. 

Binance Review and Comparison with Other Exchanges

A news article on Globalcryptopress had claimed that from more than 200 popular crypto exchanges, Binance is the best. The data was based on the volume of trade that was done this year. 

Why is this so?

The cryptocurrency exchange works on Bitcoin and altcoin trading platforms. The exchange does not hide facts and offers competitive trading fee rates. Besides, Binance lets traders and users work using close to 1,000 cryptocurrencies. 

Perhaps, this could be the main reason why traders are keen on trading using the exchange. They also see that the trading times are exceptionally quick. Additionally, transaction processing offers traders a barrage of services and products, including crypto payment cards, crypto loans, and staking.

Binance offers Secure Asset Fund for Users (SAFU), which makes it safe for users. When there is hacking, then the users are immediately alerted. Now coming to the fees, when compared to exchanges like Kucoin and Uniswap, they withdraw a 0.1% cut fee.

This is for margin trading and spot trading that are held on the platform. Moreover, they provide users with a 25% discount when they are trading with Binance Coin (BNB) and another 25% for referrals.

Kraken is considered as the third popular exchange, and they work on a “maker-taker fee schedule.” The maker is charged close to a 0.16% fee, and the taker has to pay a minimum of 0.26% fee.

Companion table of the market today

Name  Last price 24 Change  Market 
BNB $31.27 +3.58% –
BTC $19,598.79 +5.89% –
ETC $607.15 +3.86% –
XRP $0.653349 +4.24% –
BCH $313.70 +6.81% –
LTC $89.47 +12.76% –

Value of Asian Exchange Data Can Generate $4.23 Billion Annually, Say Market Analysts

An interesting report was published on Blockchain News stating that strategy consultants are optimistic about the Asian Exchange. The sale of the data present on the exchange itself can generate close to $4 billion annually.  

This is according to a leading market analyst, Quinlan & Associates. They specialize in the financial services industry. Based on their research, a report that explores different avenues present in the Asian exchange has been suggested. 

They found that the exchanges contain large amounts of data that can be a precious commodity. The stock in the market can improve growth and prepare for the future by selling their exhaust data, striking deals with third-party partnerships, and developing index services.

Benjamin Quinlan, who is the CEO, felt that the market data is growing at a rapid pace, and that is a sign of changing trends of traders. The value-added information and advanced tools are having immense value, where “investment analysis tools” are intensely democratized.”

Binance Spot Trading System Upgrade Complete

A news article on Binance has said that Binance was able to complete a spot trading system upgrade yesterday. Now that is great news for traders who want to do trading activities. They can complete their deposits, cancel orders, trade on the OTC site, trade on P2P, and participate in savings and redemption.

However, users who want to do Futures and Margin trading using the open position may want to re-assess their collateral balance. This helps them mitigate their prices before the trading begins due to price fluctuations that may happen at that time. 

Uniswap trading volumes holding steady despite liquidity leak

A recent news report on Coinjournal stated that the trading volumes on Uniswap were holding steady despite the liquidity leak. It was plunging due to the shakeup occurring after its farming period.

Joe, the CryptoGeek who is a social media strategist had this to tweet about Uniswap listing price and others.

https://twitter.com/joedegeek/status/1333509512586727424?s=20

The total locked value was more than $1 billion as of November 17, but within 24 hours, it slumped to 11.70%. Due to the loss of liquidity did not impact trading volume, it was steady at around $10 billion. 

It seems to be the only positive metric on the exchange as they were steady during this period. Uniswap is the largest decentralized exchange in terms of trading volume, however they had lost more than half of its collateral.

Ethereum 2.0 Staking Rewards to be Made Available On Coinbase

A news report on Coinbase stated on December 1, the Ethereum Beacon Chain will come up with a multi-year upgrade to Ethereum 2.0 (ETH2). Customers can now easily convert their ETH to the Coinbase accounts and earn staking rewards.

Coinbase, where traders can buy and sell cryptocurrency had tweeted this on the development.

https://twitter.com/coinbase/status/1333478962576715777?s=20

Though the ETH2 tokens are the main currency, Coinbase will allow traders to use ETH2 as well as ETH. They can use the currency that offers them with liquidity. The Ethereum was used in the market since 2015, and was widely utilized as decentralized exchanges, lending protocols, and others.

The ETH2 aims to provide a solution for limited scalability and high gas prices. The designers are extremely confident that the new development can work for the benefit of the traders and the users who are keen on using several currencies for liquidation purposes.