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Coinbase CEO Starts Fiat-Backed Stablecoin Inflation Discussion

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  • Coinbase CEO, Brian Armstrong, starts a conversation about fiat-backed stablecoins.
  • Armstrong’s tweet got almost a thousand replies within four hours.
  • Various Twitter users replied from trolls, promoters, and serious answers.

Fiat-backed stablecoins have been successfully splitting the room in various discussions. With Bitcoin, along with other cryptos being argued to be a hedge against fiat inflation, how does fiat-backed stablecoins fare? This is the topic that Coinbase CEO Brian Armstrong brought to his followers.

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One tweet argues that the supply-demand relationship has been changing. Generally, equivalents cannot keep up with the changing supply-demand relationship. Based on his take,  he says it is difficult to anchor any physical object. This, according to him means, stablecoins is an illusion. 

On the other hand, some believe that the problem with achieving a fiat-based stablecoin lies on the neutral issuing authority. Therefore, stablecoins must operate almost entirely in an algorithmic system, decentralized, trusted, and chain agnostic to avoid SEC dilemma.

What Is Stablecoin?

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A stablecoin is a new type of cryptocurrency that aims to provide price stability by backing itself with a reserve asset. Stablecoins have gained popularity since it tries to combine the best of both worlds. That is, stablecoin’s rapid processing and security or privacy of cryptocurrency payments. Even more, the volatility-free and stable prices of fiat currencies. Hence, stablecoins are considered to be vital to the crypto market because traders utilize them to buy Bitcoin and other virtual currencies.

Is There a Need for Stablecoin?

While some crypto enthusiasts believe it is possible to have a stablecoin, others feel we can only achieve a ‘near stablecoin.’  In the discourse, a tweet claims, basket of goods is not going to be a stable unit of account because they will get cheaper as technology advances and as many of them get demonetized by Bitcoin (BTC). 

In conclusion, the crypto industry won’t end the search for a stablecoin. More investors are partnering to achieve a stablecoin. The crypto community is mostly in agreement that some stablecoins will have a good future.

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Coinbase Launches Support for New Crypto Assets on Retail Trading Platform

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Coinbase is adding two altcoins built on Ethereum to its ever-expanding suite of crypto assets.

After initially only being available on Coinbase Pro, ARPA Chain (ARPA) and Perpetual Protocol (PERP) are now open for trading on the company’s main retail trading platform and mobile applications.

ARPA is the token that powers ARPA Chain, a blockchain-based computation network that features data storage, smart contracts that preserve privacy, and scalable off-chain transactions that can be used to counter credit fraud and secure data wallets.

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Other use cases include precision marketing, joint AI model training, and key management systems.

Though ARPA saw its price skyrocket after the original Coinbase Pro listing announcement, it has since stabilized and is exchanging hands at $0.16 at time of writing. It is 13% down from its seven-day high of $0.18, according to CoinGecko.

PERP powers Perpetual Protocol, a decentralized platform for opening up leveraged perpetual contracts in fiat money, cryptos, or other commodities without the need for middlemen.

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Perpetual contracts are derivative contracts like futures, except that they don’t have any expiration dates.

PERP is trading at $16.13 as of writing, a 20% decrease from its seven-day high of $19.28, according to CoinGecko.

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Coinbase Becomes The Cryptocurrency Partner of The NBA

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The NBA welcomed its 75th anniversary by teaming up with the digital asset trading venue Coinbase.

The leading US cryptocurrency exchange – Coinbase – and the National Basketball Association announced a multi-year partnership. Following it, the former became the exclusive cryptocurrency platform partner of the NBA, the NBA G League, the NBA 2K League, the Women’s National Basketball Association (WNBA), and the USA Basketball.

NBA Jumps on The Crypto Bandwagon

The current 2021-22 season of the National Basketball Association is a rather special one as it marks the 75th birthday of the League. To enhance the fans’ involvement during that festive period, the NBA teamed up with the digital asset platform Coinbase.

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NBA's logo for Season 2021-22
NBA’s logo for Season 2021-22, Source: nba.com

As part of their involvement, the exchange will “create interactive experiences to engage with the NBA’s incredible community and athletes around the world.” It will also educate basketball fans on the increasing developments happening across the cryptocurrency industry.

Coinbase’s logo will appear on basketball games broadcasted on television. Apart from the NBA, the trading venue will also be the partner of the Women’s National Basketball Association (WNBA), the NBA G League, the NBA 2K League, and the USA Basketball.

Kate Rouch – Chief Marketing Officer of Coinbase – noted that the core of the company’s strategy is to interconnect with participants that believe in its merits, such as the NBA:

“The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission. Nobody believes this more than NBA and WNBA fans. We’re proud to become the Leagues’ official cryptocurrency partner.”

Kerry Tatlock – Senior Vice President at the NBA – described Coinbase as a “trusted cryptocurrency platform used by millions.” As such, it is a “natural fit” for the Association, which aims to provide its fans with new ways to interact with the League and each other.

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NBA and Crypto: History

The Dallas Mavericks started to accept cryptocurrency payments for tickets and merchandise products earlier this year. These include some of the leading assets: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Dogecoin (DOGE).

The Sacramento Kings is another club that recently entered the crypto craze. It joined forces with the blockchain company Ankr to educate basketball fans about the development of the digital asset sector.

Subsequently, one of the most successful teams – The Los Angeles Lakers – became the latest name on that list. The club, where the legendary shooting guard Kobe Bryant spent his entire career, announced an official team sponsorship with Socios.com.

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As part of the collaboration, the platform will launch virtual events for the fans. There, they will get the chance to communicate with each other and even vote on topics related to their favorite basketball team.

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Coinbase to Sponsor NBA in Multiyear Partnership Deal

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Coinbase will officially become the exclusive cryptocurrency platform for the National Basketball Association.

The American cryptocurrency exchange Coinbase took to Twitter to announce its association with the prestigious National Basketball League (NBA). The cryptocurrency exchange will sponsor all NBA platforms such as WNBA, NBA 2K League, and USA basketball league. The deal has come in light of the news disclosed by NBA commissioner Adam Silver stating that the league is projecting $10 billion in revenue for the year 2021-22.

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Coinbase and NBA Deal Intends to Educate Consumers about  the Crypto Space

In an announcement made on Tuesday, the cryptocurrency exchange has confirmed that it will officially become the exclusive cryptocurrency platform for the league. According to NBA, Coinbase will be responsible for creating unique and innovative content for basketball enthusiasts to learn more about the crypto domain and get their facts right regarding the emerging blockchain technology.

Kate Rouch, chief marketing officer of Coinbase has commented that the organization intends to establish interactive experiences with the NBA and WNBA community and aspires to formulate new bonds and experiences with athletes across the world.

As per the data secured from Statista, approximately 1.6 million people watch the NBA season games when they are broadcast on major television networks. Coinbase has confirmed that it would be featured during the games when they will be televised nationally. The deal will allow the platform to gain more exposure and attract potential fans to trade on the exchange platform. The company has also clarified that it’s hoping to accelerate the crypto economy by inviting more consumers and letting them be aware of the various advantages that are associated with cryptocurrency trading.

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Many crypto companies and organizations have now been actively extending and initiating partnership deals in the sports sector hoping to create stable revenue channels. FTX which is a leading derivatives exchange has recently entered into a sponsorship deal with a major baseball league followed by another partnership deal with the International cricket commission.

Coinbase is a leading exchange platform that offers cryptocurrency trading to consumers. Founded in 2012, the company operates remotely and is valued at a market price of $64 billion. Coinbase’s extended portfolio offers trading with multiple cryptos such as Bitcoin, Bitcoin Cash, Ether, Litecoin, and the exchange of digital assets.  The exchange has also been recently selected as a custody partner of Facebook‘s Novi wallet, which is a digital wallet that will permit users to send and receive money internationally.

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