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Coinbase

Worldwide crypto acceptance is within reach thanks to Coinbase Commerce’s USDC stablecoin integration

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Crypto as a method of payment has just gotten easier. Coinbase Commerce has expanded to include USD Coin as a settlement option, allowing merchants to accept crypto without transaction fees, chargebacks, or price volatility.

Coinbase Commerce, an app launched last year to facilitate merchant payments, now accepts Coinbase’s native USD Coin(USDC). The stablecoin was the result of a partnership between Circle and Coinbase in October of 2018.

The update represents a stride for crypto as a medium-of-exchange. Bitcoin, as the pioneer cryptocurrency, has relatively high fees and long transaction confirmation times. Meanwhile, the fiat-backed USD Coin allows merchants to get the benefits of crypto without the drawbacks.

Additionally, payments conducted in USD Coin have zero transactions fees and do not expose merchants to costly chargebacks. Unlike credit cards, merchants can accept USDC without a traditional bank account anywhere in the world.

Vendors have full custody over these funds and can accept payments directly to a wallet they control.

Stablecoin Integration

USDC is directly integrated into Coinbase and Coinbase Pro, allowing users to instantly convert between fiat and USD Coin. Coinbase Commerce is also integrated with other popular e-commerce platforms, such as Spotify and WooCommerce, making implementation within reach of hundreds of thousands of online merchants.

The move is another milestone for crypto as a method of payment. Previously, the cost or lack of interest caused merchants such as Steam and Twitch to reverse their decisions on accepting crypto.

However, the technology around payments improved drastically and projects such as Ethereum, Litecoin, Bitcoin Cash, and XRP are able to transmit payments via blockchain with much lower fees. As crypto as a mechanism of payment improves it is expected that adoption will follow.

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Coinbase

Coinbase reports issues with card purchases & processing, days after its debit card debut in Europe

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Digital currency exchange Coinbase recently announced its Visa debit card services for several countries in Europe, enabling many of its European users to spend cryptos like Bitcoin [BTC], Ethereum [ETH], and Litecoin [LTC] at any merchant shop accepting Visa. This announcement from Coinbase came at a time when most tech companies and crypto-enthusiasts were devising ways to use crypto in the mainstream to spur crypto-adoption.

However, within days of the launch, there were certain bugs reported in the use of these cards. Coinbase Support managed to inform the community about the problem, after many users reported facing issues while processing their debit/credit cards. In an incident report filed by Coinbase, the exchange stated that it was identifying the issue and working on a fix. The report read,

“A fix has deployed. Card purchases will remain disabled for a few more minutes to let the pending payments finish processing.”

Even though the problem was solved within an hour and payments re-enabled, the exchange said that it would monitor its status for a bit longer. This incident impacted payments via credit and debit cards. However, over two weeks back, several users had reported facing a similar problem.

The Coinbase report read,

Coinbase had then resolved the issue, but asked users to deploy version 6.0.2 or later, if there were still any issues with the app. Although technical difficulties are common in the tech business, user experience matters the most. Many users subsequently took to Twitter to applaud Coinbase’s efforts, despite the fact that some continued to diss the exchange. “Source :ambcrypto

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Coinbase

Coinbase Custody Now Has More Than $1.3 Billion Worth of Assets

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It was revealed that Coinbase Custody now has under its supervision $1.3 billion assets, and it is expected that the sum will reach $ 2 billion soon.

The CEO of Coinbase Custody and Philip Martin, Sam McIngvale, said while in a visit in the UK revealed that the platform already has $1.3 billion assets under custody [AUC], with the sum being constantly on the rise.

The exchange then tweeted a post after this, with them addressing several common misconceptions which are present in the industry:

“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 AUC and expect to hit $2bn soon. We have no intention of stopping there.”

The executives of the custodial service also talked about the region’s crypto economy, their opinion regarding security and future expansion plans for the exchange. Coinbase Custody tweeted the following:

“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.”

The executives also stated that the custodial platform caters to more than 90 clients, with almost 40% of them being from outside the US. Coinbase Custody went through a recent expansion, and went over U.S borders and sprawled into 11 Latin American, Asian, and overseas regions. The platform’s near-term goals were also discussed, and there were hints towards diversifications plans in London.

“As crypto matures as an asset class, we see financial hubs like London becoming centers for crypto innovation. We’re excited to be one of the companies driving this.”

The CEO of Coinbase, Brian Armstrong, made a previous comment that almost 70 institutions registered with the custody service platform which was launched last year for securing crytpto assets.

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Coinbase

Coinbase Custody has $1.3 billion assets under custody; expects to hit $2 billion soon

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Sam McIngvale, CEO of Coinbase Custody and Philip Martin, in a recent visit to the UK revealed that the platform already has $1.3 billion assets under custody [AUC] and expects to touch $2 billion soon. The platform’s Twitter handle tweeted about the event soon after, with Coinbase Custody referring to some common misconceptions that exist in the ecosystem, tweeting,

“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 AUC and expect to hit $2bn soon. We have no intention of stopping there.”

The Coinbase Custody executives also discussed institutional crypto-economy in the region, their take on security and Coinbase’s expansion plans ahead. In a series of tweets, Coinbase Custody quoted,

“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.”

The executives also revealed that Coinbase Custody provides services to over 90 clients, nearly 40% of whom are outside the US. Coinbase Custody recently extended its reach beyond the U.S and across 11 Latin American, Asian, and overseas territories. They further touched upon the platform’s near-term goals and hinted at diversification plans in London.

“As crypto matures as an asset class, we see financial hubs like London becoming centers for crypto innovation. We’re excited to be one of the companies driving this.”

Brian Armstrong, CEO of Coinbase, had previously commented that approximately 70 institutions had hopped on to the custody service platform that made its debut last year to secure digital assets.

The CEO had also revealed an infusion of $1 billion assets under management [AUM], after 70 institutions signed up and added nearly $150 million AUM per month. Coinbase Custody has since scaled significantly and according to Armstrong, the space would grow rapidly as institutional activity increases. Source :ambcrypto

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