Tag: coinbase

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BlackRock Partners With Coinbase in Crypto Market Expansion – Top Crypto Updates

BlackRock partners with Coinbase in crypto market expansion

The world’s largest asset manager, BlackRock Inc., is partnering with Coinbase Global Inc. to make it easier for institutional investors to manage and trade Bitcoin. Top BlackRock clients will be able to use its “Aladdin” investment-management system to oversee their exposure to Bitcoin, stocks, and bonds. The system will also facilitate financing and trading on Coinbase’s exchange.

Crypto prices today: Bitcoin up 1%, ETH rises 1.9%

Bitcoin is currently trading at $23,220.65, an increase of 0.98% over the previous day. Ethereum rose 1.87% over the last 24 hours to $1,661.93. Solana rose 2.97% to $40.1, while Cardano is trading higher by 1.7% at $0.510. Polygon (MATIC) rose 3.1% to $0.924. The global crypto market cap stands at $1.09 trillion, a 1.78% increase over the previous day.

Binance, Mastercard launch Bitcoin Rewards Card in Argentina

Binance and Mastercard have launched a prepaid rewards card in Argentina to help citizens spend crypto on everyday goods. The card will let users buy things and pay bills with Bitcoin and other cryptos. It will convert the crypto users hold on the Binance app into fiat currency (US dollars or Argentine pesos) in real-time at the point of sale.

Instagram adds Flow blockchain NFTs; FLOW token jumps 44%

Meta’s Instagram has added support for Flow-based NFTs as it expands its NFT initiative into more than 100 total countries. FLOW’s price has surged as a result, up about 44% over the past 24 hours. Instagram’s expanding integration lets collectors showcase their verified Flow NFTs on their accounts in Meta’s photo-sharing service. 

Halliday raises $6M for ‘Buy Now, Pay Later’ Ethereum NFTs

Web3 startup Halliday has raised $6 million in a new seed round led by Andreesen Horowitz (a16z) to change how gamers buy and use digital assets in virtual worlds. The platform gives gamers a “play now, pay later” option. It aims to make in-game purchases and proof of ownership for NFTs more affordable and convenient for gamers.

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Coinbase Faces SEC Probe on Crypto Listings – Top Crypto Updates

Coinbase faces SEC probe on crypto listings

As per a Bloomberg report, Coinbase Global Inc. is facing a U.S. Securities & Exchange Commission investigation into whether it improperly allowed Americans to trade digital assets that should have been registered as securities. The SEC’s scrutiny of Coinbase has increased since the platform increased the number of tokens in which it offers trading.

Currently, Coinbase lets Americans trade more than 150 tokens. If those products are deemed securities, the firm would need to register as an exchange with the SEC.

Crypto prices today: Bitcoin falls 0.15%, ETH down 0.45%

Bitcoin is currently trading at $21,099.26, a decline of 0.15% over the previous day. Ethereum fell 0.45% over the last 24 hours to $1,417.46. Solana fell 0.82% to $35.65, while Cardano is trading lower by 0.63% at $0.468. Polygon (MATIC) is down 1.05% to $0.757. The global crypto market cap stands at $963.64 billion, a 4.35% decline over the previous day.

The crypto market is in the red as investors prepare for a two-day Fed meeting that is expected to see a 75-basis-point rate hike.

Tether, Bitfinex aims to build a new internet with P2P app Keet

Tether and Bitfinex CTO Paolo Ardoino has announced the launch of Keet, a blockchain-based peer-to-peer (P2P) video chat app. The app will run on the Holepunch platform, which allows users to connect via text, call, or video via distributed technology. Users can locate and connect with each other using only cryptographic key pairs upon authorization.

Titanium Blockchain CEO pleads guilty to securities fraud

The U.S. Department of Justice announced that Michael Stollery, the CEO of Titanium Blockchain Infrastructure Services (TBIS), has pleaded guilty to his role in a scheme that brought in $21 million through a fraudulent initial coin offering (ICO). Stollery called the scheme a “crypto investment opportunity,” luring investors to purchase the firm’s BAR token through a series of false and misleading statements. He faces up to 20 years behind bars.

Tesla records $170M impairment charge on Bitcoin

Tesla Inc. recorded a $170 million impairment charge against the carrying value of its Bitcoin holdings for the first six months of the year. An impairment charge is a process used by businesses to write off worthless goodwill. These are assets whose value drops or is lost completely, rendering them worthless. The electric-car maker also logged $64 million in gains from certain sales of its Bitcoin holdings.

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OpenSea Debuts Solana NFT Launchpad – Top Crypto Updates

OpenSea debuts Solana NFT launchpad

NFT marketplace OpenSea has rolled out its new launchpad feature for minting new Solana non-fungible token (NFT) projects. A launchpad lets collectors mint (i.e. generate and purchase) NFTs during a primary sale. Zoonies, an alien-themed Solana NFT profile picture project, debuted on the platform yesterday. However, it’s been more than a day since the Zoonies mint began on OpenSea, and the project has yet to sell out.

Crypto prices today: Bitcoin down 0.15%, ETH up 0.3%

Bitcoin is currently trading at $23,117.6, a decline of 0.15% over the previous day. Ethereum rose 0.3% over the last 24 hours to $1,599.61. Solana fell 0.57% to $42.89, while Cardano is trading lower by 0.44% at $0.498. Polygon (MATIC) fell 0.13% to $0.903. The global crypto market cap stands at $1.05 trillion, a 2.3% increase over the previous day.

SEC claims Coinbase lists nine crypto assets that are securities

The U.S Securities and Exchange Commission (SEC) claimed in a new court filing that at least nine digital assets listed on the crypto exchange Coinbase are unregistered securities. The SEC and the Department of Justice also announced charges against former Coinbase Product Manager Ishan Wahi and two others. They are accused of running an insider-trading scheme that earned them more than $1.1 million in illicit gains. 

No plan to exempt crypto transactions from taxes: Indian Govt

The Indian Government is not considering any plan to reduce taxes on crypto transactions. In a written reply to a query in the Rajya Sabha on whether the Government wants to exempt crypto transactions from taxes, Minister of State for Finance Pankaj Chaudhary said, “There is no such proposal under consideration.”

In Budget 2022, the Government has announced a flat 30% tax on income from crypto and also 1% TDS on crypto transactions.

Read more here.

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Coinbase to Expand Presence in Europe – Top Crypto Updates

Coinbase plans to expand presence in Europe

Crypto exchange Coinbase Global Inc is looking to expand in some European markets, even as the digital asset market experiences a downturn. The company is in the process of expanding in France, Italy, Spain, and the Netherlands, It aims to launch its retail, institutional, and developer products in these markets.

Crypto prices today: Bitcoin at 19,100, ETH falls 1%

Bitcoin is currently trading at $19,105.10. Ethereum is down 1.07% over the last 24 hours to $1,050. Solana fell 0.72% to $32.72, while Cardano is trading lower by 0.26% at $0.448. Avalanche (AVAX) is up 3.78% to $16.68. The global crypto market cap stands at $863.33 billion, a 0.32% decline over the previous day.

Meta to shut down crypto wallet Novi by September

Meta said it will shut down its digital wallet for crypto, Novi, in September. The wallet helps people send and receive money internationally with no fees. The Novi app and its integration with WhatsApp will no longer be available, and users won’t be able to sign in to their accounts after the expiry date.

Vauld suspends withdrawals, trading due to ‘financial challenges’

Crypto exchange Vauld has suspended all withdrawals, trading, and deposits on its platforms due to rising “financial challenges”. The company has witnessed withdrawals above $197.7 million since June 12, 2022, when the collapse of TerraUSD (UST) triggered a crash in the crypto market. Vauld intends to apply for a moratorium in the Singapore courts to get a “breathing space to carry out a proposed restructuring exercise.”

TDS rule brings down volumes on crypto platforms

Spot trading volumes on crypto exchanges CoinDCX, WazirX, and Zebpay declined by ~70% on average yesterday. This is primarily due to the imposition of a 1% tax deducted at source (TDS) on the transfer of virtual digital assets (crypto, NFTs) worth more than Rs 10,000, effective from July 1. It is likely to push day traders to move out of Indian exchanges.

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Coinbase to Launch ‘Nano’ Bitcoin Futures – Top Crypto Updates

Coinbase to launch ‘Nano’ Bitcoin Futures via derivatives exchange

Coinbase Derivatives Exchange (formerly known as FairX) is launching its first crypto derivatives product this month. The CFTC-regulated futures exchange will launch its Nano Bitcoin Futures (BIT) on June 27. Coinbase is also awaiting regulatory approval on its own futures commission merchant (FCM) license to offer margined futures contracts for its clients.

Crypto prices today: Bitcoin rises 1.2%, ETH up 3.2% 

Bitcoin is currently trading at $20,815.18, an increase of 1.27% over the previous day. Ethereum is up 3.2% over the last 24 hours to $1,135.97. Solana rose 4.3% to $37.96, while Cardano is trading higher by 2.47% at $0.486. Avalanche (AVAX) surged 10.56% to $19.20. The global crypto market cap stands at $926.59 billion, a 1.18% increase over the previous day.

Binance teams up with Cristiano Ronaldo for NFT push

Binance announced a multi-year non-fungible token (NFT) partnership with football legend Cristiano Ronaldo. With this partnership, the firm plans to launch a global marketing campaign to promote Web3 and provide football fans with a compelling entry point into the NFT market.

Solana Labs launches mobile platform; reveals smartphone

Solana Labs has announced an Android-based software kit for developing mobile Web3 apps. “Solana Mobile Stack” (SMS) is an open-source software kit designed to enable the development of native Android apps built around the Solana blockchain. The firm will also release its own android smartphone called Saga, which will be released in 2023.

Indian govt gives clarity on taxation of digital token transactions

The Indian government has brought in some much-needed clarity in the matter of taxing digital token transactions. The Union Budget 2022-23 had declared a 30% tax on income from crypto from the new financial year and a 1% TDS on all crypto transactions starting July 1. Now, the Central Board of Direct Taxes has clarified how firms could comply with the revised tax.

According to the new rules, exchanges will have to deduct tax from the crypto buyer’s side in a transaction. This tax must be paid to the Centre within 30 days of the end of the month during which the deduction was made.

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Shopify Adds NFT-Gated Option for Online Retailers – Top Crypto Updates

Shopify adds NFT-gated option for online retailers

Shopify is launching non-fungible token (NFT)-gated storefronts as a new feature for brands looking to make their stores more exclusive. Token holders can connect a crypto wallet to unlock exclusive shopping experiences, from early access to drops and limited collections to one-of-a-kind experiences. Shopify is a Canadian multinational e-commerce company.

Crypto prices today: Bitcoin rises 2.5%, ETH up 2.3% 

Bitcoin is currently trading at $20,563.91, an increase of 2.58% over the previous day. Ethereum is up 2.32% over the last 24 hours to $1,100.84. Solana rose 6.4% to $36.36, while Cardano is trading higher by 2.72% at $0.474. Avalanche (AVAX) surged 8% to $17.46. The global crypto market cap stands at $908.92 billion, a 2.36% increase over the previous day.

Coinbase to phase out trader-friendly ‘pro’ exchange

Coinbase announced its plans to discontinue its advanced, trader-focused Coinbase Pro service by the end of the year. The service offered lower fees to traders who interacted directly with the Coinbase Exchange order book. It will be replaced by Advanced Trade, a service that offers comparable features but that will live within the main Coinbase app and site.

Tether to launch stablecoin pegged to British Pound Sterling

Tether has announced plans to introduce a token pegged to the British Pound Sterling next month. The stablecoin (GBPT) will be initially supported by the Ethereum blockchain. GBPT is set to become the fifth fiat currency-pegged stablecoin launched by Tether, joining the U.S. dollar-pegged USDT, Euro-pegged EURT, and Chinese Yuan-pegged CHNT.

GST on crypto likely as council may take decision next week: Report

As per a Bloomberg report, the Goods & Services Tax (GST) council will meet next week to discuss a GST on cryptocurrency transactions. Discussions may be held on placing crypto in the highest tax slab of 28%. An additional tax on the industry could be troublesome for crypto exchanges and traders in the country. 

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Coinbase Cuts Workforce by 18% – Top Crypto Updates

Coinbase to cut workforce by 18%

U.S.-based crypto exchange Coinbase will cut its global workforce by 1,100 or ~18% to ensure it stays “healthy during this economic downturn.” It will take a restructuring charge of up to $45 million to cover the job cuts, mostly for employee severance and other termination benefits. Coinbase stock was trading around $250 at the beginning of the year and has fallen about 80% since then.

Crypto prices today: Bitcoin falls 5%, ETH down 8%

Bitcoin is currently trading at $21,145.21, a decline of 4.9% over the previous day. Ethereum fell 8.25% over the last 24 hours to $1,118.7. Solana fell 7.7% to $28.08, while Cardano is trading lower by 8.15% at $0.460. Avalanche (AVAX) fell 8.8% to $15.25.

Bored Ape ETH NFTs drop below $100K for first time since Aug 2021

The floor or entry-level price for a Bored Ape Yacht Club NFT has fallen below $100,000 for the first time since August 2021. It’s down 78% since late April, when Bored Apes started at nearly $429,000. Since its launch, the Bored Ape Yacht Club has been a key symbol of rising valuations in the NFT market.

US crypto bill could undermine market protections: SEC Chair

The recently proposed U.S. crypto bill could undermine the existing regulatory framework for broader capital markets, said Securities & Exchange Commission (SEC) Chairman Gary Gensler. He said many crypto companies are issuing tokens that should be classified as securities, while services such as offering yield for staking are overseen by the SEC.

SEC launches inquiry into insider trading at crypto exchanges: Report

According to a Fox Business report, the US SEC has begun an investigation into whether crypto exchanges have sufficient protections against insider trading. The regulator had sent a letter to a major crypto exchange asking about the kinds of protections it has in place against insider trading. The letter was sent after the collapse of TerraUSD and LUNA last month.

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Crypto Crash Devalues Ukraine Govt’s Crypto Fundraise – Top Crypto News

Crypto crash devalues Ukraine govt’s crypto fundraise

Ukraine plans to continue to tap crypto investors to help raise funds after a crash in token prices wiped out its fundraising efforts in May. On March 19, the Ukrainian government said it had raised more than $60 million worth of crypto. But two months later, the total amount raised was only worth $51.5 million.

All the funds raised in the “Aid for Ukraine” fund were stored in crypto. The government was able to spend $45 million on equipment for Ukraine’s army before the crash.

Crypto prices today: Bitcoin up 1.6%, ETH up 0.21%

Bitcoin is currently trading at $29,785.75, a 1.6% increase over the previous day. Ethereum rose 0.21% over the last 24 hours to $1,983.62. Solana fell 1.17% to $49.08, while Cardano is trading higher by 0.4% at $0.520. Avalanche (AVAX) fell 2.2% to $26.62. The global crypto market cap stands at $1.27 trillion, a 0.99% increase over the previous day.

Brave adds Solana support and Ramp Wallet functionality in latest update

Privacy web browser Brave’s latest desktop release now includes support for the Solana blockchain and its SOL and SPL tokens. Brave Wallet can be used to buy, sell, and hold SOL and SPL tokens through the non-custodial payment platform Ramp. Ramp allows users to buy crypto directly from their Brave Wallet instead of having to purchase crypto on an exchange and then transfer it to a wallet.  

Coinbase becomes first Bitcoin company among Fortune 500

Coinbase has become the first crypto-focused company to be included in the Fortune 500. The US-based crypto exchange recorded $7.8 billion in revenue for the 2021 financial year, ranking 437th on the list. The company derives a bulk of its revenue from trading fees.

Crypto risks could spill over into wider economy: ECB

A European Central Bank (ECB) report stated that financial institutions using crypto/digital assets as a form of payment could increase “spillover to the wider economy”. Regulators have been looking into the devastating collapse of the Terra blockchain coins. It has raised questions on the stability of algorithmic stablecoins like UST, which are not backed by a fiat currency.

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Coinbase Launches Global ‘Think Tank’ for Crypto – Top Crypto News

Coinbase launches global ‘think tank’ for crypto

Coinbase is launching a global think tank to shape the policy debate around digital assets. The Coinbase Institute will accelerate research on cryptocurrency and Web3 (a decentralized version of the internet). It will also spearhead discussions with policymakers and academics on the intersection of technology and finance.

Crypto prices today: Bitcoin falls 1.6%, ETH down 3.4%

Bitcoin is currently trading at $29,317.75, a 1.6% decline over the previous day. Ethereum fell 3.4% over the last 24 hours to $1,965.2. Solana fell 7.4% to $51.4, while Cardano is trading lower by 8% at $0.517. Avalanche (AVAX) crashed 12.68% to $29.27. The global crypto market cap stands at $1.24 trillion, a 3.28% decline over the previous day.

SEC Chair threatens action against unregistered crypto exchanges

Gary Gensler, Chair of the US Securities and Exchange Commission (SEC), has cited concerns about crypto enforcement in its budget request for the next fiscal year. He referred to crypto markets as “highly volatile and speculative” and expressed the need for “new tools and expertise” to address enforcement.

‘Crypto bank’ Cashaa exits from Unicas in India

Cashaa, a fiat and crypto neo bank, announced its exit from Unicas, its maiden attempt to enter the personal crypto-banking market. In 2020, Unicas offered crypto-friendly INR Savings accounts to its customers in partnership with the United Multistate Co-op. Cashaa is expected to release its expansion plan for India soon. 

Aave launches decentralized, NFT-based social media protocol

Aave has launched Lens Protocol, an NFT-based decentralized social media protocol that runs on the Polygon network. It can power an array of potential social media apps and services. It will allow users to own their content by storing it as non-fungible tokens (NFTs) within a crypto wallet.

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Coinbase Allows Users to Access Ethereum-Based Dapps – Top Crypto News

Coinbase allows users to access Ethereum-based dapps

Coinbase Global will allow a small set of its users to access Ethereum-based decentralized apps (dapps) directly from the Coinbase app. This move will help users purchase NFTs on various marketplaces, including OpenSea. It will also allow users to trade on decentralized exchanges such as Uniswap and Sushiswap. They will also enable borrowing and lending through DeFi platforms like Curve and Compound.

Crypto prices today: Bitcoin, ETH up 3%

Bitcoin is currently trading at $30,429.42, a 2.9% increase over the previous day. Ethereum rose 3% over the last 24 hours to $2,073.4. Solana rose 4.36% to $56.36, while Cardano is trading higher by 2.8% at $0.577. Avalanche (AVAX) rose 1.6% to $33.83. The global crypto market cap stands at $1.30 trillion, a 2.96% increase over the previous day.

TerraUSD falls to 11 cents; creator announces rescue plan

The price of the stablecoin TerraUSD was down sharply by 36% to 11 cents as its creator, Do Kwon, announced a plan to rescue the project. He said the crux of the plan involved what is called a “fork” in software terms—basically taking the existing code and starting over with an updated version. The new version will distribute 1 billion tokens of a new version of Luna to existing Luna and TerraUSD holders and developers.

Brazilian stock exchange B3 to launch Bitcoin Futures

Brazil’s only stock exchange, B3, plans to launch Bitcoin (BTC) futures in the next 3-6 months. The exchange is currently building the infrastructure to offer crypto market access to end-users. Currently, B3 offers exposure to crypto exchange-traded funds (ETF) listed in the Brazilian regulated market.

SEBI seeks to ban celebrity endorsements of crypto

The Securities & Exchange Board of India (SEBI) has reportedly suggested that prominent public figures such as celebrities and sportspeople should not endorse crypto products. The regulator added that public personalities could be held accountable if the crypto ads are found to be violating regulations. The Advertising Standards Council of India (ASCI) has been examining additional and fresh guidelines around crypto ads to protect the interests of consumers.

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Bitcoin Falls to Lowest Level in 16 Months – Top Crypto News

Bitcoin falls to lowest level in 16 months

Bitcoin has fallen to its lowest level in 16 months on Thursday as a wider crypto selloff gathered steam. The cryptocurrency dropped to ~$26,350, to stand at its lowest since December 28, 2020. In the last eight sessions, it has lost a third of its value (or $13,000). The crypto market has come under pressure in recent days alongside stock markets.

Crypto prices today: Bitcoin falls 8%, ETH crashes 16%

Bitcoin is currently trading at $27,924.95, an 8.31% decline over the previous day. Ethereum has crashed 16.5% over the last 24 hours to $1908.21. Solana plummeted 28.33% to $45.17, while Cardano is trading lower by 23.5% at $0.461. Polygon (MATIC) crashed ~30% to $0.572. The global crypto market cap stands at $1.18 trillion, a 12.95% decline over the previous day.

Coinbase loses half its value in a week as crypto slumps

Crypto trading platform Coinbase lost half its value in the past week, including its biggest one-day drop to date on Wednesday. The company reported a $430 million net loss in the first quarter due to a decline in sales and active users. Revenue was down as trading volumes fell. Active monthly users fell 19% from the fourth quarter.

Zerodha’s Nithin Kamath cautions Indian crypto investors

Zerodha co-founder Nithin Kamath has cautioned Indian investors against the prospect of US cryptocurrency exchange Coinbase Global on Twitter. He claimed that customer assets could be at risk in case of bankruptcy of Coinbase. He advised Indian crypto investors to be aware of Coinbase’s dramatic fall and added “crypto with exchanges carry a risk”.

Citadel Securities, BlackRock slam social media accusations of involvement with UST collapse

Social media had been swarming with accusations surrounding the collapse of TerraUSD (UST). Many formed a conspiracy theory involving the same entities from the GameStop short squeeze— BlackRock, Citadel Securities, Gemini. While BlackRock manages cash reserves for USDC, it said in a public statement it does not trade UST. Citadel Securities has also stated that it does not trade in stablecoins. Meanwhile, Gemini tweeted that it has made no such loan as claimed in the conspiracy theory.

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India Aims to Roll Out Digital Currency by Next Year – Top Crypto News

India aims to roll out digital currency by next year: Finance Minister

Finance Minister Nirmala Sitharaman said India aims to introduce digital currency by 2023. “The government and RBI are looking into its several commercial use purposes and not just financial inclusion, which is largely achieved through the JAM trinity (Jan Dhan-Aadhaar-Mobile),” she said. The minister also said India will take a considerate decision on regulation around virtual currencies.

Crypto prices today: Bitcoin rises 1.9%, ETH up 0.5%

Bitcoin is currently trading at $39,379.2 a 1.94% increase over the previous day. Ethereum is up 0.5% over the last 24 hours to $2,884.92. Solana rose 0.7% to $99.18, while Cardano is trading lower by 0.61% at $0.836. Avalanche (AVAX) fell 0.96% to $69.48. The global crypto market cap stands at $1.80 trillion, a 1.12% increase over the previous day.

Coinbase lists competitor Binance’s stablecoin BUSD

Coinbase has listed Binance USD (BUSD), the crypto exchange’s U.S. dollar-backed stablecoin, for trading on the Ethereum network. That makes it the eighth stablecoin to be offered by Coinbase. The main stablecoins listed on Coinbase include Tether (USDT), USD Coin (USDC), TerraUSD (UST), Dai (DAI), Paxos Standard (PAX), Rai Reflex Index (RAI), and mStable USD (MUSD).

BlackRock launches its first crypto-exposed ETF

BlackRock has listed its iShares exchange-traded fund (ETF) to allow investors to gain exposure to the crypto market. The iShares ETF seeks to track the investment results of an index composed of US and non-US companies involved in the development, innovation, and utilization of blockchain and crypto technologies. BlackRock is the world’s largest asset manager.

Goldman Sachs to explore tokenization of real assets

Goldman Sachs is examining non-fungible tokens (NFTs) and particularly the tokenization of real assets. The Metaverse, where real-world assets like real estate are bought and sold as NFTs, has caught the attention of big names in financial services and a range of other industries.