Crypto Analytics Firm: Single Strategic Actor Responsible for Bitcoin Price Surge

The Bitcoin rally heard ‘round the world that began on April 2, 2019 painted the first higher high on Bitcoin price charts since the price of the leading cryptocurrency by market cap reached its all-time high back in December 2017. The powerful surge many believe could have signaled the end of the bear market and confirmed that a new uptrend has begun.
The over $1,000 rally may have also been the work of a single, calculated and strategic actor, who may have precisely executed a plan that drove the price up as much as possible.
CoinMetrics: Committed Actor Executed Trades At Key Times to Maximize Price Impact
The massive green candle that occurred on Bitcoin price charts on April 2 had everyone talking, from brokers, to bankers, and everyone in between. The powerfully bullish movement may have been the final blow to bears that signaled the end of the crypto winter that’s plagued the asset class throughout 2018 and 2019 thus up until now.
Related Reading | Crypto Analyst: Bitcoin Price Chart Shows Textbook Bump and Run Reversal Bottom 
The move, according to crypto research firm CoinMetrics, was orchestrated across multiple exchanges, at very specific times where liquidity is the lowest, in order to “maximize price impact while trading,” the firm said. More interesting is their theory that the entire thing was executed by one, single “committed actor.”

Our theory is that a single committed actor went long and traded in a manner that maximized price impact. The movement in price started at 04:30 UTC time, the point in the day where global liquidity is at a minimum.
— CoinMetrics.io (@coinmetrics) April 17, 2019

 
CoinMetrics reveals that the price movement started at approximately at 04:30 UTC time, which the firm says it the “point in the day where global liquidity is at a minimum.”

“Although this cannot be known for sure, such trades would have been designed to trigger stop losses and force a short squeeze through liquidations of margin positions and short futures positions,” they added.

The large price movement on April 2, 2019 occurred during the window of lowest global liquidity. It began at 04:30 UTC and lasted until 05:30 UTC. This time may have been deliberately chosen so that a committed actor could maximize price impact when trading. pic.twitter.com/vktxpGBwlQ
— CoinMetrics.io (@coinmetrics) April 17, 2019

The entire move lasted about one hour, ending at about 05:30 UTC. CoinMetrics further suggests that the time was “deliberately chosen” in order to create the most price movement possible in the shortest amount of time, maximizing “price impact.”

Here's a closer look at our three exchanges of interest pic.twitter.com/yFgxBG2EEM
— CoinMetrics.io (@coinmetrics) April 17, 2019

While conflicting reports across the web from various experts have suggested the move originated across three exchanges, Coinbase, Kraken, and Bitstamp, CoinMetrics instead claims the move began at HitBTC where roughly 500,000 Tether were traded for Bitcoin, then was followed by simultaneous buy orders executing on Coinbase and Bitfinex.
Related Reading | Bitcoin and Ethereum Trading Volume Reaches Crypto Bull Run Peak Levels
Other theories crypto analysts have offered have pointed to mistaken programmatic buying following an elaborate April fools prank. Bots did appear to influence the move, but only because the initial actor planned it that way, and took out stop loss orders that further caused a cascading effect, sending the price higher and higher. As the whale had planned, the trades had a significant impact – enough to potentially end the bear market and ignite a new crypto bull run.
Featured image from Shutterstock
The post Crypto Analytics Firm: Single Strategic Actor Responsible for Bitcoin Price Surge appeared first on NewsBTC.
Source: New feedNewsBTC.com

Coinbase Expands Crypto-To-Crypto Conversions To 11 new countries including India, Argentina and South Korea

Coinbase has been one of the flagship crypto exchanges in the world and has been growing its presence across the world. The exchange has taken another progressive step and according to the recent announcement the exchange is now introducing  crypto-to-crypto conversions and trading to 11 more  countries across Latin America and Southeast Asia countries through Coinbase and Coinbase Pro
Direct trading between cryptos is increasingly the new norm: Coinbase
Coinbase has been the flagship crypto exchange and every project and every trader or investors wants to be on it. But the exchange has taken a cautious approach and has rolled out to various geographies in a phased manner. For over a year the exchange has been serving customers in various countries across two continents and its priorities has been to bring Coinbase services to people in all corners of the globe.
Now after stabilizing its feet in these region the exchange has decided to take a new leap and has decided to expand to 11 more countries across Latin America and Southeast Asia to the cryptoeconomy by allowing customers to store, trade, send, and receive cryptocurrencies on Coinbase Pro and Coinbase.com — increasing the reach to 53 countries, spread across four continents.
The countries which can now avail Coinbase services include major markets like South Korea, India and Argentina along with Mexico, Peru, Colombia, Chile, Hong Kong, Indonesia, the Philippines and New Zealand.
While making this announcement, Coinbase also recognised that Direct trading between cryptos is increasingly the new norm and in the last year has overtaken traditional fiat to crypto trading across the globe. The exchange quoted
“As crypto moves from the current “investment phase” into what we call the “utility phase,” a host of new use cases will present themselves. This could take the form of decentralized versions of traditional financial services like lending or micropayments or truly novel crypto applications that no one has even thought of yet. The ability to convert from one crypto to another will form the backbone of this new decentralized economy.
Coinbase’s roll out to these new countries will definitely be received well as everyone looks forward to be on the best exchange. Like the previous markets, one can expect Coinbase to be a leader in these new countries as well
Will you be opening your account with Coinbase if you reside in these 11 countries ? Do let us know your views on the same
 
The post Coinbase Expands Crypto-To-Crypto Conversions To 11 new countries including India, Argentina and South Korea appeared first on Coingape.
Source: CoinGape

Coinbase expands to India, South Korea, New Zealand and 8 other countries by launching crypto-to-crypto trading services

Coinbase, a leading cryptocurrency exchange platform, announced that it has expanded its crypto-to-crypto trading service in 11 more countries, on its official blog. With the addition of these new countries, the reach of Coinbase has expanded to a total of 53 countries.
According to the blog post, Coinbase has opened its trading door for cryptocurrency enthusiasts in India, Mexico, New Zealand, South Korea, Indonesia, Hong Kong, Phillippines, Chile, Columbia, Peru, and Argentina. Users will be able to avail crypto-to-crypto trading services such as buying and selling crypto on Coinbase Pro and Coinbase.com. In addition, customers can also buy and sell cryptocurrencies via the Coinbase app available on iOS and Android.
The official announcement read,
“Direct trading between cryptos is increasingly the new norm and in the last year has overtaken traditional fiat to crypto trading across the globe. Millions of Coinbase customers can now securely and quickly trade between different cryptos and send crypto off-platform at their convenience.”
More so, the blog stated that this was a part of the exchange’s mission of “creating an open financial system for the world”. It also stated that the cryptocurrency space is shifting from the “investment phase” to the “utility phase”, which would pave the path for new use cases. It further stated,
“This could take the form of decentralized versions of traditional financial services like lending or micropayments or truly novel crypto applications that no one has even thought of yet. The ability to convert from one crypto to another will form the backbone of this new decentralized economy.”
This news is extremely important for India’s crypto-community. This is mainly because of the ban placed by the Reserve Bank of India, the Central bank. Last year, the bank released a circular barring all the banks regulated by the central bank from associating with individuals and businesses involved with virtual currencies.
Due to the ban, some major local exchanges such as Zebpay had to shut down its operations. Even though Coinbase is providing only crypto-to-crypto trading, this does act as one of the most significant moments for the Indian crypto-community.
Along with this, the exchange also announced that its customers will be able to trade Augur [REP], one of the leading cryptocurrencies in the space, beginning today. Notably, this trading service will not be available immediately for customers in New York. The trade will be live on Coinbase.com and Coinbase app on iOS and Android.
The post Coinbase expands to India, South Korea, New Zealand and 8 other countries by launching crypto-to-crypto trading services appeared first on AMBCrypto.
Source: AMB Crypto

This Week in Cryptos: Facebook, Coinbase, Bitstamp and Pewdiepie Among Major Newsmaker

Key highlights

Facebook is looking for $1 Billion in Funding for Crypto Project
Bitstamp Cryptocurrency Exchange Obtains BitLicense in New York
Bakkt hires former Paypal and Google executive to strengthen its team
Coinbase enters the Crypto- Powered Debit Card Space
Pewdiepie Moves to Blockchain-Based Streaming Platform, DLive
Lawmakers Reintroduce ‘Token Taxonomy Act’ With Upgraded Version
China tightens screws on Crypto mining

Facebook is looking for $1 Billion in Funding for Crypto Project
Well, Facebook and cryptos have again appeared in the same news article and the world seems to have gone crazy over it. This time its Nathaniel Popper, the New York Times’ resident crypto and blockchain reporter who tweeted saying that Facebook is possibility looking big money for its crypto project. The figure happens to USD 1 billion and it is believed Facebook is knocking doors of private equities for its stablecoin project. The money is believed to be used as collateral to back the Facebook stablecoin. But again nothing officially announced by Facebook
Bitstamp Cryptocurrency Exchange Obtains BitLicense in New York
This week, The three year wait for Bitstamp finally came to an end. The Luxemburg based Cryptocurrency Exchange, Bitstamp has obtained a bitlicense from the New York Department of Financial Services (NYDFS). Bitstamp is also one of ten Cryptocurrency Exchange which was cleared of the ‘fake reported volume’ fiasco being identified as one of the authentic Exchanges in the world. The move is driven to increase its presence in the US, and the NYDFS BitLisence is expected to attract the Institutional Investors around the world as well.
Bakkt hires former Paypal and Google executive to strengthen its team
Another flow of talent from the main street to crypto street. This time its Bakkt, a yet-to-launch, a multi-faceted crypto platform backed by the Intercontinental Exchange which also owns the NYSE. According to the latest announcement  Bakkt has hired Mike Blandina, a former employee at PayPal and Google, as its new Chief Product Officer. In an announcement, Bakkt’s Kelly Loeffler also put forward that Bakkt is still working with regulators to ensure the launch of its physical Bitcoin futures contract pans out well.
Coinbase enters the Crypto- Powered Debit Card Space
Coinbase, the flagship crypto exchange of the United States has further diversified and this time it’s into Crypto-powered debit cards, an industry that has remained under questions due to regulatory stringencies. Not many companies have really been successful with this product and Coinbase seems to be here to change the game.  The launch is expected to be in the United Kingdom and this new offering will allow British Coinbase clients to spend their Bitcoin, Ethereum, Litecoin, and many other digital assets in millions of stores and on thousands of online outlets for whatever they may please… within reason.
Pewdiepie Moves to Blockchain-Based Streaming Platform, DLive
Felix ‘PewDiePie’ Kjellberg (Pronounced: ‘PuDeePi’), who hosts the most subscribed channel on Youtube in the world since 2013 will stream live weekly on Blockchain based streaming platform, DLive from April 14, 2019. Felix signed an exclusive deal with DLive, he said in the press release: “I’m excited to start live-streaming again regularly,” said PewDiePie. “DLive is great for me because I’m treated like a real partner.”
Lawmakers Reintroduce ‘Token Taxonomy Act’ With Upgraded Version
Token Taxonomy Act, the bill which was introduced in the year 2018 for the first time to remove crypto from US securities laws- has again reintroduced with upgraded version and better clarity on Tuesday – aiming Congress to approve and signed into law.
China tightens screws on Crypto mining
This week saw the Chinese regulator, the National Development and Reform Commission (NDRC) revealing that it is not really happy with the Bitcoin and cryptocurrency mining industry operating in the country, especially due to the industry’s energy consumption for what they see as little economic. While this news was to give jitters to the crypto community as China is a hub for mining, people who understand it well claim that the regulation (if approved) won’t go into full effect for years, and may not even be all-encompassing.
The post This Week in Cryptos: Facebook, Coinbase, Bitstamp and Pewdiepie Among Major Newsmaker appeared first on Coingape.
Source: CoinGape

Crypto.com Chain (CRO) Gains 30%; Coinbase Crypto Debit Card Launch Influenced the Rise?

The cryptocurrency markets saw a sea of red on 11th April as $15 billion was wiped out from the markets. However, one coin continued its unprecedented rise with a gain of more than 30% on a daily USD scale.
The price of CRO chain at 4: 30 hours UTC on 12th April is $0.0974. On the CRO/BTC scale, the rise on the daily scale is 41.5%. The RSI on the daily scale as entered over-bought region at 82. Moreover, the irregularity in volume indicates isolated whale sized orders.
CRO/BTC 4-Hour Chart on Bittrex
Coinbase Effect, Yet Again?
Fundamentally, Coinbase announcement of the Crypto Debit Cards might have instilled investor confidence in the already available CRO VISA cards. The crypto.com cards will surely compete with the Coinbase Debit Cards. While Coinbase provides trust and reliability through its brand image, the crypto.com cards are built on the decentralized architecture itself.
Moreover, these debit cards have been in the market since 2018 and have established better partnerships with leading entertainment and service providers like AirBNB and Netflix.
The MCO Visa Card rollout is planned in stages, with Asia first (started shipping in Singapore October 2018, United States next, followed by markets including Europe, Australia and Canada.
The CRO token is a decentralized verification system that helps to convert the cryptocurrencies in the Crypto.com Wallet to US Dollars.
Furthermore, to increase the utility of the token, the developers have offered lucrative cash backs and reductions in fees in CRO token, if the cards are purchased by staking the tokens. While it involves a certain degree of risk, the highest value cards with huge benefits can be purchased for around $4800 at current prices.
Do you think that the business model of Crypto.com Cards will favor CRO investors as crypto-payment cards go mainstream or they will soon lose luster to industry leaders? Please share your views with us. 
The post Crypto.com Chain (CRO) Gains 30%; Coinbase Crypto Debit Card Launch Influenced the Rise? appeared first on Coingape.
Source: CoinGape

Litecoin [LTC] falls by 7% over 24 hours; down by 20% since April 1

Litecoin, the silver to Bitcoin’s gold, has been a poster child for all cryptos owing to its massive rally since mid-December, 2018. In fact, it has risen by ~350% since December 2018. However, the price started to collapse in the second week of April.
Litecoin reached highs of $97.88 on April 10, 2019, but failed to hold. This led to a fall in prices which dropped LTC to a low of $79.48. At press time, and as seen in the chart below, the price was still forming a red candle, indicating that the dump was still underway and that the bears had more room to push through.
Source: TradingView
The prices will face a resistance range from approximately $80 to $75, which has been holding since it reached its peak in December 2017.
The chart from CoinMarketCap shows how the dump in the price of Litecoin has also caused its market cap to reduce. The sudden drop on April 11, 2019, was a huge blow to the Litecoin market.
Source: CoinMarketCap
The price of Litecoin was $80.60 and the market cap was at $2.913 billion, at press time. Most of the trading volume for Litecoin was coming from Coinall exchange via the trading pair LTC/BTC. Coinall exchange contributed a whopping $318 million in trading volume.
The upcoming halving for Litecoin has caused widespread FOMO, which the community speculates as one of the reasons for the pump in Litecoin’s price. The halving of Litecoin is set to take place on August 06, 2019 and this has led people to believe that Litecoin’s bottom was witnessed in December 2018 and that Litecoin has stepped out of the crypto-winter.
Developments around Litecoin have been more than optimal for Litecoin’s prices to be stable. The hashrate of Litecoin reached an all-time high on April 10, 2019, suggesting that Litecoin’s blockchain is fairly more secure due to the addition of more miners. Coinbase Card can now be used to spend Litecoin, Bitcoin and other cryptocurrencies, directly from Coinbase wallet. However, the price of Litecoin seemed to be dumping without a stop.
The post Litecoin [LTC] falls by 7% over 24 hours; down by 20% since April 1 appeared first on AMBCrypto.
Source: AMB Crypto

Coinbase Rolls Out Crypto-to-Fiat Visa Debit Card for UK and EU Customers

Coinspeaker
Coinbase Rolls Out Crypto-to-Fiat Visa Debit Card for UK and EU Customers
In a push towards greater crypto adoption, Coinbase’s Visa debit card will allow users to make in-store and online purchases by converting crypto to fiat instantly.
Coinbase Rolls Out Crypto-to-Fiat Visa Debit Card for UK and EU Customers

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Source: CoinSpeaker

Coinbase teams up with Visa to launch Coinbase Card

In what is a huge development in the plan to fuel wider cryptocurrency adoption among regular people, the American cryptocurrency exchange, Coinbase, announced the launch of “Coinbase Card.” The “Coinbase Card” will allow users in the U.K. to spend cryptocurrencies “as effortlessly as money in the bank.” This huge step forward follows Coinbase’s partnership with major global payments processor, Visa.
The “Coinbase Card” is a Visa debit card powered by customers’ Coinbase crypto wallet balance. With this card, users can pay in-store directly and make purchases. Coinbase converts the crypto to fiat, which is then transferred to the vendors.
According to the blog on Medium, the card is yet to be released to the public and will have an issuance fee of £4.95. Users can download the iOS and Android app to link their Coinbase wallet to the card. The blog further stated,
“This is the first debit card to link directly with a major cryptocurrency exchange in the UK and EU, allowing users to spend their crypto balances direct from their Coinbase account”
Further, the card was issued by issued, authorized and regulated as an electronic money institution, Paysafe Financial Services Limited. Coinbase also revealed that it will be opening up these services to other customers across Europe soon.
Although the transfers aren’t exactly peer-to-peer, the dream of using cryptocurrencies for retail purchases in the real-world is inching a lot closer to reality, following Coinbase’s announcement.
The post Coinbase teams up with Visa to launch Coinbase Card appeared first on AMBCrypto.
Source: AMB Crypto

Pay for meal with Bitcoin and Ethereum Using Coinbase VISA Enabled Debit Cards

In a major breakthrough, Coinbase announced the launch of a VISA debit card in the United Kingdom on 10th April 2019.
Since the card is VISA enabled it can be spent in millions of location accepting VISA enabled PoS (Point of Sale) payments. It can also be used to withdraw cash from the ATMs. Hence, facilitating the instant conversion of crypto to FIAT currencies.  The balance of all cryptocurrencies in the Coinbase Account will be used to spend through the card this includes Litecoin [LTC], XRP, Stellar Lumens [XLM], Bitcoin Cash [BCH] and six other cryptocurrencies available on Coinbase apart from Bitcoin.
According to the blog post, the Coinbase customers can now pay through all cryptocurrencies available on Coinbase; “they can pay for a meal with Bitcoin, or use Ethereum to fund their train ticket home.”

Coinbase Card App
To avail the card, Coinbase users in the UK must download the new Coinbase Card App which is available both on Android and iOS. A virtual card will be issued instantly after completing the registration process. The contactless card will be sent via post by the firm later. Moreover, the card can now be linked to the main Coinbase Account to enable crypto-spending anywhere.
The Card issuance fee is 4.95 euros (or $5.58 at the current exchange rate). Moreover, Coinbase has announced the waiver of this fee for its first 1000 debit card customers.
The card is currently being issued only in the UK. However, the firm has confirmed that it will soon be available in the European Union in the coming months. The card is issued by the Paysafe Financial Services Limited, which is authorized by the Financial Conduct Authority for issuing of electronic money and payment instruments.
With this, Coinbase becomes one step closer in building a global banking system built on cryptocurrencies. Coinbase Card is expected to be used by millions of customers because of the trust and reliability of the Crypto Giant firm.
Which other Custodial Firms and Wallets will release VISA and MasterCard enabled cards next? Please share your views with us. 
The post Pay for meal with Bitcoin and Ethereum Using Coinbase VISA Enabled Debit Cards appeared first on Coingape.
Source: CoinGape

Coinbase’s Securitize Launches Network For Token Issuance and Management

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Coinbase’s Securitize Launches Network For Token Issuance and Management
Coinbase-backed security token startup Securitize has launched a referral network of sorts to help companies issue and manage digital securities through their newly announced “Securitize Ready Program”.
Coinbase’s Securitize Launches Network For Token Issuance and Management

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Source: CoinSpeaker

Coinbase Pro Lists Three New Tokens Including EOS

Coinspeaker
Coinbase Pro Lists Three New Tokens Including EOS
Coinbase has announced support for EOS, Augur (REP) and Maker (MKR) on its professional trading platform Coinbase Pro.
Coinbase Pro Lists Three New Tokens Including EOS

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Source: CoinSpeaker

EOS, Maker [MKR], and Augur [REP] gain support from Coinbase with listing on Coinbase Pro

Coinbase, one of the United States’ leading cryptocurrency exchanges, announced the provision of trading services for more altcoins. This time, the exchange is opening its doors for three leading cryptocurrencies, namely EOS, Maker [MKR], and Augur [REP]. These would be available for trading on Coinbase Pro, and would be launched in four stages, transfer only, post-only, limit-only, and full trading.
The exchange announced,
“Trading of EOS and REP will soon be available in all jurisdictions supported by Coinbase Pro, with the exception of New York State. MKR will be available in all Coinbase Pro-supported jurisdictions outside the US. Additional regions may be added for each asset at a later date.”
The exchange will be launching EOS and Augur [REP] with Bitcoin [BTC], US Dollar [USD], and EUR trading pairs. These trading pairs will be supported in all US regions where Coinbase operates, except New York. Maker [MKR], on the contrary, will be paired with Circle Coin [USDC] and Bitcoin [BTC] and would be supported in all regions Coinbase operates in, outside the US.
Karma_z, a Redditor, said,

“This is excellent for Augur and Maker. People need to get over the EOS salt. If it’s as bad as you think it is let it die. Maker is one of the most impressive blockchain developments to date.”

JuicyPorkDumplings, another Redditor, said,

“Its going to be interesting what gets bought the most in the next bull run by people who aren’t informed.”

Notably, this is not the first time that Coinbase has announced its support for Maker. Last week, the exchange announced that its institutional clients would be participating in the governance of MakerDAO and Tezos, as the platform would be launching voting services in Q2 of this year.
The exchange had also stated that MakerDAO was one of the fastest growing projects based on Ethereum and that the platform’s stablecoin, DAI, was one of the most used stablecoins in light of over 200 projects integrating with the coin.
The post EOS, Maker [MKR], and Augur [REP] gain support from Coinbase with listing on Coinbase Pro appeared first on AMBCrypto.
Source: AMB Crypto

Coinbase Exchange Set to Build New Matching Engine Infrastructure! Here’s Why

Major cryptocurrency exchange, Coinbase is reportedly building a new matching engine as the market is turning into a bull graph. With its new matching engine, Coinbase is heading up for the ‘next super major run-up’.
Something that Coinbase will be Prescriptive with
Recent reports highlight why and how Coinbase, the major United States cryptocurrency exchange is preparing for a matching engine. It was however confirmed by Paul Bauerschmidt, product manager for Coinbase Market who discussed high volumes during the past few weeks and the all-time high of Bitcoin in the year 2017. He says that;
“At the end of 2017, the go-go days, we all mutually realized we need to re-think the way we were approaching this problem,”
Per the report, the new matching machine of Coinbase is already evolving in Chicago which is reportedly expected to happen by end of second Quarter 2019. The exchange is looking to improve its infrastructure henceforth the team is migrating to a new matching engine. Bauerschmidt also stated that many aspects have already been implemented, adding that it is ‘something we will be prescriptive with’. He notes that;
“We’ve been doing really well and have already implemented a bunch of improvements around the asset-listing process.”
On top of all, Bauerschmidt excitedly points at Coinbase’s plan for ‘the next super major run-up’. In a nutshell, he added;
“This transition from web technology to true low latency engines is a mega transition that will materially change the way crypto works,”
Coinbase Pro Trading Volume Declined to a Two Year Low
But on the other hand, the TradeBlock researched, trading volume at Coinbase Pro has declined to a two year low. As such, these crypto exchanges fluctuate their trading fees with the fluctuation of Bitcoin price. In fact, Coingape reported, the lesser the Bitcoin price, the higher the Bitcoin fees across crypto exchanges whereas when the price goes up, trading fees will apparently decline.
TradeBlock analyzed the monthly trading volume at Coinbase Pro which states;
We analyzed all digital currencies that have a USD pair listed on Coinbase Pro — one of the largest US-based exchanges by volume. In the chart below, we diagrammed USD equivalent trading volume across eight listed pairs. As shown, monthly trading volume at Coinbase Pro has declined to a two year low — trading volumes in March 2019 at Coinbase Pro recorded the lowest levels since April 2017.
Source  – Data for chart sourced from the TradeBlock Professional Platform
The post Coinbase Exchange Set to Build New Matching Engine Infrastructure! Here’s Why appeared first on Coingape.
Source: CoinGape

Coinbase Beats JPMorgan in LinkedIn’s Top 50 U.S. Employers Ranking

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Coinbase Beats JPMorgan in LinkedIn’s Top 50 U.S. Employers Ranking
Popular crypto exchange Coinbase emerges as a major employer in America beating giants like Twitter, Intel, GE, JP Morgan, Nike, and others. 
Coinbase Beats JPMorgan in LinkedIn’s Top 50 U.S. Employers Ranking

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Source: CoinSpeaker

Coinbase wants to claim commerce, says CEO Brian Armstrong

Brian Armstrong, the Co-founder of Coinbase and one of the leading cryptocurrency exchanges in the United States, spoke about the use cases of Bitcoin and retail resurgence, during his recent Ask-Me-Anything [AMA] session.
Mike Dudas, the Founder of The Block, asked whether he expected a retail resurgence in 2019 or 2020. To this, Armstrong stated that he tries “not to play the game” of predicting “what’s gonna happen.” He further stated that it was “okay” if the retail resurgence took place in 2019 or 2020, adding that he wanted the industry to focus “less and less” on the trading aspects of cryptocurrency. He said,
“[…] generally, I want the industry to […] focus less and less on, you didn’t even say trading in your question but I’m assuming maybe incorrectly assuming that that’s what you’re referring to. I don’t want people to focus so much on trading in the price.”
Armstrong added that he wanted the space to focus on building “more use case for crypto,” where more applications will be introduced in more countries, making cryptocurrencies commonman-friendly.
Further, the Co-founder also stated that Coinbase was expanding to other countries and was “always getting” more fiat payment integrations, when asked whether Coinbase was trying to get more fiat on-ramps.
When asked what he would use Bitcoin for, Armstrong stated that he used to give Bitcoin worth $5 or $10 to anyone who was interested in the cryptocurrency, adding that this practice has been going on for around seven years now. Armstrong then spoke about the general use-case of Bitcoin, stating that the “last area” to be disrupted by cryptocurrencies was going to be normal payments, where people use it to buy a cup of coffee at Starbucks.
“digital currency is actually going to be used more on the fringes first, and slowly move mainstream so the fringes are […] power users of money […] need to send a million dollars to someone [or] invest in something in ten minutes […] a developer who’s trying to […] automate you distributions of payment to thousands of people”
He further stated,
“[…] then on the other side you have people who are unbanked, […] emerging markets, Venezuela, this is kind of where give crypto is playing and so crypto is sort of playing most strongly today at the edges […] and I think it’s slowly gonna work its way into the middle […]”
Armstrong added that Coinbase was working towards achieving this and building the “crypto economy,” not only in terms of onboarding people to buy and hold, but also to connect these people. This, in turn, would create more opportunities for people to participate in more things related to crypto like voting, staking, and lending and borrowing. He added,
“[what] we want to actually claim is commerce. We want to start to try to integrate that into our consumer app to like surface what are the things that people can buy. Let’s put it there right in front of them in the app and let them know about places they can spend crypto so that’s how we want to build the crypto economy at Coinbase […]”
The post Coinbase wants to claim commerce, says CEO Brian Armstrong appeared first on AMBCrypto.
Source: AMB Crypto