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The RBI’s informal pressure prompted trading halt, says Coinbase CEO

The Indian government has cracked down on cryptocurrency activities in recent years.

Cryptocurrency exchange Coinbase has revealed that it halted its trading activities in India due to the informal pressure from the Reserve Bank of India (RBI). 

The RBI, like many central banks across the world, has been tough against cryptocurrency trading activities. At some point, the RBI banned financial institutions from partaking in crypto-related services.

Coinbase launched its services in India on April 7 but rolled back its decision three days later. The Coinbase app allowed users in India to buy crypto tokens using UPI, a highly popular Indian payments infrastructure built by a coalition of retail banks in the country.

The UPI refused to acknowledge support for the Coinbase app, resulting in the crypto exchange rolling back its earlier decisions.

Coinbase CEO Neil Armstrong confirmed that the informal pressure from the RBI is the reason why the company halted operations in India. He said;

“I guess just to zoom out for a minute, one of our theories here and my theory, is that action produces information. So it’s not always clear as we go to these countries all over the world, everybody is in varying states of kind of education or lack thereof about crypto. And there’s a lot of work to go meet with policymakers around the world and kind of teach them about what the AML capabilities are and what are the positive benefits. The people of these countries generally really want crypto. And so to me, that says that most places in the free world and democracies, crypto is going to eventually be regulated and legal, but it’s going to take time for them to get comfortable with this.”

Despite the challenges, Armstrong said Coinbase will still launch in India. He added that the company is currently considering the best way to move forward but is committed to launching its operations in the country. He concluded that;

“We’re going to launch because it forces the discussion to be had. Now the press is talking about it in India. Now there’s meetings happening that are going to talk about how we get to the next step. So that’s generally our approach with international expansion.”

The post The RBI’s informal pressure prompted trading halt, says Coinbase CEO appeared first on Coin Journal.

Why is BNB up by more than 4% today?

The cryptocurrency market has continued its slow recovery following its poor start to the week.

The broader cryptocurrency market could end the week on a positive note, thanks to its latest performance. The total crypto market cap has increased by less than 1% and currently stands above $1.8 trillion.

Bitcoin is closing in on the $40k psychological level despite adding less than 1% to its value in the last 24 hours. Ether is up by roughly 2% so far today and looks set to reach the $3,000 mark soon.

BNB, the native token of the Binance ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap in the last 24 hours. The coin has added more than 4% to its value over the past few hours, outperforming the other major coins and tokens in the process.

The rally is fueled by the news that Coinbase has listed Binance USD (BUSD) stablecoin. Coinbase is a major cryptocurrency exchange and one of Binance’s leading competitors.

Hence, the news that Coinbase was listing Binance’s stablecoin served as the catalyst to push BNB higher. 

Key levels to watch

The BNB/USD 4-hour chart is still bearish as BNB has been underperforming in recent days. However, the technical indicators show that BNB is recovering from its recent slump.

At press time, BNB is trading at $404.90 per coin. The MACD line is still below the neutral zone, but the recent trajectory shows it could cross into the positive territory soon. The 14-day RSI of 57 shows that BNB is no longer in the oversold region.

If the rally continues, BNB could rally past the first major resistance level at $423 before the end of the day. However, the resistance point at $435 should cap further downward movement in the short term.

On the flip side, if the bears regain control of the market, BNB could be forced to defend its major support level at $394. 

The post Why is BNB up by more than 4% today? appeared first on Coin Journal.

Top 3 Easiest Ways to Buy Crypto

Cryptocurrencies provide an excellent way of making money and growing returns. For example, Bitcoin price has moved from below $5 in 2009 to over $40,000 today. Similarly, Ethereum has jumped from below $10 to over $3,000. In total, cryptocurrencies have moved from nowhere to become an asset class worth over $2 trillion. In this article, we will look at the easiest was to buy cryptocurrencies.

Using digital wallets

Online wallets are popular financial products that enable people to save, send, and receive cash from their loved ones or business partners. These wallets are popular because of how easy they are to use and the fact that they mostly have low fees.

The number of digital wallets has been in a strong uptrend as the fintech revolution continues. Some of the most popular wallets are PayPal, Cash App, Skrill, Neteller, Revolut, and Venmo among others.

As part of their strategies, many online wallets have now made it possible to buy cryptocurrencies inside their ecosystems. The goal is to simplify how people access financial services and to also make money doing that. 

Indeed, cryptocurrencies have become pivotal to Cash App’s business. For example, Cash App generated over $2 billion of revenue from cryptocurrencies in the fourth quarter of 2021.

These wallets offer one of the easiest ways to buy cryptocurrencies. For example, in 2021, PayPal introduced a way to buy, save, and send a select number of cryptocurrencies in its platform. Today, American and Britons can easily use the platform to buy Bitcoin, Bitcoin Cash, Ethereum, and other coins directly using PayPal and Venmo. 

The process of buying Bitcoin with PayPal is easy. First, you need to have an account with PayPal. Second, select the cryptocurrency that you want to buy and the amount you want to spend. Second, you should execute the trade. PayPal will then deduct the cash that you have from your account. Alternatively, it will directly make the purchase using your linked bank account.

The process is similar with other online wallets like Cash App. You just need to select the coin you want to buy and then execute the trade. 

There are several benefits of using these apps to buy cryptocurrency. First, the process is easy and it takes a few seconds. Second, most apps don’t charge a fee to execute the trade. Finally, they are safe options. The only disadvantage is that these apps don’t have a large selection of coins.

Using cryptocurrency exchanges

The other easiest way to buy cryptocurrency is through a centralized exchange. An exchange is a company that provides different cryptocurrencies for people to trade. In most cases, exchanges provide a website and mobile applications that let people buy coins. They also offer other tools that help them to make better and more informed choices.

Cryptocurrency exchanges work in a relatively similar way. They provide a marketplace where one can go and buy coins. After buying the coin, one can easily save them in their online wallets. When needed, a person can then convert their coins into cash and withdraw to their online wallets or bank accounts.

In addition, it is possible for people to move their cryptocurrencies from exchange to their cold wallets in a few steps.

The crypto exchange industry has become significantly saturated. CoinMarketCap tracks 511 exchanges from around the world. In total, these exchanges help to move cryptocurrencies worth over $100 billion every day. Some of the biggest exchanges in terms of volume are Binance, Coinbase, KuCoin, Huobi Global, Gate, and Crypto.com.

It is easy to buy cryptocurrency using an exchange. First, you need to find a credible exchange that guarantees the safety of your funds. In most cases, we recommend that you focus on popular exchanges like Binance and Coinbase instead of the smaller ones that are unknown. You can read our eToro reviewCEX review, and Binance review.  

Second, you should create your account by providing your name and email address. After this, to comply with the law, many exchanges will seek to verify your account by confirming your location.

In the next step, you will need to select a cash deposit option. Many companies allow you to deposit your cash using a number of options like PayPal, credit and debit card, Neteller, and wire transfer. You can now buy your coins after completing your deposit process. Wire transfers take a longer period while card transactions are instant.

Using exchanges like Coinbase, Binance, and eToro is recommended because they are safe and they provide more coins. They also provide more solutions like staking, leverage tokens trading, and perpetual futures trading.

Using a peer-to-peer exchange

Another easy option for buying cryptocurrency is to use a peer-to-peer exchange platform. These are companies that provide a platform where people can buy and sell cryptocurrency among themselves in an easier manner. A P2P exchange provides a platform that ensures safety.

They work in an easier way. After creating and verifying your account, you will select whether you want to buy or sell a coin. When buying, you will see numerous people who are selling coins and their prices. Select your preferred one and then make a payment to them directly. After they receive their funds, the coins deposited in the Escrow will be transferred to you.

There are several reasons for using a P2P exchange. First, they are easy to use. Second, you can use arbitrage by buying a coin at cheap prices and then selling it instantly at a higher price. Third, you can use your preferred option to complete the transaction. Examples of P2P payment platforms are Paxful, Local Bitcoins, and Binance P2P

The post Top 3 Easiest Ways to Buy Crypto appeared first on Coin Journal.

Coinbase CEO says Russian oligarchs won’t use crypto to evade sanctions

Russia, sanctions, crypto– yes, three words that have this week informed one of the most discussed topics in the crypto space. 

We know Russia attacked Ukraine and a war is going on. This has in turn attracted tough sanctions from across European nations and the United States.

And in the middle of all these, there’s a simple hypothesis that crypto could provide Russian oligarchs a way to circumvent sanctions. Of course crypto should be able to do this, given characteristics inherent to the burgeoning technology.

But it won’t be won’t be easy and Coinbase CEO Brian Armstrong has shared his views on why not.

Why Coinbase thinks crypto will not be ideal Russian oligarchs

According to Coinbase CEO Brian Armstrong, it’s possible a wealthy Russian close to President Vladimir Putin might try to evade US sanctions by using crypto. 

Yet, looking at the prevailing circumstances around Russia, crypto may not be what an oligarch trying to remain anonymous or discrete would look to use in “sneaking” huge amounts of money around.

And it even gets tougher given that the liquidity one might need to facilitate this on the biggest exchanges- most of them available in the US and other major countries looking to enforce sanctions.  As such, crypto businesses in these countries will likely follow the law and make it difficult for Russia or the sanctioned individuals.

Sharing his thoughts on this very topic, the Coinbase chief noted:

Every US company has to follow the law – it doesn’t matter if your company handles dollars, crypto, gold, real estate or even non financial assets. Sanctions laws apply to all US people and businesses. So it would be a mistake to think crypto businesses like Coinbase won’t follow the law. Of course we will.”

He added that screening of customers is part of the law and that global watchlists provide useful information that helps the exchange block flagged individuals, IP addresses, accounts or transactions.

Armstrong then explains why he doesn’t think “there’s a high risk of Russian oligarchs using crypto to avoid sanctions.”

Why?

Because it is an open ledger, trying to sneak lots of money through crypto would be more traceable than using U.S. dollars cash, art, gold, or other assets,” he said.

Blockchain traceability and following the law won’t make it easy for anyone looking to use cryptocurrencies to avoid sanctions.

Coinbase won’t block all Russians

Calls to ban all Russians from accessing services on crypto exchanges have also been made, including from officials in Ukraine. But Armstrong says Coinbase won’t take that step.

We are not preemptively banning all Russians from using Coinbase. We believe everyone deserves access to basic financial services unless the law says otherwise,” he noted.

According to him, doing so will impact people for whom crypto is a buffer in these times when the ruble has deflated massively.

“Many of them [ordinary Russians] likely oppose what their country is doing, and a ban would hurt them, too,” he opined.

But like other regulated companies and businesses, Coinbase follows the law and if the US government asks it to block or ban certain users, the firm will follow the said laws.

Armstrong summarised his view of the whole issue by saying that Coinbase will also work towards helping Ukrainians access the crypto services they need.

The post Coinbase CEO says Russian oligarchs won’t use crypto to evade sanctions appeared first on Coin Journal.

Visa says its crypto-linked card payments hit $2.5 billion in Q1

  • Visa processed $2.5 billion in crypto payments in the three months ended 31 December

  • 65 platforms and exchanges have teamed up with Visa, including Coinbase and BlockFi

  • CEO Al Kelly said the payments giant “will continue to lean into the crypto space.”

Visa customers used their crypto-linked card to make payments totaling $2.5 billion during the global payments firm’s fiscal first quarter of 2022 ended 31 December.

The company processed transactions worth $46.7 billion during the quarter, an increase of 21% on the volume reported in the same quarter a year ago.

The amounts pushed the electronic funds transfer behemoth’s crypto volume to 70% of what was recorded in the fiscal year 2021, CEO Al Kelly said in an earnings call.

According to the Visa chief, the massive jump in payments made via the company’s crypto-linked cards came as the number of platforms and exchanges signing up with them soared from 54 to 65.

Some of the big-name candidates on the network include crypto exchange Coinbase and BlockFi- a US-based crypto wealth management provider.

Merchants who accept Visa-linked crypto payments have also increased significantly, hitting 100 million during the quarter, the company said in its earnings statement.

Kelly noted that the credit card payments giant “will continue to lean into the crypto space,” as they look to help the sector grow. Part of Visa’s strategy for this, he explained, is to enhance partnerships that help ensure connectivity, reliability, and security, with an eye to scaling services and value proposition to customers.

Visa chief financial officer Vasant Prabhu said the growth in crypto-linked card payments is a signal that users see the utility in the offering, CNBC reported. 

He pointed out that customers are increasingly finding value through access to liquidity and instant, seamless purchases.

The Visa CFO also noted that volumes continued to rise despite the slump in crypto markets. He also added that the payments were spread across various merchant verticals, including at retailers, restaurants, and travel.

The company has no crypto holdings but has increasingly looked to support merchants and platforms. In December, it announced a crypto advisory service that targets helping institutions and merchants.

According to the company, this is due to the growing adoption of crypto across payments. The service also aims at helping customers seeking to explore the non-fungible tokens (NFTs) space and central bank digital currencies (CBDCs).

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PolySwam (NCT) price up 370% in three days after getting listed on major exchanges

PolySwarm (NCT), a threat detection and anti-malware project, has been on the rise in the last three days after it was listed on several major crypto exchanges including Coinbase.

Polyswarm is currently trading at $0.12 and is up 372% from where it was priced a week ago.

PolySwarm deals with cybersecurity software and it uses its native token NCT to reward users who participate in the Cybersecurity data and insights collection exercise.

Why is PolySwarm price rising?

On January 13, PolySwarm (NCT) alongside Propy (PRO), Inverse Finance (INV), and Liquidity (LQTY) were listed on Coinbase’s full retail platform.

According to Coinbase’s Twitter account, the four altcoins (PRO, INV, and LQTY) will be available in the Coinbase Android, Coinbase iOS apps, and Coinbase.com for the customers to log on, buy, send, receive, trade, or store LQTY, INV, PRO and NCT in most of the Coinbase supported regions.

Besides NCT, the prices of the four altcoins listed on Coinbase have also been on the rise. The Ethereum based token, Inverse Finance (INV) that offers a suite of banking tools for decentralized finance has also been on the rise for the last seven days rising by nearly 20%.

Propy’s native token (PRO) rose by more than 147% within this period. Its platform automates real estate transactions to save the possibility of fraud by saving time.

Liquidity native asset (LQTY), a decentralized borrowing platform, also skyrocketed by nearly 33% in the last week

Polyswarm was also listed on HuobiGlobal, Coinexcom, and MEXC-Global on the same day it was listed on Coinbase.

The listing on the four crypto exchanges has been the main catalyst for the recent NCT price surge.

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Coinbase invested in a record 49 projects in Q3- report

Coinbase Ventures struck a new investment deal almost every two days in Q3 of 2021, details published in the Coinbase blog show.

According to the October 29 blog post, Coinbase Ventures had inked a record 49 investments over the quarter, becoming one of cryptocurrency’s “most active VC investors.”

“In Q3, Ventures made a record 49 investments, averaging a new deal every ~1.8 days,” Coinbase wrote, adding that the platform has seen investments jump from 24 in the first quarter and 28 in Q2.

Coinbase launched the Ventures platform in April 2018, targeting financial investments into early-stage start-ups in the crypto and blockchain space. The project has seen deals ranging from six-figure dollar investments to multi-million financing rounds across decentralised finance (DeFi), Web3 infrastructure, centralized finance (CeFi), NFTs, and Metaverse platforms.

Protocols and Web3 have seen most of the investment at 29%, while DeFi (24%), CeFi (18%) and Developer Tools (15%) make up the top five categories.

As a result of the growth in invested deals, CV now has helped more than 200 companies and projects across the market.

Crypto growth in 2021

Since its inception four years ago, Coinbase Ventures’ focus has been on projects aimed at accelerating growth within the crypto ecosystem.

While commercial partnerships and M&A formed part of the investment strategy in the last couple of years, 2021 has seen a lot of focus fall on projects and companies targeting growth across the entire crypto ecosystem.

As such, 90% of invested capital across the Coinbase Ventures portfolio has come in 2021, with half of the companies in the 200+ list added year-to-date.

Coinbase Ventures’ record investment comes as a host of crypto-focused companies also look to establish a presence in the crypto space. Square and Twitter are two of the highlights, offering Bitcoin-focused adoption features recently to add to efforts by Stripe and Tik Tok.

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Coinbase signs multiyear sponsorship deal with the NBA

This is the second major deal Coinbase has sealed this week following a collaboration with Facebook

Coinbase has a new sponsorship deal with the NBA, making it the official cryptocurrency platform for the sports franchise. CNBC reported yesterday that the crypto platform intends to expand its reach, and the sports league will provide the necessary exposure.

“Beginning with tonight’s tip off of the NBA’s 75th Anniversary season, Coinbase will have a brand presence featured during nationally televised games.  The company will also become the presenting partner of the WNBA Commissioner’s Cup and the USA Basketball men’s and women’s national team exhibition tours, as well as a partner of NBA G League Ignite,” the NBA shared in a press release.

Through this exclusive partnership, Coinbase will reach the divisions under the NBA umbrella, including the WNBA, NBA 2K League, USA Basketball and the NBA G League. The deal didn’t mention anything about NBA fans being able to buy tickets and merchandise using crypto.

This is not the first time US basketball has crossed paths with cryptocurrencies. Mark Cuban’s Dallas Mavericks made significant steps in adopting crypto as the team has been accepting payments using digital assets via BitPay since 2019. In addition, The Sacramento Kings have previously ventured into Ethereum mining. The California-based Kings also became the first major sports team to offer player salaries in Bitcoin earlier this year.

Yesterday, the Los Angeles Lakers announced a partnership with blockchain-based fan token platform Socios to offer virtual events for fans, reflecting Socios’ continual expansion in the US. Now, fans can interact and debate matters around their favourite team.

The Lakers’ President of Business Operations, Tim Harris, noted that the partnership with Socios.com would allow the team to offer better support to fan initiatives. Socios.com chief executive Alexandre Dreyfus lauded the LA Lakers as a strong brand that would help his company expand.

The Los Angeles Lakers are one of the most prestigious brands in sport, and I’m thrilled to be working with them as Socios.com rapidly expands into the US market. What an awesome way to round off another great incredible week of growth. We’ve laid down some really significant foundations to take fan engagement to the next level in US sport, and we couldn’t be more excited about what’s to come next.”

The token provider is continually growing in sports and is a massive investor in football as well. It has collaborated with some giant European football clubs including Barcelona, Juventus, PSG and Milan. Last month, it reached an agreement for a fan token with Argentinian outfit Boca Juniors that could generate about $10 million for the club.

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Coinbase confirmed as custody partner for Facebook crypto wallet

Facebook yesterday launched its new crypto wallet Novi, initially meant to hold Facebook’s own Diem stablecoin

Social networking service company Facebook yesterday tagged Coinbase as its custody partner for Novi. The news was terrific for Coinbase, whose shares surged after being earmarked as the exchange of choice to offer custodial services to users who will sign up to the wallet.

Coinbase confirmed the news on Tuesday and explained that the offering would start with a pilot programme. Users of the Novi platform will enjoy the ability to promptly receive and send cash overseas with no fees, with the security of their transactions assured. Coinbase Custody will facilitate the transactions. Users will hold their money in Pax Dollar (USDP stablecoin), which they will then use in executing transactions.

“Remittances are a critical way to achieve financial inclusion. Today, we’re rolling out a small pilot of the Novi digital wallet app in two countries — the US and Guatemala. People can send and receive money instantly, securely, and with no fees,” said Facebook’s head of the ‘F2’ financial division, David Marcus.

Facebook says its choice of the USDP stablecoin was motivated by consumer protection, crucial regulatory aspects and the full fiat backing the currency holds. However, Facebook plans to eventually shift its wallet from USDP to Diem. The tech giant explained that the switch is because the latter offers better consumer protection measures and checks.

The goal for Novi has been and always will be to be interoperable with other digital wallets, and we believe a purpose-built blockchain for payments, like Diem, is critical to deliver solutions to the problems people experience with the current payment system,” Facebook stated.

Diem was launched in 2019 under the name Libra, but the proposed stablecoin was plagued by setbacks and endless scrutiny. In particular, Senators Brian Shatz and Sherrod Brown wrote to the social networking company to complain that the project subjected both consumers and the financial system to several risks.

Not long after Facebook launched its Novi wallet, the two senators alongside Richard Blumenthal, Elizabeth Warren and Tina Smith penned a letter asking Facebook to halt the Diem and Novi projects. The senators faulted Facebook for the failure to show how it intends to thwart criminal activities and illegal financial transactions in its new product.

“Facebook cannot be trusted to manage a payment system or digital currency when its existing ability to manage risks and keep consumers safe has proven wholly insufficient. We urge you to immediately discontinue your Novi pilot and to commit that you will not bring Diem to market.”

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Weekly Report: Centralised exchanges are joining the NFT space

Bitcoin and Ethereum appear to be on the path towards hitting new all-time highs after recent gains. Elsewhere, the cryptocurrency and NFT spaces saw a lot of action this week

The US eclipses China as home to Bitcoin mining

Researchers at Cambridge University on Wednesday released data confirming that the US is now responsible for the highest Bitcoin mining power—a third of the total hashrate. The report from the Cambridge Centre for Alternative Finance indicated that Bitcoin’s hashrate in the US has increased by 428% since September last year.

The data also showed that the US had a 35.4% share of Bitcoin’s hashrate by the end of August this year. China has been its own villain in the reduction of the hashrate given how unwelcoming the government has made it for crypto in general. The country’s government, through the People’s Bank of China, has massively changed the crypto scene in the country, by intensively clamping down on crypto mining and trading.

From an approximated 75% share in Bitcoin in hashrate in 2019 to 44% in May, the Chinese proportion had fallen to zero by July this year. Miners have fled the Chinese region in droves to other less hostile regions, and US states like Texas have been favourite destinations.

ARK Invest looks into a Bitcoin futures ETF

Cathie Woods’ ARK Invest has joined the list of applying firms seeking SEC approval to offer an ETF. The investment firm is said to have partnered up as a marketer with Alpha Architect as the ETF issuer and 21Shares as the sub-adviser. The filings made on Wednesday indicated that the proposed product will strictly trade in futures rather than directly in cryptocurrencies.

The recent inclination towards crypto futures makes sense given that SEC chair Gary Gensler has previously suggested that ETFs based on futures would receive higher consideration for approval. Experts have predicted there could be a Bitcoin ETF coming as soon as before the end of the year.

The rumours of possible approval around the corner have played a part in pushing up the price of Bitcoin which is currently changing hands at around $59,000. However, not all are optimistic about an approval coming soon, as CFRA’s Todd Rosenbluth told CNBC that approval could well be delayed to Q1 2022.

Vladimir Putin sees value in crypto

Russia’s President Vladimir Putin has said that he sees crypto serving as a unit of account in the future, maintaining that digital assets are still too premature for that use right now, due to their volatility. In a Wednesday interview with CNBC’s Hadley Gamble, he added that he sees the use of crypto in cross border payments.

Though he agreed that crypto holds value, President Putin was also cynical of the idea of using crypto in making energy settlements, considering that they are unbacked assets. Putin also suggested that in response to the US’ targeted sanctions, Russia could move to non-dollar denominated trades. When asked if crypto could offer an alternative to the dollar for Russia, the President said it was too early to discuss the use of crypto in transacting energy resources.

However, he acknowledged that given time, crypto has the potential to mature enough to be used in trading. Russia has in the past implemented legal regulations that bar the use of crypto in making payments, to maintain its currency’s sovereignty. Also, Deputy Finance Minister Alexei Moiseev confirmed this week that the state would not bar the purchasing and trading of crypto assets like China has recently done.

TradingView locks latest funding round at $298 million

Price charting and investing platform TradingView has received $298 million from its most recent funding round led by Tiger Global Management, Bloomberg reported Thursday. The funding round, which gave the London-based firm a $3 billion valuation, was pushed up by increasing interest from retail investors seeking to trade in public markets. This round raised the highest amount yet, having only netted a total of about $40 million in its previous funding rounds.

The financial information platform has been around for about ten years, and it currently has 30 million monthly users from more than 180 countries where the platform is accessible. A significant chunk of the growth that TradingView is seeing has come from a 237% increase in the number of visitors and a 400% increase in the newly created accounts over the last eighteen months.

TradingView tracks the performances of several asset types while also providing a social forum for user discussions. The latest capital injection will help the firm extend its goal of enhancing informed financial trading decisions through global expansion, according to Co-Founder and CEO Denis Globa.

‘Coinbase NFT’ waiting list reaches a 1.5 million users

Coinbase’s peer-to-peer marketplace for non-fungible tokens (NFTs) has now accrued over 1.5 million users on its waiting list despite only being announced on Tuesday, the very day when the one million mark was also reached. The crypto exchange said users would be able to trade and mint their own NFTs on the platform: ‘Coinbase NFT’.

Such numbers of interested users are showing developing interest in the NFT sector, which recorded $10 billion in sales volume in the third quarter compared to the $1.3 billion in Q2 this year. The NFT space has seen tremendous growth in just the space of a few months and Coinbase is setting itself up appropriately to make a killing off it. The entry of crypto exchanges into the NFT marketplace business is expected to have an impact on investor entry into NFTs.

The 1.5 million users on the Coinbase waiting list by far dwarfed the 261,000 users on the OpenSea marketplace. Coinbase’s announcement followed Monday’s FTX revelation that it would be launching a Solana-based NFT marketplace. The exchange also detailed that it is planning to add support for Ethereum tokens soon.

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