Coinbase Wallet Now Offers Its Users Google Drive or iCloud for Enhanced Key Storage Security

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Coinbase Wallet Now Offers Its Users Google Drive or iCloud for Enhanced Key Storage Security

Coinbase Exchange introduced iCloud and Google Drive services for the Wallet users to safely store and retrieve their private keys enabling them to avoid losing their funds when they lose their devices.

Coinbase Wallet Now Offers Its Users Google Drive or iCloud for Enhanced Key Storage Security

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Source: CoinSpeaker

Coinbase begins PayPal withdrawals for EU and European Free Trade Association customers

The cryptocurrency market has been in the midst of several updates and developments even though the charts show a mix of both bearish and bullish signals. Popular cryptocurrencies like Bitcoin [BTC], XRP and Ethereum [ETH] were also affected by this downtrend.
Coinbase, the largest cryptocurrency exchange on the planet in terms of users, is back in the news again after the company announced that the European Union and European Free Trade Association customers can now withdraw to their PayPal accounts. The company in an official press release stated:
“Last year we announced support for PayPal in the U.S., and today we’re expanding that support for PayPal withdrawals to all E.U. customers and customers in European Free Trade Association countries (Iceland, Liechtenstein, Norway, and Switzerland). We strive to make Coinbase the safest and easiest place to use cryptocurrency — offering convenient withdrawal options like PayPal is another big step towards that goal.”
The organization has stated that before PayPal, SEPA and UK Faster Payments were the only options for European customers to withdraw funds. The exchange’s new venture comes in the wake of a report suggesting that Coinbase’s trading volume had fallen consistently since 2018.
In January 2018, the exchange held a BTC/USD trading volume of $8.2 billion which then fell to $2 billion in December 2018. January 2019 saw the worst performance in terms of trade following to a low of $1 billion.
On the developmental front, Coinbase has also taken a massive step to support their institutional clients and high volume across Asia. Just recently, the Brian Armstrong led company had revealed that it will open its doors to professional trading and custody platforms for high volume customers and institutional clients in Asia.
Coinbase had said:
“We see a bright future ahead for crypto in Asia. Building on our announcement last June that Nao Kitazawa would lead our efforts in Japan, we have also recently appointed Kayvon Pirestani to head institutional sales in Asia, operating from our Tokyo office.”
The post Coinbase begins PayPal withdrawals for EU and European Free Trade Association customers appeared first on AMBCrypto.
Source: AMB Crypto

Coinbase Expands PayPal Support for its European Customers

Coinbase has now expanded its PayPal support services to its customers that belong to EU and European free trade Association countries with more regions to be added soon.
PayPal Withdrawal Option
In its latest announcement, Coinbase has expanded the support for PayPal withdrawals to all of its EU customers and customers in European free trade Association countries including Iceland, Liechtenstein, Norway, and Switzerland. Last year, Coinbase has announced PayPal support for the US customers.
“We strive to make Coinbase the safest and easiest place to use cryptocurrency — offering convenient withdrawal options like PayPal is another big step towards that goal.”
Before PayPal, European customers have only SEPA and UK Faster Payment options available to withdraw funds. Coinbase says, adding PayPal as a withdrawal option offers another great option for European customers to withdraw their funds as it is one of the most widely used and easiest payment platforms.
“Part of our commitment to being the safest and easiest is to support the preferred transfer options for our customers around the world.”
Having expanded this option to the US and now Europe customers, Coinbase will be adding more territories to this as it states, “We’re working on expanding support for PayPal in 2019.”
The Future of Blockchain
Recently, Dharma Labs whose first product Dharma Lever that enables loans for traders and large crypto holders and is in a closed alpha release secured $7 million in a round led by Green Visor Capital including Coinbase Ventures, Passport Capital, Y Combinator, and Polychain Capital. Moreover, the founder of Dharma is a former Coinbase engineering intern.
Coinbase VP Emilie Choi who runs the venture arm stated, “Dharma’s lending product makes it easy for developers and people to create loans that are trustless and managed on-chain. We view companies like Dharma, and their Lever product, as a sign that the crypto ecosystem is maturing, and an important step on the path to a more open financial system.”
Founded by Brian Armstrong, Coinbase also got listed in Forbes “The Future Of Blockchain: Fintech 50 2019.”
“Expanding beyond its roots as a bitcoin wallet and retail exchange, Coinbase now offers cryptocurrency custody, professional and institutional trading platforms, and an institutional trading platform. Last year bought Earn.com, a service where users pay in bitcoin to contact experts via email, for a reported $100 million.”
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Source: CoinGape

Breaking: Facebook Develops Its Own Cryptocurrency for Remittances

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Breaking: Facebook Develops Its Own Cryptocurrency for Remittances

Facebook is reportedly working on developing its own stablecoin, which initially will be focused on the remittances market in India where it will enable users to transfer money via a dollar-pegged cryptocurrency on WhatsApp.

Breaking: Facebook Develops Its Own Cryptocurrency for Remittances

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Source: CoinSpeaker

Facebook Blockchain Arm Booms, Even Amid Crypto Bear Market

Just months ago, David Marcus, the former president of fintech giant Paypal, was appointed as the inaugural head of Facebook Blockchain, the social media giant’s first stab at so-called “internet 3.0” innovation. But since Marcus’ appointment, many have been puzzled, as Facebook’s blockchain division has seemingly disappeared off the face of Planet Earth. In a testament to this confusion, the Menlo Park-headquartered corporation has only fleeting referenced its newfangled branch, specifically through the incessant stream of Facebook job opportunities posted via LinkedIn.
Yet, an exclusive report from Cheddar, an up-and-coming business media outlet, has revealed that Facebook’s “small” blockchain consortium has been bolstering its defenses behind closed doors. Citing those familiar with the matter, the outlet’s Alex Heath and Tanaya Macheel explained that nearly 40 employees, which consist of blockchain developers and former members of Paypal’s top brass, now work within the walls of the little-known program. In the exposé piece from Cheddar, it was also divulged that two former key members pertinent to the Instagram project had jumped onto the blockchain bandwagon.
And the social media powerhouse doesn’t seem poised to pause its blockchain efforts, even in spite of the Bitcoin market rut. Facebook has reportedly shot representatives across the globe in a search for potential team members at crypto-centric events. Such efforts to find talent haven’t been deemed enough, however, as Facebook Blockchain’s staffing recruiters and chiefs have also reached out to leading cryptocurrency projects in an attempt to poach promising employees.
Related Reading: The Crypto Markets May be in a Rout, But the Blockchain Job Market is in Full Swing
Pomp Bets Facebook “Builds The Most Used” Crypto Product
But while Facebook evidently means business, not much is known about the blockchain spoke’s inner workings and long-term ambitions. Crypto industry commentators have speculated that Facebook could be seeking to put pertinent segments of its social media platform on (de)centralized ledger technology, while others have speculated that a digital identity platform is in development.
Still, at a private rendezvous hosted by Facebook, attendees purportedly told Cheddar that the firm has intentions to launch a “decentralized digital currency” that would be aimed at its expansive user base. And interestingly, while the latter plan sounds the most ambitious, multiple reports have nearly verified that a token could be in development at Facebook’s new department. Speaking on the matter of a cryptocurrency or digital asset backed by Facebook, explaining why such a venture is logical, Drew Hinkes of New York University told Cheddar:
“They have a massive installed user base… They probably are looking at China and seeing how popular mobile commerce has been there and wondering why we can’t do that.”
Regardless, no matter the form that Facebook’s first crypto or blockchain offering takes, many are sure that it could turn this industry right on its head. Morgan Creek Digital partner Anthony Pompliano, known across Twitter for his hate for banks, and advocacy for cryptocurrencies, recently “bet” that the American internet juggernaut will build the “most used product in crypto.”
Related Reading: Morgan Creek Digital Makes $1 Million “Buffett Bet 2.0” Crypto Wager
Although this shouldn’t be exactly surprising, especially considering Pompliano’s former role at Facebook and the firm’s global influence, his comments took many aback, as Facebook accentuates the hallmarks of centralization in the eyes of cynics.
Not The Only Corporate Player On The Blockchain Block
Facebook isn’t, by any means, the only multinational institution to further its foray into blockchain technologies. As reported by NewsBTC, Paypal, the widely-used payments network, recently begun an in-house initiative centered around company-branded crypto assets. This system, which some have jokingly dubbed “PaypalCoin,” allows employees to garner, trade, and exchanges tokens for rewards, dubbed “experiences,” that include martial arts classes with CEO of Paypal, Dan Schulman.
Although this system was likely made in good fun, the fact of the matter is that if Paypal finds value in cryptocurrencies, the firm may seriously consider rolling out products surrounding this asset class in due time.
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On 5th Day of Christmas Coinbase Gave to U.S. Customers Free Instant Withdrawals to PayPal

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On 5th Day of Christmas Coinbase Gave to U.S. Customers Free Instant Withdrawals to PayPal

Coinbase launched its new 12 Days of Coinbase initiative and is already publishing new features and services every day at midday from 10th to 21st December.

On 5th Day of Christmas Coinbase Gave to U.S. Customers Free Instant Withdrawals to PayPal

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Source: CoinSpeaker

PayPal Launches New Blockchain-Based Token System for It’s Employees

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PayPal Launches New Blockchain-Based Token System for It’s Employees

Paypal, an online payment system platform has mostly avoided Bitcoin implementation till now. But, recently it has rolled out an internal employee incentive program that is based on Blockchain technology.

PayPal Launches New Blockchain-Based Token System for It’s Employees

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Source: CoinSpeaker

PayPal Delves Into Private Crypto With Internal Token Platform

With crypto markets falling ever lower many are making an exit from the space. Not all are that quick to jump ship however, and PayPal is among those looking towards cryptocurrencies, albeit private ones, starting with an incentive platform for its employees.
PayPal Tokens For Coffee With The Boss
The company has launched an internal private blockchain based platform for its staff to trade and exchange tokens while contributing ideas and participating in related programs designed to foster innovation. According to Cheddar the initiative has been built by around 25 people taking six months.
PayPal has setup an internal website for employees to access their private tokens and earn more by enrolling in learning programs. The tokens are not tradable outside of the system as they are worthless to all but company workers on its own blockchain.
Historically, PayPal has been anti-crypto and has not accepted it on its merchant platform due to volatility issues. These price fluctuations would be massively amplified considering the excessive length of time PayPal transactions take. This latest venture is only an effort to get staff used to the concept – PayPal still has no intention of adopting or using public cryptocurrencies.
The company has offered ‘experiences’ such as poker tournaments, martial arts and trail runs with head executives for employees that want to ‘cash in’ their tokens. One senior executive described it as a “Venmo-like feed people can like and comment on and see all the activity going on within PayPal related to innovation.”
It is very unlikely that PayPal will be venturing into the real world of cryptocurrencies any time soon. The company made $13 billion in 2017, and a large chunk of that is derived from hugely over inflated foreign exchange rates. Sending money between PayPal accounts in different currencies can cost as much as 5%. Borderless cryptos are obviously a threat to this business model.
PayPal is interested in the technology however and this latest incentive is another step towards it. The most likely outcome would be the development of a ‘PayPal token’ that is only redeemable on the platform to facilitate transactions.
Coinbase recently announced that it would be allowing PayPal for a very select number of users to withdraw crypto from its platform. The full KYC procedure would have to be adhered to which eliminates any advantage of using PayPal over a regular bank as its charges are no better, and often higher.
Image from Shutterstock
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Coinbase Users Can Now Easily Make Fiat Withdrawals via PayPal

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Coinbase Users Can Now Easily Make Fiat Withdrawals via PayPal

To enhance its customer experience, Coinbase has recently added a new option to withdraw fiat currencies via Paypal accounts.

Coinbase Users Can Now Easily Make Fiat Withdrawals via PayPal

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Source: CoinSpeaker

Coinbase and PayPal – A Match Made in Crypto Heaven?

Crypto exchange giant Coinbase usually blows its own trumpet when a new option is available on its trading platform. This has not been the case however with the recent addition of PayPal as an option to withdraw fiat for a small number of its customers.
There has been no official announcement however the company FAQ page has been updated with the following notice:
“Beginning in November, Coinbase will add the ability for customers to link their PayPal and Coinbase accounts. Depending on country of residence, customers can either withdraw cash to PayPal or sell their crypto to their PayPal account.”
Currently the countries of residence are reportedly limited to the US, UK, EU and Canada but at the time of writing the PayPal option was not available via the UK portal when we tried to link an account as confirmed by the Coinbase support chatbot.

The announcement goes on to state;
“Currently, customers are only able to use PayPal to withdraw or sell, and transaction availability depends on region. Coinbase does not support the ability to purchase digital currency using your PayPal account.” It also states that all of the regular KYC requirements must be satisfied before the PayPal option is made available.
Varying reports are filtering down the Coinbase Reddit stream from users that have tried withdrawing to PayPal. Some are claiming it takes 13 days to transfer out, others stating that it doesn’t work for Canadians yet, and our own experience of failure from the UK portal indicates that there is probably a reason Coinbase has kept this quiet.
PayPal’s Excessive Fees Are Another Case For Crypto
Whether the option is available or not, PayPal is hardly a bastion of decentralized finance. It does not adhere to any global banking regulations and can freeze or close accounts at its whim – which appears to be the source of the highest number of complaints from its users.
In addition to the vice-like grip of control over it maintains over customer finances and accounts, PayPal has some of the highest foreign exchange fees in the industry. Converting currencies can cost as much as 5% if you do it via PayPal. That is a cost of $50 to send $1000 if converting to or from another currency. This is evidently how the company has made over $13 billion profit in 2017.
In addition to excessive forex fees, and waiting times of up to a week for bank withdrawals, PayPal is constantly increasing its base fees which are often much higher than high street banks. This will eventually send users to crypto where transfers are virtually instant and cost a fraction.
PayPal is the antichrist when it comes to cryptocurrencies and the entire model of decentralized peer-to-peer finance. Coinbase also gets its fair share of complaints about higher than industry average fees, and rather zealous account controls. In this scenario it appears to be modeling itself as the PayPal of the crypto world.
 
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Coinbase secretly introduces free PayPal withdrawals

Coinbase, a California based cryptocurrency exchange has enabled the option of free PayPal withdrawals for various fiat currencies. This was a quiet and swift move from the exchange and includes withdrawals of currencies like USD, EUR, and GBP, reported Beingcrypto.
The publication also added that this secret update will allow users to withdraw the above mentioned fiat currencies free of charge to their PayPal account.
However, Coinbase has not officially announced about this enabled feature on their website or through their social media handles. Although, it has sent e-mails to eligible users, reported the publication.
The option for charge free withdrawals is only availed by a handful of regions, like US, UK, EU, and Canada. As of now, Coinbase provides wallets for USD, GBP, and EUR, but this addition may indicate inclusion of CAD and AUD wallets.
Meanwhile, the users in Canada and Australia do not have access to withdrawal through PayPal but are provided the option to sell their digital assets to CAD or AUD respectively. However, this option is exclusive only to the users of Canada and Australia and not for any other region.
In order to enable this option, the users have to verify their identities, following which, they will receive and e-mail of confirmation, reported the publication.
This move is a small one facilitating withdrawals. Additionally, this might also mean that the option for PayPal deposits might be underway.
This decision came in shortly after Coinbase declared its plans for global expansion, which was followed by its $300 million Series-E funding round and the addition of the new stable coin Circle to it exchange list.
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Source: AMB Crypto

Withdrawing Crypto to Fiat From Bitfinex Now Costs Close to PayPal

Converting crypto to fiat is not cheap anymore, at least on Bitfinex.
The Hong Kong-based digital assets exchange on Sunday updated its fee structure for high-frequency wire withdrawals. It effectively imposed a 3 percent commission cut on all external wire withdrawal requests that would exceed 1) more than two fiat withdrawals in any thirty day period, and 2) more than $1M in aggregate in fiat withdrawals in any thirty day period. Meanwhile, the latest fee structure will not affect low-frequency wire withdrawals which, according to Bitfinex, constitutes 99% of their customers.
The update nevertheless has brought the fee tariffs of Bitfinex close to the ones charged by PayPal. According to SalesCalc, an independent fee calculating service, a user would pay circa $29,000 in fees if s/he wants to transact $1 million. Bitfinex, at the same time, would charge an additional $1,000 for wiring the same amount.
Source: SalesCalc
Users Annoyed
The community, for obvious reasons, didn’t receive the Bitfinex update so well, with some even accusing the exchange of intentionally locking the users’ funds. A comment interestingly highlighted how exchanges had dented the idea of financial freedom by acting like banks.
“Crypto… amazing for “freedom” of money… until you realize we essentially added an additional f***ing layer of middle-men to the process via exchanges. Exchanges are the “banks” of crypto… and they’re making a killing… just like banks do.”
Some comments theorized the Bitfinex announcement as a plot to raise the premium of their partner stablecoin Tether. People willing to come out of Bitfinex would like to do so via crypto. That means the value of Bitcoin and USDT will likely increase artificially on the exchange due to high demand.

yeah exactly.I dont know why they think it's a good idea to implement this while the confidence in USDT has been dwindling.
Bitfinexed must be laughing so hard now. They are killing themselves
— Squeeze (@cryptoSqueeze) November 12, 2018

Another trader said:

It seems they just don't want their users to cash out with Fiat, I wonder, how are the crypto widthdrawals are those ok? if that's the case BTC will rise a little but due to people exiting their cash for BTC on Bitfinex
— Sebastian Velandia (@BastianVelandia) November 12, 2018

Withdrawals Stuck
Plenty of Bitfinex users are already storming the social network with complaints about the exchange’s withdrawal process. Many have posted copies of their claims on forums, revealing how their withdrawal requests have not been closed despite several requests. Redditor krJq333, for instance, has accused Bitfinex of holding his GBP funds for over four-weeks already.
“The support I’ve received from Bitfinex this week has been nothing short of abysmal,” he wrote. ” Does Bitfinex have any idea how much stress and anxiety they’re causing their customers here?”
Just last month, a whale who traded over 100 million dollars worth of crypto-assets on BitFinex had complained about not being able to move his funds.
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Bitcoin Joins the League of Top Payment Processors as it Moves Ahead of Paypal and Discover

Bitcoin Transaction Value has crossed Paypal and Discover services as stated by ARK Invest crypto analyst Yassine Elmandjra. His statement comes at the right time amid rising pessimist claims towards bitcoin regarding its use for payment processing, scalability, and speed.
Visa and Mastercard lie ahead
Yassine Elmandjra, says that bitcoin transaction’s dollar value has outperformed that of payment processor PayPal by a wide margin. The top coin has also surpassed the transacted value of credit card Discover. According to Yassine, the top cryptocurrency has seen tremendous growth in its transaction volumes since 2013 and it has reached $1.3 trillion transacted value and is only “an order of magnitude” away from that of leading processor Visa. Elmandjra, however, agrees that we cannot compare Bitcoin and say Visa or MasterCard in terms of their Base layer transaction volumes. But he also points out that that was never the intention. He then explained that approximately $3-4 billion worth of bitcoin was transacted on a daily basis in 2017 and the real deal in increased Bitcoin transactions isn’t in the volume, but in the total value, he tweeted.

Although Bitcoin has seen $1.3 trillion worth of transactions in 2018, these figures are still way behind in comparison to those Visa and Mastercard has recorded over the years. Visa handled over $8.9 trillion worth of transactions in 2016, putting the U.S payment giant seven or so paces ahead of bitcoin’s current numbers. Data from as far back as 2015 shows that Bitcoin has experienced a tremendous growth rate in terms of transaction value. The top virtual asset reached peak values in 2017 as it saw an increase in transacted value nearly eight times more than what is recorded in 2016.
Also, read: Bitcoin Drops as Usual before Futures Expire, But 3 Facets state BTC Going Up
Momentum Bitcoin
Although the distance from Visa is still pretty wide, the momentum seems to be favoring a chase from Bitcoin, meaning that what appears impossible at the moment may actually happen in the near future. Bitcoin transactions are expected to continue growing in 2018 and beyond. If it records a performance that matches its 80 percent yearly growth compared to the last five years, it will put itself in a very strong position to challenge Visa. Bitcoin could reach Visa numbers with the implementation of the Bitcoin Lightning Network (LN), practically overtaking it thereafter. By then, the leading digital currency could theoretically be able to handle more than $13 trillion worth of annual payments.
Bitcoin has been subject to debate on its scalability and it needs to find solutions to its scaling problems if it has to compete with the likes of Visa. However, there are some who believe that the original purpose of cryptocurrency was never to compare or compete with these traditional payment processors. Whatever the case be none can deny rise of bitcoin.
Bitcoin has bought cryptocurrencies to the world stage and is threatening the traditional payment processors head on. But a lot still needs to be achieved in terms transaction volumes. A lot would be covered as Bitcoin Lightning Network would be launched but it would still need regulations to fall in its favor for ultimate growth.
Will Bitcoin be large enough to defeat Visa in near future? Do let us know your views on the same.
The post Bitcoin Joins the League of Top Payment Processors as it Moves Ahead of Paypal and Discover appeared first on Coingape.
Source: CoinGape

Bitcoin-Enabled Square Cash Is Growing 3 Times Faster Than Venmo

Square Cash, a money transfer app that enables Bitcoin purchases, is reportedly outpacing the growth of PayPal’s popular social payment app Venmo. According to a report by CNBC that cites a recent Nomura Instinet analysis, Square Cash had nearly 2 million downloads per month in May and June, tripling Venmo’s growth during that period. Dan Dolev, […]
Source: Sludge Feed