Bitcoin Wunderkind Erik Finman Launches Coinbase Rival

By CCN Markets: Bitcoin entrepreneur Erik Finman, who became a millionaire by age 18, wants to bring crypto to the masses through a new investing platform called CoinBits. In fact, Finman is so confident in his concept that he projects he’ll be able to onboard one million customers within the next 12 months. Finman: CoinBits Is Better Than Coinbase The 20-year-old high school dropout told MarketWatch that his platform is superior to rivals like Coinbase and Robinhood because it’s much more user-friendly. “The goal of the application is to make…

Coinbase Boasts ‘Extremely Strong’ Debit Card Launch in 6 EU Nations

By CCN Markets: Coinbase is expanding its crypto debit card into six more European countries on Wednesday. After launching in the UK in April, the company saw “extremely strong take-up” for the card, and “blew past” the initial target of 1,000 cards. The Coinbase Card will now roll out in Germany, Spain, France, Italy, Netherlands, and the Republic of Ireland. On its blog, Coinbase explained: “Coinbase Card lets anyone with a Coinbase account in a supported country spend their crypto instantly worldwide. Since launching in the UK, Coinbase Card users…

CryptoCompare Launches Benchmark Rankings for Cryptocurrency Exchanges

Cryptocurrency data and indices provider CryptoCompare is working to make it easier to spot good, and bad, crypto exchanges. Announced Wednesday, the company has launched a benchmark ranking of over 100 active spot exchanges from across the globe, offering users a “comprehensive, granular and reliable source of information on the best trading venues.” CryptoCompare’s Exchange Benchmark was launched to address the need for reliable metrics to evaluate the large number of cryptocurrency exchanges now offering services around the world. The firm explains: “Employing both a qualitative (due diligence) and quantitative…

Initial Exchange Offerings are Providing Big Returns, But Why?

Christopher Brookins is the founder of Valiendero Digital Assets, a quantitative crypto fund founded out of Carnegie Mellon. 2019 has not only seen a resurgence of the crypto bull, but also capital raising. In particular, IEOs or “Initial Exchange Offerings” have been highly visible for both good and bad reasons. Positively, IEOs have produced large returns to-date. Negatively, to quote Jeff Dorman at Arca, “Many argue (correctly) that IEOs are illegal (in the US) since the tokens are clearly securities, & unregulated exchanges are acting as broker/dealers. Thus, U.S. investors…

With the Rise of IEOs, Investing in Altcoins Can Be Brilliant

By CCN: It’s unpopular to say this in some sectors, but it can be brilliant to invest in altcoins. If you’d bought up a ton of Binance Coin when it was first offered, for example, you’d have made your investment back plus many hundreds of percent by now. This can be the same for upcoming IEOs as it was during the ICO boom. Functionally, the only difference is the backing of the exchanges themselves, which implicates them as much as it credits them. IEOs are gaining popularity among investors. |…

IEOs Raise Half a Billion, Keep Fundraising Alive for Blockchain Startups

By CCN: There’s a new fundraising sheriff in town in the maturing cryptocurrency space. While initial coin offerings (ICOs) were all the rage during the last bitcoin bull run, initial exchange offerings, or IEOs, have muscled them out of the way. If it weren’t IEOs, the market would have likely found another mechanism, but these appear to be the deal of choice for now. Funds that previously flowed to ICOs in 2017 are now being redirected into wiser IEOs, as evidenced by the rising trends. IEOs have attracted $518 million…

Poloniex Users Threaten to Sue After Losing $13.5M in CLAM Flash Crash

By CCN: U.S.-based cryptocurrency exchange Poloniex has revealed that its lenders lost $13.5 million in a sudden CLAM price crash. To cover its losses, the exchange slashed the principal of active BTC loans by approximately 16%. Now outraged Poloniex users are calling the move a “theft” and considering launching a lawsuit against the exchange. An Eye-Popping 1,800 BTC Lost in Two Hours The CLAM market suffered a major crash. | Source: CoinMarketCap On May 26, CLAM’s price fell from $20.30 to $6.10 in a two-hour flash crash. The sudden price…

Polish Cryptocurrency Exchange Coinroom Exit Scams With Customer Funds

By CCN: Coinroom, one of the largest cryptocurrency exchanges in Poland, has suddenly closed down its services in April as part of an exit scam that had left thousands of customers as victims. According to the Polish media outlet Money.pl, Coinroom customers received an email on April 2 stating that the cryptocurrency exchange is terminating their contracts and they have one day to withdraw their funds. Failing to do so within that time would force users to request withdrawals by sending an email directly to the Coinroom support team. Coinroom…

Binance’s New Stablecoin Poses Serious Threat to Tether’s Dominance

By CCN: According to Wei Zhou, the chief financial officer at Binance, the most widely utilized crypto asset trading platform in the global market, the exchange is planning to issue a stablecoin in the upcoming months, possibly to compete against Tether. Tether dwars other stablecoin in bitcoin volume on Binance (source: binance.com) Speaking to Bloomberg in an interview, Zhou reportedly said that the exchange plans to launch its stablecoin “in a matter of weeks to a month or two.” Can binance compete against tether? Although there were some periods wherein…