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Coinbase: The Best Startup of 2018

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Headquartered in San Francisco, Coinbase emerged as the leading digital currency wallet service that allows traders to buy and sell cryptocurrencies.

Headquartered in San Francisco, California, Coinbase emerged as the leading digital currency wallet service that allows traders to buy and sell cryptocurrency like bitcoin.

The interest, as well as the amount of investment that was put into cryptocurrencies, hyped up in the past year and there emerged the need of a secure facility of exchange to allow the buying, selling and execute other transactions related to crypto- at such a time Coinbase emerged as one of the safest portals to deal in cryptocurrencies.

 

Things You Should Know

Coinbase was launched in Fransico, back in 2012 and is currently functional in as many as 32 countries and serves over 12 million customers with over 40 billion dollars in digital currencies. When 2013 was reached, Coinbase came out to be the most funded Bitcoin startup and was also the largest portal for the exchange of cryptocurrency in the world. It is different than other exchanges in the market that require users to trade in a market- Coinbase, on the other hand, allows them to exchange their cryptocurrency at a set price that is based off the market value, which makes the whole transaction much faster than any other exchange. It also just happens to be one of the few portals that accept credit cards (in addition to bank transfers).

Coinbase went on to gather some real high-browed backers as investors, including the Bank of Tokyo and BBVA, which is proof of its legitimacy.

Some people wonder whether the facility of Coinbase is safe or not- well, among its competitors, Coinbase is probably the safest that there is. It is important to note here that Coinbase is based In the USA and it complies with all of US’s State and federal laws- thus making it much more secure than other exchanges that have a loose law system.

 

Safety Measures

As far as storage of funds is concerned, the methodology of Coinbase is highly transparent- it categorizes and separates customer finds from company’s  operational funds and it has mentioned on its website that any funds that they hold on behalf of their customers are kept safe in custodial bank accounts and in case a financial crisis does occur, neither Coinbase nor its creditors would have any rights or claims to the funds of their customers. Coinbase also guarantees that 98% of customers’ cryptocurrency finds are stored offline by the means of hardware wallets and paper wallets that are further secured in vaults and safety deposit boxes around the world. The security is further boosted with Coinbase claiming that the left percentage of the cryptocurrency which is stored online is insured and in the event of any hacking that is near to impossible, customers will have a claim to receive any funds that they may have lost via their insurance policy.

 

Recognition Received

Coinbase found worldwide substantiation for their efforts and for some of our amazing colleagues. Ultimately, these awards highlight the efforts of every single employee, and  Coinbase was highly grateful to all its employees and staff members for making it such an amazing place to work. Top highlights include:

  • LinkedIn went on to rank Coinbase as the #3 most desirous and profitable startups in the US.
  • Fortune’s prestigious publication- The Ledger featured four members of Coinbase in its list- 40 under 40
  • Major personalities working with Coinbase such as Tariq Meyers and Emilie Choi have been recognized by many international magazines and newspapers, like The Root.

 

Customer Service

Coinbase is not going to leave you stranded alone in this cyber world, for it offers customer support via email and you can easily find a knowledge base on its website along with FAQs that are available for customers. Although the time that you will be spent in waiting for customer support may vary, Coinbase makes sure that all its users are left with their questions answered no matter how busy or caught up they are.

And so we can say that something so novel to have reached the heights of success so soon is truly a tremendous achievement for Coinbase; it is indeed the best startup that 2018 bore!

#Exchange

Japan to establish new regulations for cold wallets of crypto exchanges

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The Financial Services Agency of Japan (FSA) is going to establish new regulations in relation to the cold wallets of cryptocurrency exchanges.

As reported by Reuters, the Financial Services Agency of Japan (FSA) is going to establish new regulations in relation to the cold wallets for the storage of cryptocurrencies for cryptocurrency exchanges.

 

According to the report, the financial regulator of Japan is going to need a more strict internal supervision of the cold storage wallets (offline wallets) within the crypto exchanges.

 

The Financial Services Agency of Japan is going to mark the issues of protecting the security of the cryptocurrencies and other endangers to the country by establishing new regulations since the agency wants to uplift the fintech industry in order to encourage the economical growth.

 

Even though the cold storage wallets are in offline mode (not connected to the internet) and are considered a lot safer than the online wallets, Japan’s Financial Services Agency is considering the internal thefts within the organization itself. Currently, a lot of cryptocurrency exchanges do not have a procedure of rotating the individual responsible for the cold storage wallets.

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Kraken Sued for $907,000 by ex-Employee

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An ex-employee of Kraken, Jonathan Silverman has sued the crypto exchange for failing to make the payment for his work done for the company.

An ex-employee of Kraken, a major cryptocurrency exchange, Jonathan Silverman has sued the crypto exchange for failing to make the payment for his work done for the company. The lawsuit has demanded more than $900,000 from the company.

 

Kraken Sued:

According to a publication on Bloomberg, Jonathan Silverman was responsible for managing the institutional sales and trading desk of the exchange. He was posted in New York and had an agreement with Jesse Powell, the CEO of Kraken for a salary of $150,000 for his job. They also had verbal communication regarding the payment of 10% of the yearly profit of the desk to Jonathan.

Jonathan is alleging that the desk had made more than $19 million profit in 3 months during his working period in 2017 and did not receive the 10% payment as a commission as he was promised.

However, according to Christina Vee, one of the spokeswomen for Kraken mentioned that Jonathan Silverman is giving false statements and also violating his confidential agreement.

 

Did Kraken leave New York in 2015?

Jonathan Silverman also claims that Kraken had not left New York in 2015 despite the fact that the controversial Bitlicense was introduced by the State’s department of financial services back then. He said that the company has been misleading the common people and the government regulators about not operating in New York since 2015. Jonathan claims that most of the OTC (Over the counter) traders of the exchange were done in New York.

In 2015, Kraken had posted an official publication which said that the exchange is shutting down its services in New York due to the controversial BitLicense of the State that was being brought out by the financial services department.

 

The lawsuit claims that when he left the job, Jonathan Silverman had reached an agreement with the company that he would receive $907,000 as a settlement amount which was never received by him.

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Alert: Singapore Exchange DragonEx Hacked

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DragonEx crypto exchange based in Singapore has allegedly been hacked on 24th March 2019. The exchange told its users about the hack on telegram.

DragonEx crypto exchange based in Singapore has allegedly been hacked on 24th March 2019. The exchange told its users about the hack through an official message on their telegram channel.

 

DragonEx Hacked:

According to the announcement, the hack led to the theft of the cryptocurrencies that belong to the exchange as well as the cryptocurrencies that belong to the users. The hack was instantly identified by the DragonEx team.

 

According to the official announcement by the admin, they were able to retrieve only a portion of the total cryptocurrencies and the team is working hard to get back the other stolen cryptocurrencies as well. Also, the team has informed many judicial administrations about the cybercrime base lodged by the exchange which includes Singapore, Thailand, Hongkong, Estonia etc. The team is currently trying to assist the police in the investigation and the exchange has currently shut down its operations.

 

The admin also told the users that DragonEx is taking full responsibility for the lost assets of users. The total amount of cryptocurrencies that were compromised during the hack is however still unknown.

 

The admin also stated a warning that the exchange will never ask the users about any personal information such as password, verification code, SMS code etc and users shall be aware of such fact. The admin also provided twenty addresses to which the hacked or stolen cryptocurrencies were sent. These twenty addresses are of twenty different cryptocurrencies such as BTC, LTC, ETH, XRP etc.

 

The admin also requested other cryptocurrency exchange as well as the people in the cryptocurrency industry to help them in investigating the case and trace the cryptocurrencies.

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