Coinbase announces Bootstrap Fund to help support DeFi protocols

With the creation of the USDC stablecoin, Centre Consortium including Coinbase and Circle had strengthened their hold over stablecoins in the volatile market. Coinbase has now stepped up its efforts to encourage growth in the Decentralized Finance (DeFi) space after it announced the USDC Bootstrap Fund for supporting DeFi protocols. Here, the exchange will be […]
The post Coinbase announces Bootstrap Fund to help support DeFi protocols appeared first on AMBCrypto.
Source: AMB Crypto

Bitfinex Added 3 Stablecoin Pairs Amidst All the Issues

Despite current ongoing legal issues, major crypto exchange, Bitfinex took to its Twitter page today to announce the addition of three new stablecoin pairs on its exchange. Bitfinex tweeted –
Source: Twitter
The new pairs are however only available to verified users. This new listing, however, has not been met with much excitement by the crypto community for obvious reasons.
 Bitfinex’s Legal Problems with the NYAG
The crypto exchange which is affiliated with highly controversial digital currency, Tether, ran into problems with the office of the New York Attorney General in April after they could not explain an alleged loss of $850million. The NYAG further alleged that the exchange used funds from the stablecoin, Tether to cover up the loss. The exchange immediately denied the allegation, saying that some of its funds were seized in Poland, the US, and Portugal.
They, however, went ahead to launch a new token – LEO and host a private sale where they claim they were able to raise $1 billion worth of USDT within 10 days. The token’s whitepaper claimed that the recovered funds will be used to repurchase and burn outstanding LEO tokens. 
After a drawn-out legal battle since April which involved the exchange trying unsuccessfully to block its New York users from using the platform, a New York Supreme Court Judge in August ruled in favor of the NYAG and ordered Bitfinex to provide all relevant requested documents to the NYAG. 
Controversial LEO Token Sale
The current move to add new stablecoins to the exchange has not been met with open arms by the crypto community as they immediately raised questions in the comment section of the Twitter post announcing the addition of the new stable coins. 
Many of the users expressed skepticism towards the move tagging it an exit Tether move. Others asked for updates on both the NYAG case and the status of the LEO tokens sales which were supposed to be used for restoring Tether. One user, bringing up the controversy around the purported $1billion LEO sale, said  –
Source: Twitter
Another asked –
Source: Twitter
However, despite the troubles its parent company is currently facing, it appears Tether’s capacity is growing as it is reportedly responsible for the Ethereum Network being “almost full”.
The post Bitfinex Added 3 Stablecoin Pairs Amidst All the Issues appeared first on Coingape.
Source: CoinGape

Hybrid stablecoins such as Facebook’s Libra could lose benefits offered by centralized, decentralized assets

One of the main drawbacks associated with the cryptocurrency market is its highly volatile price activity. The volatility was and still is, considered a major hindrance when it comes to the mass adoption of virtual assets. The introduction of stablecoins was meant to tackle this associated crypto-volatility. However, not all stablecoins operate the same way […]
The post Hybrid stablecoins such as Facebook’s Libra could lose benefits offered by centralized, decentralized assets appeared first on AMBCrypto.
Source: AMB Crypto

Coinbase Commerce Enables USD Coin Payments

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Coinbase Commerce Enables USD Coin Payments
Coinbase now enables merchants to accept USD Coin on Coinbase Commerce just like they accept cash in-store. All you need is to sign up. For existing users, no action is required.
Coinbase Commerce Enables USD Coin Payments

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Source: CoinSpeaker

USD Coin [USDC]: 1.1 million USDC minted at USDC Treasury in the wake of Brian Armstrong’s tweet

The cryptocurrency market saw its fair share of controversies over the past two weeks, with the revelation of the Bitfinex-Tether drama and speculations that Brian Armstrong was shilling USD Coin [USDC].
WhaleAlert, a cryptocurrency data aggregator, recently broke another twist to the USDC tale after it revealed that over 1 million USDC were minted at the USDC treasury. WhaleAlert stated that the Ethereum-based cryptocurrency had a timestamp of May 1, with the address pointing to the USDC treasury. The transaction hash was recorded to be 0xd83ccc57d36b30001d0efbcefb6681943e019199524c84379d2fb4ada4ddf84f and was done on block 7677911.
The large movement of USDC coins came immediately after Brian Armstrong, Chief Executive Officer of Coinbase, stated that it was time for users to accept more “trustworthy” stablecoins, explicitly quoting the USD Coin.
Armstrong’s tweet read,
“With the confirmation that Tether is not fully collateralized, my hope is that the industry graduates to more trustworthy stablecoins, including https://www.coinbase.com/usdc One more piece of reliable infrastructure to help build the open financial system.”
This comment was followed by a lot of proponents in the space calling out Armstrong, with @WhalePanda, a popular cryptocurrency Twitter user, tweeting,
“$USDC isn’t backed 1:1 by cash, it’s regulated, requires KYC/AML and the issuers (Coinbase is one of them) take a lot of fees. It’s actually way worse than Tether… but tell me more about the coin you’re desperately trying to sell this time.”
USDC had a very active week, with another development in its kitty. The cryptocurrency became one of two coins to be integrated with the Matic Network, which was recently invested in by Coinbase Ventures. The blog post by the CEO of Matic Network read,
“We are pleased to announce Coinbase Ventures as our investor in our seed round. This investment is aligned with our goals to achieve adoption through better usability alongside scalability and will help us realize our vision to achieve scale for decentralized applications.”
The post USD Coin [USDC]: 1.1 million USDC minted at USDC Treasury in the wake of Brian Armstrong’s tweet appeared first on AMBCrypto.
Source: AMB Crypto

Coinbase Ventures invests in Matic Network; platform will integrate USDC and DAI

Coinbase, a leading cryptocurrency exchange, has always been one of the highlights of the cryptocurrency space. The platform has yet again taken the spotlight with news of its venture fund investing in another blockchain project, Matic Network.
Coinbase Ventures is an early-stage venture fund launched by Coinbase in April 2018. This venture fund was launched mainly to focus on funding/ investing blockchain and cryptocurrency projects, with its first investment reported to be Compound Ventures, an Ethereum-based project.
An official announcement by Jaynti Kanani, the co-founder and CEO of Matic Network, stated that Coinbase Ventures was one of its seed investors. The blog post stated,
“We are pleased to announce Coinbase Ventures as our investor in our seed round. This investment is aligned with our goals to achieve adoption through better usability alongside scalability and will help us realize our vision to achieve scale for decentralized applications.”
To add on, Matic Wallet will be collaborating with Coinbase Wallet in order to improve usability, as the platform would be helping users to shift their assets from Ethereum to Matic. It would also help the platform’s decentralized application interaction with the Matic network in a secure and easy manner.
The announcement stated,

“Once the user’s assets are on Matic, they will be able to transfer and trade them on Coinbase Wallet instantly. Users can use DApps built on Matic directly on Coinbase Wallet’s browser or can use WalletConnect to access them through Matic Wallet.”

Matic would also be integrating stablecoins such as Circle’s USD Coin [USDC] and DAI, to better its network’s payment rails, and also tackle the volatility of the cryptocurrency market.
Notably, Coinbase Ventures has invested in over 30 blockchain and cryptocurrency-driven projects so far, with the most prominent ones being The Block, Etherscan, Dharma, and Alchemy.
The post Coinbase Ventures invests in Matic Network; platform will integrate USDC and DAI appeared first on AMBCrypto.
Source: AMB Crypto

Bitfinex/Tether drama causes massive chunks of USDT being moved

The Bitfinex and Tether news has created a massive buzz leading people to speculate the aftermath of the lawsuit. Meanwhile, there have been massive amounts of USDT being sent from wallets to exchanges.
According to @soliel_dusoir9, a Twitter user, Binance’s cold wallet moved $127 million USDT.

.@cz_binance has moved 127M USDT from @binance ‘s cold wallet since the Tether news broke. pic.twitter.com/HEgNTag982
— Soleil #DelistTether (@soleil_dusoir9) April 27, 2019

At press time, the available balance in the cold wallet [1pYbaaWDhezjBkXBHEUqTHCc6DbefSZiK] was 654 million USDT. Since April 2019, the wallet has sent a total of approximately 210 million USDT from the above-mentioned wallet.
In addition, to Binance, 5 million USDT was transferred from Bitfinex to Huobi.

4,999,994 #USDT (4,948,933 USD) transferred from #Bitfinex to #Huobi
Tx: https://t.co/t3sU2L5QtL
— Whale Alert (@whale_alert) April 28, 2019

Another 5 million was transferred from unknown wallet to Bitfinex.

4,999,999 #USDT (5,027,714 USD) transferred from unknown wallet to #Bitfinex
Tx: https://t.co/pXIFtBSflU
— Whale Alert (@whale_alert) April 28, 2019

Another massive chunk of USDT, approximately 13 million USDT was sent from Poloniex exchange to Tether treasury, on April 27, 2019. This could be Poloniex exchange redeeming US Dollars by sending their USDT back to the treasury. A few minutes later, the same amount of USDT was transferred to Tether Treasury by Poloniex.

13,000,000 #USDT (12,913,506 USD) transferred from #Poloniex to Tether Treasury
Tx: https://t.co/Kp6NzFO6T1
— Whale Alert (@whale_alert) April 27, 2019

Ever since the news broke out there has been a surge in stablecoin activity. 10 million USDT was moved from Kraken exchange to Bitfinex exchange on April 27, 2019. Another transfer of similar amount was sent to the Tether treasury from Bitfinex.

10,989,000 #USDT (10,944,951 USD) transferred from #Bitfinex to Tether Treasury
Tx: https://t.co/NPqCDvzF7f
— Whale Alert (@whale_alert) April 26, 2019

Moreover, people have been shifting from USDT to other stablecoins like Paxos, USDC, and others. Approximately, 45 million USDC was moved into two different wallets from USDC Treasury to an unknown wallet on April 27, 2019.

14,999,500 #USDC (15,366,975 USD) transferred from USDC Treasury to unknown wallet
Tx: https://t.co/8eULjOiBIg
— Whale Alert (@whale_alert) April 27, 2019

The transaction was sent to two different wallets and was split into 15 million USDC and 30 million. Apart from the above transaction, another transaction of 34 million USDC was moved from USDC Treasury to an unknwon wallet.

34,334,172 #USDC (35,013,695 USD) transferred from unknown wallet to unknown wallet
Tx: https://t.co/ON67GUMb1q
— Whale Alert (@whale_alert) April 26, 2019

The surge in stablecoin transaction volume indicates that the lawsuit brought forth by the NYAG is not being treated lightly by players in the industry, be it Binance or other exchanges. The decision that comes from NYAG after the lawsuit is finalized will affect every other player in the industry and would send a clear message to all the bad actors in the ecosystem.
The post Bitfinex/Tether drama causes massive chunks of USDT being moved appeared first on AMBCrypto.
Source: AMB Crypto

Coinbase Pro Lists Three New Tokens Including EOS

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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

Coinbase Adds Fast and Free Cross-Border Payments for XRP and USDC

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Coinbase Adds Fast and Free Cross-Border Payments for XRP and USDC
Coinbase has announced expansion into cross-border payments. Now, its customers are able to transfer their funds to any user with a Coinbase account around the world using XRP or USDC, without any fee.
Coinbase Adds Fast and Free Cross-Border Payments for XRP and USDC

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Source: CoinSpeaker

Bakkt’s Parent Intercontinental Exchange Lists 58 New Crypto Tokens to Its Data Feed

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Bakkt’s Parent Intercontinental Exchange Lists 58 New Crypto Tokens to Its Data Feed
The ICE’s Data Services will provide real-time and historical data for all the newly added crypto tokens.
Bakkt’s Parent Intercontinental Exchange Lists 58 New Crypto Tokens to Its Data Feed

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Source: CoinSpeaker

PlasmaChain integrates with six stablecoins including USD Coin, TrueUSD, and Gemini Dollar

James Martin Duffy, the co-founder of Loom Network, announced PlasmaChain integration for the top 100 ERC20 tokens via an official Medium blog post. The integration includes leading stablecoins in the market such as USD Coin [USDC] and Maker Dai [DAI]. The integration allows for “Lightning-Fast layer 2 Stablecoins payments with multi-currency support”. This news comes days after it was announced that BNB was added to Loom PlasmaChain as a payment method.
The announcement read,
“Since BNB is an ERC20 token, adding support for one token on PlasmaChain meant we were easily able to abstract the logic and apply it to any ERC20 token […] As of now, we’ve officially added support for the top 100 ERC20 tokens by market cap on PlasmaChain.”
PlasmaChain is one of the three sidechains of the Loom Network, the others being GameChain and SocialChain. This DPoS sidechain is noted to be a revamp of ZombieChain, and is also one of Loom’s most significant sidechains. This sidechain is going to be the main point of transaction for tokens that are linked to Ethereum through Plasma Cash.
Plasma Cash is a scaling solution proposed by Vitalik Buterin, the co-founder of Ethereum, and Joseph Poon, the co-creator of Lightning Network. It is a built-in decentralized exchange that is going to “act as a bridge to Ethereum mainchain and other sidechains”. This not only ensures faster transactions, but also cheaper transactions.
Another prominent feature of PlasmaChain is that it would act as a main chain, in order to connect Plasma Cash to Layer 3 chains. It enables fee payment in ETH and Loom Token. In the future, it would also pave path for Bitcoin [BTC] payments. Crucially, since the chain was connected to the mainnet, it enables ETH, ERC20 and ERC71 token transactions.
The blog post stated,
“It enables zero-fee and near-instant transfers of tokens, while allowing users to easily transfer their tokens to and from Ethereum mainnet at any time […] But since PlasmaChain offers much shorter time-to-finality (typically 1–3 seconds), it allows for an online payments experience using crypto that is comparable to using a credit card.”
Among the top 100 ERC20 tokens integrated to PlasmaChain, six are stablecoins. This includes USD Coin [USDC], TrueUSD [TUSD], Maker Dai [DAI], Paxos Standard Token [PAX], Gemini Dollar [GUSD], and EURS.
The co-founder said,
“Layer 2: Enabling Lightning-Fast Stablecoin Payments with Near-Instant Settlement
Stablecoins by themselves are great. But integrating them into a Layer 2 like PlasmaChain is like putting stablecoins on steroids — bringing them even closer to a potentially disruptive form of online payments.”
The post PlasmaChain integrates with six stablecoins including USD Coin, TrueUSD, and Gemini Dollar appeared first on AMBCrypto.
Source: AMB Crypto

USDC Mounts Pressure On Tether To Come Clean As It Releases Another Audit Report

If we have to pick a villain in the world of cryptocurrencies and stable coins it would definitely be Tether which has never come clean on its dollar backings. On the other hand its competitor, USDC was appreciated for its transparency and independent audits. But the audits of USDC have come under the cloud, as Coinbase has hired an ex Grant Thornton employee as its compliance head raising finger on the independence of audit report
USDC releases 4th Audit report -Is it completely independent?
In a move that makes USDC a real transparent stablecoin, Circle, the company behind USDC released their fourth report on the USDC stablecoin which was signed by the leading auditor firm Grant Thornton which stated that Circle has sufficient USD reserves to back each individual token on a 1:1 basis.  According to the report that is published on February 15,2019 – 307,793,724 USDC tokens were issued and were outstanding on January 31 2019, while the company held 307,848,312 dollars in deposits, an excess of 54588-dollar reserves.
According to the report these USDC tokens are the amount of tokens which have been issued and outstanding denoted under the original USDC contract at the reported date and time.
It is clear that there has been an increased number of USDC’s in circulation by around 56 million showing a clear popularity of the coin in absence of transparency for Tether. Also, the independent scrutinization process assured that all seems to be as expected with the coin having sufficient backing of USD reserves.
While the report looks all independent and error-free, A Twitter account that tries to locate muck in crypto projects has put forward a point worth considering. The user, named ICO Scam Alert, points out to the news that came in last week of January which showed Coinbase hiring Mark Kelly, a new U.K. head of compliance with three decades of experience in the industry. If one looks at the experience of Mark Kelly, he hails from Grant Thornton- and had held a position of Technology Risk Consultant during the period of March 2008 and September 2011.
Now according to this Twitter user, the independence of the audit report has been compromised due to the

First Goldman Sachs struggles for doing @GrantThornton , the middle-tier firm, an auditor of #USDC. Then @coinbase hires a new UK compliance chief Mark Kelly, a former Grant Thornton employee.
— Ico Scam Alert (@ItsIcoScamAlert) February 19, 2019

Now @Circle's trying to prove that this audit was independent. If #USDC's really backed by something why don't you ask for an audit someone else except your partner? #USDC is #crypto scam.
— Ico Scam Alert (@ItsIcoScamAlert) February 19, 2019

While it looks to be a real long short that Kelly was appointed to help Circle compromise on the audit report, keeping an eye and ear open is appreciated. While the report looks sufficiently covered, Circle may want to run another audit to squash this blame.
Is USDC audit report independent or Kelly has a role in positively portraying it? Do have a look and let us know your views on the same.
The post USDC Mounts Pressure On Tether To Come Clean As It Releases Another Audit Report appeared first on Coingape.
Source: CoinGape

Coinfloor Rebrands to Shake Up the Industry with Its Stablecoin and Physical Bitcoin Futures

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Coinfloor Rebrands to Shake Up the Industry with Its Stablecoin and Physical Bitcoin Futures

CoinfloorEX has been reorganized. A new entity called CoinFLEX will be based in Hong Kong and will offer trading of physical cryptocurrency futures on the Asian market.

Coinfloor Rebrands to Shake Up the Industry with Its Stablecoin and Physical Bitcoin Futures

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Source: CoinSpeaker

Coinbase Announces Rollout in Six New European Markets

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Coinbase Announces Rollout in Six New European Markets

Coinbase said Thursday it had expanded its product to several European countries and overseas territories, including Lithuania, Iceland, Andorra, Gibraltar, Guernsey and the Isle of Man.

Coinbase Announces Rollout in Six New European Markets

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Source: CoinSpeaker

Stablecoin USDC Is Getting Popular as More Project Que in To Provide Support

Around 6 months back, the world had only one stablecoin, Tether, to save themselves from the absurd volatility of the crypto-markets. But as crypto markets entered the second half of 2018, there came a flurry of stablecoins battling out for the numero uno position that Tether has held since inceptions. While the battle still continues, it looks like Circle’s stablecoin USDC is moving ahead of others slightly as platforms are queuing up to provide support to USDC.
75 exchanges, protocols, platforms, applications, and wallets now support USDC
According to the recent that was published on the Circle’s blog, USDC is really becoming a popular stablecoin and is now supported by 75 exchanges, protocols, platforms, applications, and wallets. The post also mentions that IDCM crypto exchange, along with Alpha Wallet, ChangeNow, Loopring, Salt Platform, and XinFin the latest companies to support USDC
IDCM has been one of the largest crypto exchanges in the world, and it now joins other major exchanges which include Binance (where it is listed as a quote currency), OKEx, Huobi, Digifinex, Bitfinex, and many others, where USDC is already traded since it was launched under 3 months ago,
Other crypto exchange marketplaces and platforms that have recently announced support for USDC include ChangeNow and Loopring.
Other non-exchange support for USDC includes Alpha Wallet which will now allow its customers to safely store, transfer and use USDC with various dApps. Salt Lending, a crypto-powered digital lending solution, will be adding USDC to their loan portfolio. And finally, XinFin, an open source hybrid blockchain platform provider, is also adding USDC support across their offerings.
Joao Reginatto, Director, European Product and Operations for Circle, who is the author of this recent blogpost also mentions that these partners of USDC have played a leading role in making USDC the second largest asset-backed stablecoin by market capitalization. These supporters have also helped USDC achieve a few other milestones which includes

USDC’s market cap now stands at USD 220 million only second to Tether
Circle has released its second monthly attestation report on US dollar reserves backing USDC issued by an independent accounting firm, Grant Thornton LLP. This is something that Tether failed to provide a long time.
The Silvergate Exchange Network (SEN) announced support for US Dollar Coin (USDC) issuance and redemption, giving USDC unmatched speed as a fiat on an off-ramp between crypto and USD.

The team behind USDC seems to be really doing their jobs well and if the coin progresses at this speed it will soon race ahead of its competitors and probably challenge Tether very soon.
Will USDC be able to take over Tether as a leading stablecoin of the crypto-world? Do let us know your views on the same.
The post Stablecoin USDC Is Getting Popular as More Project Que in To Provide Support appeared first on Coingape.
Source: CoinGape