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Coinbase launches in Japan and partners with MUFG

Coinbase is looking to maintain the same simple approach to customer integration that makes it the most popular US-based crypto exchange

Coinbase, the leading US-based cryptocurrency exchange platform, is now live in Japan, the company said in an announcement made earlier today.

According to Coinbase, Japan is a key crypto market, with the country already highly recognised in crypto circles as one of the earliest to allow cryptocurrency trading. However, it also notes the stringent regulatory requirements in place.

“In line with our global strategy, we will aim to be the easiest to use and most trusted exchange in Japan that’s fully compliant with local regulations,” the firm said in the blog post.

The firm plans to start with a suite of retail products, including a listing of the top five digital assets as per trading volume. The company will then unveil more assets and add other products as market demand grows.

The exchange also plans to introduce “more localized versions” of some of the most popular crypto-related services, including advanced trading and Coinbase for Institutions.

The exchange has revealed that its unveiling in Japan is in partnership with one of the country’s leading financial giants, the Mitsubishi UFJ Financial Group (MUFG). MUFG serves over 40 million customers and Coinbase says their partnership is going to help millions of customers with bank accounts to easily and quickly access fiat on/off ramps through the bank’s Quick Deposit. 

The official launch into Japan follows Coinbase’s registration with the Financial Services Agency (FSA), Japan’s financial regulator, in mid-June. The approval had earmarked the entry of the exchange into the Japanese market, putting on the table five cryptocurrencies that the exchange could list, namely, Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Stellar (XLM) and Litecoin (LTC).

The post Coinbase launches in Japan and partners with MUFG appeared first on Coin Journal.

Gemini “playing the long game” as Binance faces more hurdles

Image of Lady Justice holding Bitcoin

As payments provider Clear Junction pulls support for Binance, more compliant exchanges could experience growth

The regulatory troubles continue for Binance. After the UK’s Financial Conduct Authority ordered Binance to stop all regulated activity in June, both Barclays and Santander blocked payments to the exchange last week.

Things didn’t get any better this week when one of Binance’s key payments partners, Clear Junction, pulled out, saying it had “decided to suspend both GBP and EUR payments and will no longer be facilitating deposits or withdrawals” for the platform.

However, not all centralised exchanges are being targeted by regulators. In recent years, Binance quickly grew to become the largest crypto exchange by both volume and weekly visitors, but Gemini’s embrace of regulation could stand it in good stead to climb up the rankings.

Binance’s daily spot trading volume is currently about 100 times that of Gemini, but Binance is under scrutiny in the US by the Internal Revenue Service, Department of Justice and Commodity Futures Trading Commission.

As major exchanges lose business in leading economies like the US and the UK through warnings and lawsuits from authorities, the compliant platforms that are left face less competition in those jurisdictions.

As Gemini Co-founder Cameron Winklevoss told Bloomberg yesterday, “We’re playing the long game. We’re trying to be the fastest tortoise in the race. The long game pays off over time.”

Back in 2018, Gemini helped found the Virtual Commodity Association to act as a self-regulatory organisation. Gemini isn’t the only exchange to embrace regulation. Kraken received a bank charter in Wyoming and Coinbase expanded its compliance team by hiring Stripe’s Melissa Strait and Goldman Sachs’ Faryar Shirzad, as well as publishing audited financials.

But not everyone sees the move towards regulation as a good thing. As finance professor John Griffin told Bloomberg: “The Catch-22 is that the crypto system was set up to avoid big banks, [but] rather than having this autonomous universe free of government regulation, we have crypto exchanges playing the role that traditional exchanges and governments play in traditional markets.”

According to Glassnode’s latest newsletter, centralised exchanges have seen a daily outflow of about 2,000 BTC over the last two weeks, while decentralised finance (DeFi) protocols saw a higher inflow of capital during the same period. This could signal traders and investors turning to decentralised exchanges to escape the increasing regulation they face on centralised exchanges.

The post Gemini “playing the long game” as Binance faces more hurdles appeared first on Coin Journal.

KEEP coin is on the up: here is where to buy the cryptocurrency

The Keep Network is attracting an increased level of interest from retail investors across the crypto space. 

This article details the Keep Network, explaining what it is and whether or not you should invest. Scroll down the page to find this key information along with a list of the two best places to buy KEEP crypto online.

Where to buy KEEP coin today

The best place to buy cryptocurrencies like KEEP is a cryptocurrency exchange. While some crypto investors like to source their coins through a decentralised exchange (DEX), crypto brokers offer low fees and clean interfaces that are hard to match.

Here are our two top picks for your convenience:

ForexTB

ForexTB offers over 300 desirable financial assets to choose from. At ForexTB, you can dive into global markets, and trade CFDs on Forex assets, such as EUR/USD, GBP/USD, or trade CFDs on Commodities such as gold, silver and crude oil.

Register with ForexTB instantly

OBRinvest

We offer over 270 desirable financial assets to choose from. At OBRinvest, you can dive into global markets, and trade CFDs on Forex assets, such as EUR/USD, GBP/USD, or trade CFDs on Commodities such as gold, silver and crude oil.

Register with OBRinvest instantly

What is Keep Network?

Having been founded in 2017 by crypto industry veterans, the Keep Network is an incentivised platform that allows users to store and encrypt private data on the public blockchain. In addition, users who stake KEEP coin on the platform can earn rewards.

Should I buy KEEP crypto?

The technology of the Keep Network is mightily impressive, and it was perhaps a shame that its recent listing on Coinbase Pro was overshadowed by a meme coin with few fundamentals, Shiba Inu coin.

In the long run, we feel this will turn out to be a great, profitable project, and tokenholders will be rewarded. However, there is always a significant risk attached to investing in early-stage altcoins. Make sure you conduct your own extensive due diligence and never invest money you can’t afford to completely lose.

The post KEEP coin is on the up: here is where to buy the cryptocurrency appeared first on Coin Journal.

Where to buy Sanshu Inu coin after it surges in value

Sanshu Inu coin has been one of the most popularly discussed cryptocurrencies of the last 24 hours.

Sanshu Inu is the latest dog-themed cryptocurrency to take the market by storm. This article explains the key things you need to know before investing in the project, including its purpose and investment potential.

In addition, below, we have listed the two best places to buy Sanshu Inu coin to make your life a little easier.

Where to buy SANSHU crypto online

Some investors choose to buy their altcoins through a decentralised exchange, though our team of analysts feel that crypto brokers offer the best outcomes for most investors in the majority of circumstances.

We have sifted through many of the options and ranked them based on their fee structures, user interface and general ease of use. Here are our two top picks:

ForexTB

ForexTB offers over 300 desirable financial assets to choose from. At ForexTB, you can dive into global markets, and trade CFDs on Forex assets, such as EUR/USD, GBP/USD, or trade CFDs on Commodities such as gold, silver and crude oil.

Register with ForexTB instantly

OBRinvest

We offer over 270 desirable financial assets to choose from. At OBRinvest, you can dive into global markets, and trade CFDs on Forex assets, such as EUR/USD, GBP/USD, or trade CFDs on Commodities such as gold, silver and crude oil.

Register with OBRinvest instantly

What is Sanshu Inu crypto?

Sanshu Inu is a decentralised transaction network where the community takes action and decides. It has managed to tap into the ‘meme coin’ craze that has been occurring throughout 2021, securing a marked rise in its value and even a Coin Gecko listing.

Should I buy SANSHU coin?

If you want to make a highly speculative investment with plenty of risk and the potential of massive rewards, it could be a good idea to invest in SANSHU tokens. The coin’s growth shows no signs of slowing down and the project’s community appears loyal and committed.

There are some question marks against the fundamental value of this project in the long run, as some investors feel it offers little in the way of technical innovation, though for the time being, it could be a good short-term play and a lottery ticket worth buying.

The post Where to buy Sanshu Inu coin after it surges in value appeared first on Coin Journal.

Weekly Report: Coinbase announces integration of its card with Google and Apple Pay

Here is a recap of the top cryptocurrency and decentralised finance news from the first week of June

BNY Mellon to Launch Crypto Custodian Services

Earlier this week, Ireland’s Business Post reported that BNY Mellon, a US-based custodian and asset management company, aims to launch crypto services in the country. The planned Digital Innovation Hub will be located in Dublin. It’ll provide crypto custodian services in a move the bank defines as betting on the future of cryptocurrencies. The corporation will help clients wishing to deal in digital assets under the regulation of the Central Bank of Ireland.

Ireland’s Central Bank has already voiced its concerns about the great impact that these assets are expected to have. Speaking in a Monday Bloomberg interview, Derville Rowland, a top CBI executive, cautioned investors as to the risks of losing their investments in the crypto space.

She also went on to classify digital currencies as speculative and unregulated investments. With such strong sentiments from the soon-to-be chair of the European Securities and Markets Authority’s investment management committee, the fate of crypto in Europe appears to be hanging in the balance.

Coinbase Card now supports Apple Pay and Google Pay

Coinbase Card users can now transact their cryptocurrencies via Apple Pay and Google Pay. Coinbase confirmed the news via a blog post published on Tuesday in a move that will make it easier for crypto users to settle payments.

The company behind the biggest exchange in the US additionally plans to give the select users who will be allowed to use the service a 4% crypto reward of the money spent using the platform. The reward program is limited to US-based users, but the crypto firm plans to eventually extend the program to other regions.

The exchange launched its Visa debit card in 2019 in the UK to facilitate the use of Bitcoin in transactions. The service has since spread to several other countries, including the US, where since October last year users have been joining the waitlist. The integration of Google Pay and Apple Pay comes at a time when there are significant developments being witnessed in both the mobile and crypto sectors.

Standard Chartered to Launch Crypto Exchange in Europe

In an effort seemingly showing StanChart’s move towards embracing crypto, the bank announced on Wednesday that it is gearing up to launch crypto brokerage and exchange services.  The planned launch will target institutional clients, specifically in Europe, by linking them to traders dealing in Bitcoin and other digital assets.

The bank’s innovation arm (SC Ventures) will collaborate with OSL, a Hong Kong-based crypto firm, for the new product. The Hong Kong exchange firm is a subsidiary of BC Tech Group. The launch follows HSBC’s insistence that it would not offer crypto services to its customers, at least not any time soon. The StanChart rival has already taken measures to bar its clients from direct contact with firms such as MicroStrategy that are invested in crypto.

SC Ventures’ Alex Manson explained the firm’s belief that crypto-assets will remain highly relevant and that they are here to stay. The SC Ventures head also put into perspective that the new product will create a safe and reliable investment space for big investors.

Thailand’s SEC Seeks to Regulate the Country’s DeFi sector

Thailand’s finance and securities overseer announced on June 1 that all decentralised finance projects involved in the issuance of digital assets must be licensed by the body. Marking the first-ever official communication on DeFi in the Asian country, the SEC warned that the firms issuing digital tokens have to disclose information and only use licensed portals for their activities.

The announcement from the financial watchdog came just a short while after the launch of TukTuk, a DeFi project. TukTuk’s token, TUK, had soared to hundreds of dollars in value, only for it to nosedive below the $1 mark in a reported pump and dump scheme. The SEC also cautioned those seeking to invest in DeFi projects of the need to perform comprehensive research of the projects’ technical and security attributes before investing.

China Plans another massive CBDC trial

China has laid bare its plans to run a trial of its CBDC with Beijing residents during the upcoming Dragon Boat Festival. It will give away 40 million units of its digital currency in the scheduled lottery event. The amount, approximately equivalent to $6.2 million, will be distributed to 200,000 lucky Beijing residents in red envelopes, each containing 200 digital Yuan.

All willing participants will register using their names and ID numbers via either of the two named banking apps by June 7.  The winners will then be announced on June 11 and they will be able to spend their gifted earnings at specified merchants across the city until June 20.

China’s CBDC, the Renminbi, has been under development since 2014, and the People’s Bank of China (PBoC) is now pushing to scale up the scope of trials. Speaking at the Boao Forum for Asia back in April, Li Bo, PBoC’s deputy governor, explained that China already had plans to make the e-CNY available for use even by international visitors during the upcoming Winter Olympics in Beijing.

The post Weekly Report: Coinbase announces integration of its card with Google and Apple Pay appeared first on Coin Journal.

Coinbase Stock Dips After the Company Seeks More Cash

Coinbase yesterday announced its plans involving a proposed private offering of $1.25 billion.

Coinbase revealed plans to release $1.25 billion of convertible debt in a press release published yesterday. The exchange recently went public, and its stock, which has been performing poorly, has managed to trade above the $250 reference price. However, following the announcement that the company was looking for more cash, the stock plunged below the reference price level.

The announcement to roll out a convertible debt deal comes just a week after the company published its first-quarter results that looked very promising. Coinbase reported total revenue of $1.8 billion in Q1 of 2021. In a surprise move, the exchange is set to raise a huge sum by offering convertible senior notes due 2026.

In a statement, the company said, “This capital raise represents an opportunity to bolster Coinbase’s already strong balance sheet with low-cost capital that maintains operating freedom and minimizes dilution for Coinbase’s stockholders.

Convertible bonds are a type of corporate bond that allow the holders to ask for payment in cash with interest or convert their notes into a predetermined number of common shares in the issuing company. According to a press release, the offering will be private and limited to only institutional investors.

As you’d expect of this type of debt, the company didn’t explain why it was raising funds but noted that proceeds would be used to cover corporate expenses. It appears the market didn’t take the news positively. Coinbase stock price lost 4% on the same day, briefly dropping to a record low of $238 before gaining ground and settling at $248.

The obscure nature of the term has seen many in the crypto community come up with suppositions on why the company is seeking more funds. One of the floated hypotheses is that the exchange is looking to acquire a crypto stash. The basis of this theory is that MicroStrategy followed a similar pattern in February and made a huge Bitcoin purchase afterwards.

The business intelligence firm conducted a $1.05 billion offering of convertible notes early this year. This was followed by an announcement that the company had completed the purchase of over 19,000 bitcoins at a cumulative price of about $1.6 billion. Coinbase isn’t the only company after more funds through the offering approach.

Jack Dorsey’s social platform Twitter also confirmed a convertible note offering in March. The company is reported to have worked out a plan to raise over $1 billion through convertible notes offering. Although it hasn’t divulged what the fund will be used for, there are speculations it may pull a MicroStrategy considering the co-founder’s pro-Bitcoin standpoint.

The post Coinbase Stock Dips After the Company Seeks More Cash appeared first on Coin Journal.

Weekly Report: Uniswap Sets New Record as Coinbase Suffers Setback

Here are the major stories you may have missed from the cryptocurrency sector this week:

Former Bank of China Governor: China will use its CBDC locally

The former head of the People’s Bank of China stated earlier this week that the country only plans to use its Digital Yuan within China’s borders. Zhou Xiaochuan, the Central Bank’s former boss, stated that China had no intentions of extending the digital currency’s application scope to a global scale.

In Xiaochuan’s opinion, employing the CBDC as a global reserve currency would not be without consequences, especially to the independence of countries’ monetary policies. So far, no confirmation or announcement has been made regarding the schedule for the complete implementation of the Digital Yuan.

However, there are plans to expand the scope of testing the currency, at least according to bank’s Deputy Governor Li Bo. There’s even more need to evaluate the Digital Yuan thoroughly in regards to the cross-border transfers as the country gears up for the Winter Olympics event that has been put off until next year.

It has been barely a month since reports emerged that many departments within the US government were studying the Digital Yuan to see if it threatened the hegemony of the US dollar. In response to these reports, a top ranking official at the Bank of Japan asserted that the claims were false and the Digital Yuan did not pose any threat.

Coinbase Pro adds support for Tether

The recently NASDAQ-listed exchange Coinbase has listed the Tether stable coin on its reserved Pro platform. The Ethereum-based virtual asset is already supported on other blockchains, with Coinbase specifying that it would “only support ERC-20 USDT running on the Ethereum blockchain.”

Pro users will be able to trade several Tether pairs including BTC/USDT, USDT/GBP, USDT/EUR, USDT/USD ETH/USDT, and USDT/USDC.

Tether is currently the largest stable coin by market capital and is pegged to the US dollar with a 1:1 ratio. An audit conducted last month disclosed that the digital asset was fully backed by fiat reserves, despite several reports having suggested otherwise. The stable coin, however, won’t be available to regular users using the standard Coinbase platform.

Uniswap records $10 billion weekly trading volume

Uniswap, the decentralised exchange on the Ethereum network, has recorded another achievement on its trading volume. Uniswap logged a weekly figure of $10 billion, despite the relatively high gas fees on the Ethereum network. Many traders have also flocked to the platform in the last few months, which could imply more growth in the coming days.

The project’s creator, Hayden Adam, posted the achievement on Twitter, observing that the figure had more than doubled in a period of six months. Adam explained that the protocol was on course to hit a record yearly trade volume exceeding $500 billion dollars. The team behind the Protocol is currently preparing for the final launch of Uniswap V3.

This new iteration is expected to improve on the current platform. At present, Uniswap is the leading DEX based on Ethereum. Together with Pancake Swap, which is based on the Binance Smart Chain, the two collectively account for nearly 15% of the total TVL of the DeFi sector.

House of Reps passes legislation to create crypto task force

Congress is making progress in its bid to make the crypto sector better for its US crypto investors. On Wednesday, the US House of Representatives passed a legislation to form a working group that will assess current crypto laws. The legislation, titled the Eliminating Barriers to Innovation Act, will now be presented to the Senate and if approved, will be forwarded to the President for the final approval. The Act recommends the creation of a taskforce that will be required to report on the current crypto rules and provide solutions to some questions surrounding crypto regulations.

This taskforce will primarily constitute members from the Commodity Futures Trading Board and the Securities and Exchange Commission (SEC). It will also include other parties such as scholars, investor watchdog groups, companies in the crypto space and entities governed by both regulatory bodies.

Deutsche Boerse Group resumes trading of Coinbase stock

The German Stock Exchange announced it was removing Coinbase from the list of stock on the Xetra digital stock exchange and the Frankfurt Stock Exchange yesterday. The Deutsche Boerse Group explained that the move was because of missing reference data. The exchange has only been public for less than two weeks now and the delisting would be a blow to it.

The Group explained that the reference code used at the time of listing the stock was wrong. The fault on the reference code was described as unintentional and hasn’t been pinned on any party.

Deutsche Boersehas has since reinstated the stock to its offerings, with a spokesperson from Coinbase claiming it the delisting was “an administrative error”.

WeWork makes foray into the crypto sector

The popular US-based office space provider WeWork has confirmed its entry into crypto after announcing it would add digital assets to its books. The firm also disclosed it was partnering with the leading crypto exchange Coinbase and Bit Pay, a payment processing company. It went on to add that Coinbase would lead the way by being the first to settle payment in cryptocurrency.

The commercial real estate company explained it had recognized the growing need for better methods of payment hence the move. The decision comes as more companies start to discover the value of cryptocurrencies mainly due to influence from trailblazers like MicroStrategy and Tesla. WeWork concluded the announcement saying that the adoption of crypto was aligned to its overall goal of helping start-ups.

The post Weekly Report: Uniswap Sets New Record as Coinbase Suffers Setback appeared first on Coin Journal.

Coinbase Pro lists Ethereum-based Tether (USDT)

Cryptocurrency exchange Coinbase revealed its Coinbase Pro trading platform is adding support for Tether’s USDT stablecoin

US-based cryptocurrency exchange Coinbase announced yesterday it had added support for the Ethereum-based Tether (USDT) stablecoin on its Pro trading platform. The stablecoin also operates on other blockchains such as Tron, but Coinbase Pro has chosen to support the ERC-20 version of the USDT token.

Coinbase said in a blog post, “Starting Today, Thursday, April 22, transfer USDT into your Coinbase Pro account ahead of trading. Support for USDT will generally be available in Coinbase’s supported jurisdictions, with the exception of New York State.”

The crypto exchange said trading with USDT would launch right away as soon as the required liquidity is met. “Please note that Coinbase only supports ERC-20 USDT running on the Ethereum blockchain,” the post added.

Coinbase Pro traders can trade any of these Tether pairs: BTC/USDT, ETH/USDT, USDT/EUR, USDT/GBP, USDT/USD and USDT/USDC. Tether (USDT) is a stablecoin pegged to the US Dollar and has a value of 1:1.

It was the first stablecoin launched in the cryptocurrency space (launched in 2014) and remains the largest in terms of market cap. The stablecoin issuer is one of the most controversial cryptocurrency projects in recent history. Tether was accused of artificially inflating Bitcoin’s price during the 2017 bull cycle.

There were claims that the USDT coins are not fully backed by fiat currencies. However, an external audit conducted earlier this year revealed that the stablecoins are fully backed by reserves.

Coinbase further clarified that USDT is not yet available on Coinbase.com or its mobile apps. The exchange will make a separate announcement if and when this support is added.

The post Coinbase Pro lists Ethereum-based Tether (USDT) appeared first on Coin Journal.

German Stock Exchange Delists Coinbase on Missing Reference Data

The Deutsche Boerse Group to delist Coinbase stock from Xetra digital stock exchange and Frankfurt Stock Exchange owing to missing reference data

The Deutsche Boerse Group announced yesterday that it is delisting Coinbase’s stock from its markets on Friday, citing missing reference data as the reason for delisting the cryptocurrency exchange,  which went public last week.

According to Reuters, Coinbase’s stocks will no longer trade on the Xetra digital stock exchange nor on the Frankfurt Stock Exchange. The stock exchange operator said the delisting would be in place until further notice.

The Group stated that when Coinbase’s shares began trading on the platforms, a wrong reference code — a so-called Legal Entity Identifier (LEI) code – was used, albeit accidentally. Deutsche Boerse said it was unsure how the mistake occurred.

The individual reference code is necessary for identification, and is also a regulatory requirement for admission to trading. Deutsche Boerse said, “The only way for Coinbase to resume trading is for the issuer to apply for an LEI.”

Furthermore, Clearstream, a Deutsche Boerse subsidiary and a leading firm in the clearing and settlement of trades, will also stop settling trade in Coinbase shares on the Frankfurt stock exchange from Friday. The firm cited regulatory reasons for this action and said its decision stands unless an accurate LEI is provided.

Coinbase began trading on the NASDAQ stock exchange last week amidst a fanfare in the cryptocurrency space. COIN began trading at $380/share,  eventually peaking at $429. However, the stock has struggled since, and ended yesterday’s trading session at $311.92/share.

Coinbase’s listing remains the largest in the cryptocurrency space, with its market cap surpassing the $100 billion mark on its first day of trading. As of today, Coinbase has a market cap of $62.1 billion.

The post German Stock Exchange Delists Coinbase on Missing Reference Data appeared first on Coin Journal.

WeWork adds Bitcoin and crypto payments to its services

The flexible space provider WeWork is the latest name to enter the cryptocurrency sector

The US-based commercial real estate company WeWork has confirmed its entry into crypto following an announcement it will be adding crypto to its balance sheets. The company also revealed partnerships with the NASDAQ-listed exchange Coinbase and BTC payment service provider BitPay saying the collaboration will help facilitate crypto transactions.

“Through BitPay, a cryptocurrency payment service provider, WeWork will accept Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Paxos (PAX), and several other cryptocurrencies as payment for its offerings. WeWork will also hold the currency on its balance sheet,” Business Wire reported.

BitPay chief executive, Stephen Pair, welcomed the partnership in a statement, asserting that the provider intended to transform how individuals and companies made transactions. Pair added that crypto was the future and described the development as ‘an innovative payment option’ that will simplify things for the WeWork community.

WeWork set forth that Coinbase would be the first member company to complete payments in crypto. The global coworking corporation acknowledged the increasing need for better and simpler payment methods citing it as the reason behind the move. It now joins several other companies from different industries that have already introduced crypto on their books. Tesla and MicroStrategy are some of the big names to have previously accomplished it.

Furthermore, the company will settle the payments to associated third-parties using crypto where applicable as well as Coinbase.

Speaking about the decision to enter the crypto sector, the Chief Executive, Sandeep Mathrani, explained that it was in line with the firm’s objective of working together with other Fintech companies.

 “As our member base continues to grow in the FinTech sector, so will our ability to adapt to their needs and service a new economy,” he said. “WeWork has always been at the forefront of innovative technologies, finding new ways to support our members. It only makes sense for us to expand on the optionality we provide by adding cryptocurrency as an accepted form of payment for our members.”

Several companies have been phased out in the past for failing to adapt to the changing times. The decision by the office-sharing and rental business to adopt crypto will, without doubt, help it remain relevant during this period.

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