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Series E funds from big venture companies arrive at Coinbase for Crypto Adoption

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Coinbase has raised Series E Funds to the tune of $ billion. The participants of the funding spree are the big names in technology venture companies.

In the hope that cryptocurrencies and related digital assets would be the primary drivers of web 3.0, exchange Coinbase has raised Series E Funds to the tune of $ billion. The participants of the funding spree are the big names in technology venture companies like – Y combinatory Continuity, Andreessen Horowitz, Wellington Management, Poly Chain and the all-important Tiger Global management.

 

Funds for Following Features

The immediate use of the funds will in developing infrastructure for fiat and crypto for markets which are currently regulated.

The second focus is to offer infrastructure on Coinbase infrastructure to support over thousands of assets. Currently, the assets are only in their hundreds, and the championing exchange will concentrate on building capacity to scale and include as many numbers of coins as are available.

The third area of development where the crypto would be used is the utility applications for crypto. These include creating stablecoin such as USDC on Coinbase and will also offer sustained development with respect to coinbase wallet.

The fourth area of use of the new funds is in attracting institutional investors to the cryptocurrency sphere. The likely services it will expand into at this final stage is custody offerings. It will bring additional institutional funds across space.

At its core, coinbase will be the crypto asset building company. The exchange is leading the campaign to build in new capabilities so as to ramp and scale infrastructure to handle the mass adoption of cryptocurrencies such bitcoin n the near future.

Assuming leadership position across the US comes naturally to Coinbase management as their primary focus is to become the go-to place for every crypto investor. It continues to evolve the standards of services it offers, and in the course has bee carrying with it other exchanges and service providers to improve their standards. Thus the exchange’s attempts to improve and offer seamless services have to appreciate.

The latest funds that the exchange has at its disposal from some of the finest and defining venture capital companies in the world is aimed at bringing about disruptive and positive development from across the industry stakeholders.

 

CEO Brian Armstrong

According to the founder members of the exchange, the key reason they are continuing to offer only a few assets on their exchange is that they are focused on being compliant with the needs and laws of the United States Securities and Exchange Commission.

Typically the option of exercising an investment-seeking instrument such as the Series E funding is that there is an IPO in the near future. CEO of Coinbase Brian Armstrong has been highly articulate in terms of his desire to take Coinbase into public company structures.

 

Coinbase Chief Operating Officer, Assif Hirji said:

“We see hundreds of cryptocurrencies that could be added to our platform today, and we will lay the groundwork to support thousands in the future.”  

 

For Coinbase, its popularity is not undermined in any manner thus far, with the exception that its trading volume has been dropping-off in 2018.

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5th Largest Korean Cryptocurrency Exchange: Coinnest Shuts Down

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Coinnest which is one of the largest cryptocurrency exchanges in Korea made an announcement that it is going to shut down its operations in the midst of some financial, admin and legal problems.

 

Coinnest Shuts Down:

According to a recent publication by Coinnest, bitcoin exchange, the exchanges is shutting down its operations. Coinnest had earlier closed down its new account creation services on 16th April 2019.

 

According to the exchange, it is going to terminate the trading and deposit features at the end of this month. However, the users shall be able to withdraw their cryptocurrencies from the exchange until 30th June 2019.

 

coinnest-screenshot

website screenshot

 

Following the decision to shut down its operations, the exchange has made an announcement regarding the decrease of the minimum withdrawal amount as well the withdrawal fees. Coinnest warned the users that no user shall be able to withdraw their funds after 30th June 2019.

 

Last year, the CEO of the exchange, Kim Ik-hwan was arrested by the South Korean police for fraud and theft. Since then, the exchange had been facing a bad time. The CEO was found guilty by the court and was sentenced to prison along with a fine of $2.5 million.

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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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