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RIPPLE BACKED OMNI RENTAL MARKETPLACE IS SHUTTING DOWN – COINBASE HIRES ITS ENGINEERS

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It’s been revealed that the online rental marketplace Omni is shutting down.

TechCrunch revealed a report claiming that the San Francisco startup decided it would be much too hard to scale, as reported by the online publication The Daily Hodl.

TechCrunch revealed a report claiming that the San Francisco startup decided it would be much too hard to scale, as reported by the online publication The Daily Hodl.

Scaling would have been difficult and expensive

According to TechCrunch, “They realized that the core business was just challenging as architected,” a source close to Omni tells the publication.

The same source reportedly continued and said that “The service was really great for the consumer but when they looked at what it would take to scale, that would be difficult and expensive.”

Omni was aiming to build a global marketplace where people were able to earn money by loaning unused items from their own homes in exchange for fiat or crypto.

This is sad news because it was one of the very first companies that earned an investment from Ripple’s fundraising arm Xpring.

It’s also worth noting that the company launched a validator on the XRP Ledger back in August.

Another interesting thing worth mentioning is the fact that Coinbase is reportedly hiring 10 of Omni’s engineers.

Coinbase expands support for XRP

Speaking of Coinbase, not too long ago, we reported that  Coinbase extended its Visa debit card services.

The card allows shoppers to spend crypto like cash at the checkout and online wherever Visa is accepted.

The Coinbase Card now supports five new cryptocurrencies: XRP, Basic Attention Token (BAT), Stellar Lumens (XLM), 0x (ZRX), and Augur (REP).

XRP has been enjoying a great 2019, and the coin managed to gather more interest from investors. Ripple made massive efforts to promote the adoption of XRP, as well.

All that the XRP army of fans was waiting to see was a surge int he price of this digital asset, but in this regard, the year was not that spectacular for XRP.

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DAI is now a Supported Asset on the Coinbase Card

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Coinbase continues to explore its options in the cryptocurrency space. That also includes adding support for digital assets in any way possible.

As far as the Coinbase Card is concerned, it has now received DAI stablecoin functionality.

A DIFFERENT ASSET FOR THE COINBASE CARD

It is the first time any stablecoin is supported on this payment card issued by the popular company.

One could argue there are far more popular coins on the market, such as Tether’s USDT.

However, that currency is not suited for the Coinbase card for a variety of reasons.

The main reason being how it is not supported by Coinbase or any of its platforms and services right now.

In the blog post, the company explains DAI is an alternative for those who want to spend digital assets without much volatility. 

As is the case with stablecoins, they are designed to always maintain their peg to the US Dollar.

Especially now that Christmas shopping is on the horizon, this stablecoin support can be rather interesting to explore among Coinbase Card holders.

It is interesting to note how this card has supported for a fair few digital assets right now. 

One has to wonder if other crypto debit cards will receive stablecoin support as well in the future.

This development creates a very intriguing precedent for the cryptocurrency industry as a whole. 

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Coinbase has over $ 7 billion worth of Bitcoin (BTC) within its custody

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  • The cryptocurrency exchange Coinbase, is reported to have some $ 7 billion worth of Bitcoin in its custody.
  • It was reported that many users trust the exchange given its extensive measures of security. 

Data has been gathered and shared by crypto portfolio monitor BitUniverse, finding that Coinbase has a large holding of Bitcoin within its custody.

As per its reports, they detail that Coinbase has a nine hundred and sixty-six thousand two hundred and thirty Bitcoin, which is worth well over seven billion US dollars ($7 billion), in its custody.

It was also suggested that many users are comfortable with Coinbase, due to its extensive security measures. Besides safeguarding user funds with insurance and conforming to various laws and regulatory standards set by the US financial regulatory system, it goes to great lengths to incorporate multiple layers of security filters to ward off potential cyber-attacks.

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Coinbase leads the pack as the most active acquirer: Report

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One of the world’s leading cryptocurrency exchanges, Coinbase, with 16 acquisitions, is the most active dealmaker in the space. This was confirmed by a research report titled ‘Barbarians on the Blockchain’ by crypto-data and research platform, TokenData, which found that Coinbase is the powerhouse of mergers and acquisitions [M&A].

Coinbase’s M&A strategy mainly consists of “acquihires and technology tuck-ins,” it said. Additionally, the platform has also engaged in two significant acquisitions such as Earn, which is worth $100 million, and Xapo’s custody business which is worth $55 million. TokenData tweeted,

“Trading is crypto’s first killer-app providing big exchanges with cash and networks to engage in acquisitions. Unsurprisingly, Coinbase [16 deals ] leads the pack and engages in all types of deals [industry consolidation, regulatory plays, talent].”

Following Coinbase’s suit is San Francisco-based Kraken and Canada-based Coinsquare with 7 and 5 deals, respectively. Kraken recently acquired the $100 million-worth Cryptofacilities, a regulated cryptocurrency derivatives exchange based in the UK.

Binance, on the other hand, has engaged in only three public acquisitions; the latest one being Mumbai-based WazirX.

Within TokenData’s research, another interesting point worth noting is that it estimated a total deal value of $4 billion since 2013, with $2.8 billion of M&A activity recorded in 2018 and $700 million in 2019. While the figures seem impressive, this is small, when compared to the total network valuation of cryptocurrency networks which is worth over $200 billion and the M&A value of other tech sectors, which is understandable because not many platforms are over 5 years old.

Source: TokenData

Additionally, investment funds and cryptocurrency exchanges are the most active acquirers that jointly represent more than half of all deal activity and deal value, according to the study. Moreover, cryptocurrency exchanges have leveraged increasing prices, positive market sentiment, and annualized volatility above 100%, providing each of these platforms the necessary cash reserves and networks to engage in acquisitions.

Source: TokenData

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