Tag: Coinbase

Coinbase CEO ponders banking features after Silicon Valley Bank crisis

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The wider cryptocurrency community continues to debate the ongoing fallout following the closure of three major American banks, with calls for neobank services for the industry on the cards. Silicon Valley Bank (SVB), which has traditionally served startups across a number of innovation sector industries, was shuttered by California’s Department of Financial Protection and Innovation on March 10. The reasons surrounding the closure are still coming to light but the news caused shockwaves through the industry, primarily driven by USD Coin (USDC) issuer Circle having over $3.3 billion of its…

Coinbase, Celsius and Paxos disclose funds in Signature Bank

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Crypto exchange Coinbase, crypto lender Celsius and stablecoin issuer Paxos are among the crypto firms with funds reportedly tied up with the now-shuttered Signature Bank.  The crypto-friendly Signature Bank was shut down by New York regulators on Mar. 12 in conjunction with the United States Federal Deposit Insurance Corporation (FDIC) to “protect the U.S. economy” as they claimed the bank posed a “systemic risk.” Crypto exchange Coinbase tweeted on Mar. 12 that it had around $240 million in corporate funds at Signature that it expected would be fully recovered. As…

USDC Volatility Lifts Bitcoin’s Coinbase Premium to 3-Year High

“When news broke that Circle’s funds were stuck in Silicon Valley Bank, users rushed to redeem their USDC for USD,” Ignas said. “On Coinbase, users could redeem 1 USDC for $1.00, but Coinbase suspended conversions over the weekend when banks are closed, which worsened the situation, leaving traders with no option but to liquidate holdings in the spot market.” Source

Coinbase CEO hails reintroduction of crypto tax reform law

Coinbase CEO Brian Armstrong has lauded U.S. lawmakers’ decision to revive a bill seeking to clarify crypto tax reporting. Bill to streamline crypto asset reporting requirements The Keep Innovation in America Act is a bipartisan bill introduced in March 2021 that Reps. Patrick McHenry and Ritchie Torres have revived to address digital asset reporting requirements. 1/ @PatrickMcHenry and @RepRitchie have reintroduced the Keep Innovation in America Act, which would clarify crypto tax reporting requirements so that they work with digital assets. — Brian Armstrong (@brian_armstrong) March 9, 2023 According to…

Coinbase will not back down on staking despite SEC’s stance

Coinbase, the crypto exchange, has said it would continue to provide its staking services, even though the Securities and Exchange Commission (SEC) is working on a plan to clamp down on purported unregistered securities offers made via staking incentive schemes. An email by the firm states that “Coinbase serves merely as a service provider linking you, the validators, and the protocol” instead of giving a portion of its staking rewards. It also further states that Coinbase does not provide a share of its staking rewards. Coinbase might instead expand its…

Coinbase reiterates that staking services will continue, despite SEC crackdown

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Despite the recent crackdown by the U.S. Securities and Exchange Commission (SEC) on staking services offered by centralized providers, Coinbase has reiterated to customers that its staking services will continue, and “may actually increase.” In a new customer email, highlighted by popular traders such as @AltcoinPsycho via Twitter on March 10, Coinbase outlined its updated staking terms and conditions starting from March 29. New email from Coinbase regarding staking: “Your staked assets will continue earning rewards, no action is required… You earn rewards from the protocol, not Coinbase” Coinbase basically…

Coinbase Launches New Web3.0 Discovery Surface

The new web3 discovery surface will afford users the opportunity of exploring the best decentralized applications (dApps) available on Web3. As part of its web3 expansion efforts, American crypto exchange, Coinbase Global Inc (NASDAQ: COIN), has just added a new web3 discovery surface. This comes a few hours after recently introducing its Wallet as a Service (WaaS) solution to help companies onboard their users onto web3. According to a Twitter announcement, the new web3 discovery surface will afford users the opportunity of exploring the best decentralized applications and services (dApps) available…

Ether Hits Two-Month Low Under $1.4K as Coinbase Premium Index Dwindles

The New York Attorney General’s decision to refer to ether as security in its lawsuit against the cryptocurrency exchange KuCoin likely catalyzed the selling. If ether is deemed as a security and not a commodity, then the Securities and Exchange Commission may subject ether investors to stringent requirements regarding registration, disclosure and accreditation. Source