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Coinbase Commerce enables businesses to accept USD Coin [USDC] for payments

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Coinbase, one of the largest cryptocurrency exchange platforms in the U.S. in terms of users, announced that USD Coin could be used a mode of payment by businesses using Coinbase Commerce. The announcement was made on 20 May 2019 through their official Medium blog and stated that, “accepting” the stablecoin “gives our merchants many benefits of accepting cryptocurrency, but at a stable price.” Some of the plus points include no transaction fees, complete control of funds, and no chargebacks.

The platform announced on Twitter,“Starting today, businesses using Coinbase Commerce can now accept payments in USD Coin (USDC), a US dollar-backed stablecoin. Our merchants can now take advantage of the many benefits of accepting cryptocurrency but at a stable price.”

Further, the blog post stated that acceptance of the stablecoin would be as seamless as acceptance of cash for businesses. Additionally, this payment mode would not encounter the problems faced by credit card payments, considering it enables merchants to accept payments from customers anywhere in the world within minutes and without transaction fees.

Eliyahu Switzer, a Twitter user, said,“What are the benefits of accepting a centralized “cryptocurrency?”

That apart, CEO of Coinbase Custody, Sam McIngvale, revealed that Coinbase Custody was baking with delegated client funds since cycle 105. He stated that the firm had produced “over 100 blocks and captured a few steals too” so far, adding that their efficiency was more than a hundred percent.

@Stevenut, another Twitter user, commented,“Congratulations on making money with #tezos @CoinbaseCustody perhaps you might like to give something back and list #tezos so rest of us can benefit”

The announcement of Coinbase Custody providing institutional support for Tezos [XTZ] baking was made in March 2019. Offline staking support was extended to Tezos by the platform mainly because of its Delegated Proof-of-Stake architecture, along with high demand from the customers’ side.

Source/ambcrypto

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Coinbase Pro disappoints NYC DASH traders

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Any cryptocurrency network and its underpinning code are subject to malicious intervention. This is especially true when it comes to smart contracts. Numerous projects offer this functionality, which exposes all of them to potential hacks and theft. For one EOS-based gambling dApp, a recent exploit cost them over 30,000 EOS in the process. It is not unlikely such an attack will be repeated in the future. 

A bad day for EOSPlay

Most people are well aware how EOS is primarily used to build gambling dApps. That is a rather logical development, as the cryptocurrency community often flocks to gambling services, for some unknown reason. As of right now, the top EOS dApps mainly provide gambling services, which attracts a lot of users. Among those users, not everyone has legitimate intentions either. 

For the EOSPlay team, a very problematic scenario has arisen. Not only has its smart contract code been exploited by a hacker, but they also lost over 30,000 EOS in the process. It appears the hacker was able to manipulate the smart contract in such a manner all of the bets placed would result in a profit. How or why something like that is possible in 2019, raises plenty of questions, for obvious reasons. 

How was it Exploited?

The EOS ecosystem is quite intriguing in its own regard. Many different services and technologies are at play at any given moment. Not too long ago, users received the ability to rent and lease CPU and NET through the REX resource exchange. Although this is a welcome addition to the ecosystem,  it was seemingly a matter of time until someone would sue for nefarious purposes. That day has now come, and the consequences should not be ignored.

The attacker staked CPU and NET for his own purposes, and attacked the EOSPlay smart contract. This allowed him to negate other users’ transactions, up to a certain degree. After a while, the EOS network becomes slightly congested, which let the attack initiate certain contracts to the gambling dApp in question. The winning conditions were manipulated, and over 30,000 changed hands in very quick succession. Even the developers could not halt this attack while it was in progress due to congestion.

An Inherent Flaw?

Issues like these only highlight the core weaknesses of the different cryptocurrency ecosystems. It is not an issue native to EOS, although the method through which it was exploited certainly is. Smart contract-oriented attacks have been in place on Ethereum for some time as well. In most cases, hackers successfully claim some funds in the process, which will only encourage more criminals to try their hand at this method in the future. 

The bigger question is how the EOS community will respond to this new turn of events. The credibility of the project is far from an all-time high, primarily due to the high degree of perceived centralization. Additionally, the public figure of EOS – Dan Larimar – has made some remarks regarding Bitcoin and Ethereum which weren’t appreciated. Plenty of users wish ill-will upon EOS because of its public face being a persona non grata in the crypto world. A very troublesome situation indeed, albeit one that needs to be rectified as soon as possible. 

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Coinbase are set to list Dash on Coinbase Pro

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Coinbase have just tweeted that they are launching Dash on their Coinbase Pro platform

There was a massive spike in DASH/BTC but the move was quickly pared. The coin is said to be listed on 16th September.

Coinbase Dash

As you can see from the 4-hour chart below there was a massive price spike in Dash. The DASH/BTC moved just over 15% in 1 minute before dropping back to preannounce levels.

Dash Analysis

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Coinbase Crypto Exchange Plans to Launch Initial Exchange Offerings (IEO)

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Although Initial Coin Offering (ICO) was a fancy term in 2017, the ICO market is pretty much dead now. But in the year 2019, Initial Exchange Offering (IEO) is becoming the new trend in the crypto industry.

The latest report unveils that the United States crypto exchange Coinbase is eyeing to launch its own “Initial Exchange Offerings (IEO) and a platform for security token offerings (STO).

Coinbase Deciding to Launch IEO

Coinbase cryptocurrency exchange is pushing itself harder to adopt widespread awareness from the worldwide crypto industry. Although the official announcement is yet to be revealed, the Coinbase’s Chief of institutional sales, Kayvon Pirestani told media;

We think there’s a really interesting opportunity there for Coinbase,” said Pirestani, continuing: “In a nutshell, Coinbase is carefully exploring not only the IEO space but also STOs (security token offerings). But I can’t make any formal announcements right now.

IEO – Exchange-led rebirth of the ICO

Although Initial Coin Offering (ICO) was a fancy term in 2017, the ICO market is pretty much dead now. But in the year 2019, Initial Exchange Offering (IEO) is becoming a new trend in the crypto industry. In fact, there’s nothing wrong calling it as – the exchange-led rebirth of the ICO wherein Exchange sells token on behalf of the new projects needing to raise funds from the public.

One of the critical aspects that differ IEOs from ICOs is that the whole project will be carried out in high standard security frameworks, set out by several exchanges. Investors are likely to rest assured with their funds invested in IEOs hosted by crypto exchanges.

Coinbase’s IEO launch is no surprise as its competitors have already launched and flourished in the crypto market well enough. Prior to Coinbase, competing giants such as Binance, OKcoin, Bitfinex, and KuCoin are already in a top list of hosting multiple IEOs.

While Coinbase’s executive didn’t open to more information about their IEOs, he further said that the firm would reveal the detail information about its IEO plan in the “next few months.” He also adds that STOs are quite near at their launch but added that the company felt rare demand for the STO product right now– henceforth, it will wait a bit more.

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