Popular digital currency exchange, Coinbase is said to be building mobile applications for its coinbase pro users. At the moment, iOS version of the app is available for download while the android version is said to under development, soon to be made downloadable.
Coinbase Develops Mobile Apps For PRO users
According to the report today by the digital currency exchange, Coinbase, the mobile app is exclusive to Coinbase Pro users using the platform professionally while the primary Coinbase.com interface remains as simple and easily navigated as possible for the larger population of users.
The Pro app described is said to have individual pair pages from which customers can get real-time price update, live charts, order books and active orders, trade history and users can also set a buy or sell order.
“Unlike traditional capital markets, crypto trades 24/7. Opportunities to buy and sell present themselves at all hours of the day. This means it’s critical for the sophisticated crypto traders that Coinbase Pro serves to have access to the tools and information they need to capitalize on these moments when and where they need it.”
Aside from the pair pages, there also exist tabs in which users can access their portfolio of crypto assets and also see their equivalent values in fiat currencies. As all fiat withdrawals remain tied to the main Coinbase website, it is possible for Pro app users to make direct deposits and withdrawals from their mobile application.Advertisement
Coinbase Developing A Synergy To Rate Cryptos
Coinbase is a leading digital currency exchange that broker exchanges for cryptocurrencies like bitcoin, ethereum, bitcoin cash, ethereum classic, and litecoin with fiat currencies with a global reach of about 32 countries. Recently, Coingape reported that Coinbase and other crypto big names are collaborating to develop a crypto rating system that will be used to classify cryptocurrencies as being securities or not. According to the report, Other crypto platforms and companies identified to be involved in this innovation are Anchorage, Bittrex, Circle, DRW Cumberland, Genesis, Grayscale, and Kraken. These crypto “big boys” are forming a Crypto Rating Council in order to better decide which digital assets can and cannot be traded on their platforms.
Coinbase and Crypto Ratings Council Failed Telegram’s GRM Security Test
Coinbase Custody recently added Telegram’s GRM to its services. However, the United States Securities and Exchange Commission (SEC) has disputed the token’s legal status, calling it a security.
The SEC recently announced it would be halting Telegram’s $1.7B ICO for its Gram (GRM) token. The platform and its subsidiary, Ton Issuer Inc., had some sold 2.9M GRM tokens intended for its native blockchain platform TON. The SEC has taken issue with the token offering, calling it a violation of the Securities Act of 1933.
As BeinCrypto reported previously, if the company fails to deliver the tokens to its investors by October 31, it may be forced to forfeit the $1.7B it raised.
What Does Coinbase Know?
The news comes just days after Coinbase Custody proudly announced it would be supporting the secure storage of GRM tokens. The token apparently passed the exchange’s criteria for not being a security, but the SEC has now called this characterization into question.
The fiasco calls into question Coinbase’s ability to assess the legality of the tokens it is supporting.
Crypto Rating Council in Question
The Coinbase-led Crypto Rating Council has just been dealt a serious blow — the group was supposed to be authoritative on whether a token is a security or not.
However, as the SEC as demonstrated, it seems that the Council’s criteria is unreliable.
The Council was announced on September 30 as an initiative between major exchanges like Kraken, Bittrex, and Coinbase — alongside other prominent custodial services. The organization gives ratings on a scale of 1-5 with five being ‘definitely a security.’ Now, many are wondering how accurate the Council’s criteria really is.
The situation demonstrates how poorly-defined securities law still is when it comes to cryptocurrencies. Whether or not the recent SEC decision will force the Council to reconsider its criteria remains to be seen. As of now, GRM will still be supported by Coinbase Custody.
Coinbase Acquires E-money License from the Central Bank of Ireland
The leading cryptocurrency exchange, Coinbase, which is being backed by the Spanish bank BBVA and the New York Stock Exchange, is all set to proliferate its business operations in the European market space after securing an e-money license from the Central Bank of Ireland.
On October 11, 2019, the reputed CEO of the UK arm of Coinbase cryptocurrency exchange, Zeeshan Feroz, happily shared the news of the exchange getting the golden opportunity to become “one of just a few companies” to have acquired the e-money license in Ireland.
CEO quoted that
Europe represents a huge opportunity for Coinbase, and today’s announcement is another positive step for us in the region. The approval from the Central Bank of Ireland will now enable us to expand our Irish operation and deliver a better product to customers across some of our fastest-growing markets. It will also allow us to secure passporting for our customers across the EU and EEA.
He also stated that
The functions we’ve got on the ground in Dublin include compliance, finance, support operations, and more. There’s a whole bunch of things we’ve placed in Dublin to operate as a service centre for Europe and other markets, and as we continue to grow, Ireland is positioned very well to hire more people.
Interestingly, earlier in October 2018, Coinbase launched its first office in Dublin, Ireland, with an aim to strengthen its hold in the European market space. It was also a strategic move by the crypto exchange network to make its UK arm work as a contingency platform for the time when the UK will leave the EU.
Mr. Feroz quoted that
The intent was always to provide a base for us in the EU beyond Brexit, but it has also given us access to talented resources and to the licence we’ve just received.
IDA Ireland, the notable Irish state agency that is involved in attracting foreign investment to the country, congratulated Coinbase on getting the e-money license from the Central Bank of Ireland. Martin Shanahan, CEO of IDA Ireland, stated that
Coinbase’s choice of Dublin for this operation reinforces the strength of Ireland as a destination for financial services companies, providing a consistent, certain, pro-enterprise policy environment for businesses to grow and thrive.
As per a recent report by the Canada-based Blockchain Transparency Institute, Coinbase has established itself as the cleanest cryptocurrency exchanges in the respected domain. It was valued at $8 billion after completing a $300 million Series E round in October, making the overall funding cross the $525 million mark.
Coinbase receives e-money licence in Ireland
The Central Bank of Ireland granted Coinbase an e-money license, enabling the company to expand its operations into the country and deliver products there. The American exchange had already taken steps to expand into Ireland during late-2018 when they had announced a new office in Dublin.
This is an interesting development considering a CME executive recently stated that almost 50% of the trading volumes for their Bitcoin Futures came from Asian and European investors. Could this mean Coinbase might expand further in Asia next?
According to Coinbase, Europe represents a huge opportunity for them and also allows them to secure passporting across the whole of the European Union and the European Economic Area. In their announcement, they stated,
“We are committed to ensuring that our customers have the same safeguarding and security as any regulated financial institution, and the approval of a second European regulatory authority demonstrates our position as the world’s most trusted cryptocurrency platform.”
The international development association of Ireland congratulated the California-based exchange, saying their choice of Dublin for this operation reinforced the strength of Ireland as a destination for financial services companies.
Coinbase further said that the Central Bank of Ireland granting them this license was another important step toward their mission of creating an open financial system for the world.