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Coinbase Starts Trending On App Store – Mainstream Interest Growing

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Following the surge in price over the past few weeks, interest in crypto and Bitcoin has undoubtedly risen. If you want to see some proof of this then look no further than the iOS App Store, which shows users what’s trending when they go on to the search tab of the app.

The reason we’re mentioning this is because today saw Coinbase on trending for apps downloaded which is a great sign for future adoption.

Now granted, these things have a tendency to change all the time but the fact that Coinbase was on trending alongside HBO, YouTube and Fortnite speaks wonders for adoption.

The Rise of Crypto

The rise in the price of cryptocurrencies has been often accompanied by an increase of general interest by big institutional investors. At the end of 2017, we saw a lot more people enter the market who probably never had even heard of cryptocurrency and get involved with the space.

The market has had an exciting few weeks too with a lot of cryptocurrencies surging in value. Especially Bitcoin which has made enough gains to breach the $8k key resistance level.

Coinbase & Tether

In other Coinbase related news, we recently saw the exchange jump on the stablecoin bandwagon following the significant amount of controversy attacking Tether over the last month.

So basically, it looks like Coinbase doesn’t just want to replace Tether but it wants to take it out too.

This is a very bold move from the exchange and to be honest, the timing couldn’t be worse for Tether.

It’s like kicking a man when he’s down, as the new USD Coin is planned to be expanded in 85 countries

Coinbase is already a huge name in the industry, it is one that is well-funded and a well-respected brand throughout the space, so this is going to be a big hit for Tether.

The exchange noted:

“Unlike other cryptocurrencies, each USDC is backed by $1 USD with monthly transparency audits showing 100% USD backing. There are more than 300 million USD Coins in circulation today, supported by +100 ecosystem supporters. For these reasons, we see USDC as an important step towards a more open financial system.”

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Brian Armstrong: Institutions Moving Hundreds of Millions of Dollars in Crypto to Coinbase Every Week

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Coinbase CEO Brian Armstrong says institutional players are depositing huge amounts of crypto into the company’s custody platform.

In a new tweet touting the company’s acquisition of the crypto custody platform Xapo, Armstrong says institutional customers are sending $200 to $400 million in crypto to Coinbase Custody every week.

Coinbase unveiled a push to bring billions of dollars of Wall Street money into Bitcoin and crypto late last year, with the launch of Coinbase Custody and its over-the-counter (OTC) trading desk.

Vice president and general manager Adam White talked about the company’s master plan for institutions in an interview with CNBC.

“We think this can unlock $10 billion of institutional investor money sitting on the sideline. We’re seeing a rapid increase in attention awareness and adoption in the cryptocurrency market.”

The new numbers from Coinbase coincide with a recent report from Grayscale, the world’s largest cryptocurrency asset manager.

The firm reported a new all-time high in volume in Q2 2019 and hit $2.7 billion in assets under management, thanks in large part to institutional investors.

“Grayscale assets under management (AUM) nearly tripled: Grayscale AUM grew from $926 million at the end of Q1 2019 million to $2.7 billion at the end of Q2, and all ten investment vehicles included in the Grayscale family of products generated positive performance, net of fees for the first time…

Inflows nearly doubled quarter-over-quarter, from $42.7 to $84.8 million, demonstrating that the recent rally in digital asset prices is supported by fresh investment and despite the fact that the Grayscale Bitcoin Trust was temporarily closed to new investment throughout May and June…

This quarter, institutional investors comprised the highest percentage of total demand for Grayscale products (84%) since we began publishing this report in July 2018.”

Since hitting the all-time high, Grayscale AUM dipped along with the price of Bitcoin, with the figure now standing at $2.5 billion.

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Dash Core Group’s Ryan Taylor laments communication gap between Coinbase and DCG

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Coinbase, the San Francisco-based cryptocurrency exchange, recently announced that the organization was “exploring” the idea of adding new virtual assets to its platform, a proposal which included Dash among 7 other cryptocurrencies.

In a recent Q&A, Ryan Taylor, CEO of Dash Core Group, was questioned about the development of Dash in 2019 and his views on the current situation that was developing between Dash and Coinbase, after the exchange made the announcement.

According to Taylor, Coinbase has dragged itself into a complicated situation after the listing of Bitcoin Cash. The Brian Armstrong-led exchange had been accused of insider trading with internal investigations being carried forward. However, all investigations were inconclusive.

The CEO of Dash Core Group said,

“What I can tell you is that I think Coinbase’s publicly facing communication changed substantially after that point in time. I think that their compliance department may have really attempted to address this issue. What it means for teams like us is that the communication tends to be very one-way with them relative to other exchanges.”

Taylor added that there was not a lot of information coming from the exchange’s side at the moment regarding the time frame Coinbase was aiming for. The exchange did not even give any indication of whether it wanted to implement Dash or not. Taylor conceded that the community and the DCG will get to know at the same time if Dash is ever integrated to Coinbase’s platform in the near future.

He said,

“All I can disclose really is that we’re communicating with them and replying to their requests but I don’t think that we will get a lot of feedback from them on how that is going, whether they would list us, when they would list us.”

Source:ambcrypto

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Coinbase Custody Acquires Cryptocurrency Wallet Xapo

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Cryptocurrency exchange Coinbase has announced that it has acquired cryptocurrency wallet and custody service provider, Xapo.

In a Medium post, the exchange said that in just one year Coinbase Custody has grown to over $7 billion in Assets Under Custody (AUC) stored on behalf of more than 120 clients in 14 different countries.

The exchange said, “Through our consumer products, Coinbase has helped more people experience their first crypto transactions than any other company. Like Xapo, we share the goal of making Bitcoin and other cryptocurrencies accessible in a way that’s secure, safe and compliant with local laws. Through the acquisition of Xapo’s institutional businesses, we’re now proud to act not only as the gateway for millions of people to cryptocurrency, but also as the world’s largest and most trusted steward of digital assets.”

Coinbase Custody has only gone from strength to strength. In June this year, Coinbase Custody Chief Executive Officer (CEO) Sam McIngvale and Coinbase Chief Information Security Officer (CISO) Philip Martin, visited the United Kingdom, to discuss “the institutional cryptoeconomy with a range of prospects and clients.”

They were quoted as saying, “There’s a narrative out there that institutional-grade services don’t exist in crypto. This isn’t true. Coinbase Custody is a regulated, insured and secure custodian. We have $1.3bn Assets Under Custody (AUC) and expect to hit $2bn soon. We have no intention of stopping there.”

Discussing security, Martin said, “We really built our security by drawing on a range of different technologies and systems. We’re always adapting, that is what gives us this strong security foundation.”

Last year, in October, the New York State Department of Financial Services (DFS) had approved the license application for Coinbase Custody Trust Company LLC, a Coinbase subsidiary to operate as a limited purpose trust company.

Source :crypto-news.in

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