- Coinbase exchange to propose regulatory framework for US authorities next month.
- This is after SEC threatened to sue Coinbase.
- Coinbase rolls out vacancy to employ legal advisers to improve relationship with regulators.
Coinbase exchange has said it wants to collaborate with US authorities and sketch out a “sensible regulation” for the crypto industry in the US.
Brian Armstrong, Coinbase CEO, said this during a recent interview with TechCrunch, noting that Coinbase exchanges wants to be an advisor and a helpful advocate for how the US can create that sensible regulation.
This comes days after reports emerged that the US Security and Exchange Commission (SEC) is set to sue the company over crypto yield program, which the regulators consider a security.
Coinbase exchange quietly went back on its plan to release the product after announcing the threat it received from the regulators.
In a separate development, the exchange website posted over 350 job openings, including legal and compliance job profiles, to restore its relations with the regulators. The move appears to be in line with Coinbase’s intentions of being the regulator’s advocate.
Vacancies for Legal and compliance team, “head of APAC compliance” in Singapore, “head of international compliance” in London, and “global anti-bribery and corruption managers” in the UK and US were dolled out.
Why Coinbase exchange wants to propose regulatory framework for SEC
During Armstrong’s interview with Techcrunch, he stated that regulators usually seek feedback when forming new rules, particularly in industries similar to cryptocurrency where the pace of technological advancements means that progress in the market has far outpaced the development of new and amendments of existing regulations.
He noted that he has been asked severally for such proposals (regulatory framework).
“When I go to DC, I’ve met with a number of people in government, and they typically will ask us ‘Well, do you have a draft, do you have a proposal of something we could try to shop around about how this could be regulated federally?’,” he said. “Because right now, Coinbase has, you know, 50 different state regulators for money transmission licenses, 50 for lending licenses, you know, FINCEN, and SEC, and CFTC, and IRS and Treasury and OFAC.”
The CEO would prefer a framework that would remove the burden of dealing with independent state-by-state rules and agencies.
Crypto Giant Coinbase Launching Full Retail Support for Small-Cap Altcoin Built on Ethereum
Top US crypto exchange Coinbase is expanding support for a little-known Ethereum-based altcoin across its full retail platform.
The Biconomy (BICO) token is now available on Coinbase.com and the exchange’s mobile apps. Coinbase Pro listed the crypto asset earlier this week, triggering a massive rally.
BICO is an Ethereum-based governance token for the Biconomy Network, a multichain platform that aims to connect its users’ wallets with decentralized applications.
Node operators can use the crypto asset to pay transaction fees, and BICO holders can vote on decisions affecting Biconomy’s protocol and network.
The token also went live on Huobi, Bybit, OKex, SushiSwap, BitMart, MEXC Global and Crypto.com’s mobile app this week, according to the project’s Twitter account.
Additionally, Biconomy rolled out a rewards and airdrop program on Wednesday.
After skyrocketing 200% on Wednesday, BICO is trading at $9.32 at time of writing and has retraced 37% in the past 24 hours.
Coinbase added support for BICO amid a flurry of new altcoin listings over the past several months. The exchange’s chief executive, Brian Armstrong, noted in July that they plan to list as many altcoins as possible.
“Reminder about how Coinbase lists assets: our goal is to list every asset where it is legal to do so.”
Coinbase will establish presence in Israel through purchase of Unbound Security
Cryptocurrency exchange Coinbase will acquire cryptographic security company Unbound Security in a move that will also have the U.S. company launch a research facility in Israel.
In a Tuesday blog post, Coinbase said it would be purchasing Unbound to gain access to its cryptographic security experts as well as establish a presence in Israel. The exchange cited Unbound’s work in multi-party computation to provide users with the “virtually impenetrable nature of cold, offline storage, with the frictionless convenience of hot, online wallets.”
“We’ve long recognized Israel as a hot bed of strong technology and cryptography talent, and are excited to continue to grow our team with some of the best and brightest minds in these fields,” said Coinbase. “The Unbound Security team will form the nucleus of this new research facility, which we plan to grow over time.”
The Unbound acquisition is the latest of many for the major crypto exchange following its public listing on Nasdaq in April, giving the firm a roughly $100 billion valuation. Last week, the team at crypto wallet provider BRD announced it would be joining Coinbase in an effort to “help accelerate Web 3.0 adoption” as well as provide “deep expertise in self-custody.”
Coinbase did not immediately disclose the terms of the Unbound acquisition. The exchange has already purchased firms including Agara, an artificial intelligence-enabled support platform with operations in India, data aggregator Zabo, and data analytics platform Skew, with each agreement likely in the millions if not more.
As cryptocurrency prices continue to be volatile, Coinbase announced in August that it had stockpiled a war chest worth roughly $4 billion in cash to prepare for a potentially harsh crypto winter, spurred by decreased crypto retail trading volumes and higher operating costs from regulatory hurdles. The company reported revenue of $1.2 billion in the third quarter of 2021, with profits totaling $406 million.
Coinbase Acquires Mobile Wallet Company BRD
- Coinbase has acquired the mobile wallet company BRD Wallet.
- The team behind the wallet will join Coinbase Wallet to work on self-custody and Web3 integration.
- Coinbase has acquired several other companies in recent months including Agara, Bison Trails, and Skew.
Leading crypto exchange Coinbase has acquired the crypto wallet company BRD, according to statements from both firms.
BRD Team Will Join Coinbase Wallet
BRD announced today that its team will join Coinbase, where it will contribute to the company’s Coinbase Wallet. The app was originally launched in 2014 under the name “breadwallet” and achieved a userbase of 10 million.
BRD suggested that its own wallet will continue to operate normally for the time being and that users will be given the option to migrate to Coinbase Wallet in 2022.
The team behind BRD will join the team behind Coinbase Wallet. Coinbase noted that BRD “brings deep expertise in self-custody for crypto wallets” and that the acquisition is part of its goal of “doubling down on [its] investment in self-custody and Web3.”
It is unclear how the BRD team will change Coinbase’s wallet. Though BRD offers self-custody of crypto funds, Coinbase Wallet already supports this feature, unlike many other exchange wallets.
Coinbase Is On an Acquisitions Spree
BRD is the latest Coinbase buyout in a series of 18 acquisitions since 2018. Earlier this month, Coinbase acquired Indian AI customer support company Agara for over $40 million.
In recent months, Coinbase has also acquired the wallet interoperability company Zabo, the blockchain infrastructure firm Bison Trails, and the crypto data analytics company Skew.
Coinbase also controversially acquired Neutrino in 2019, a company that has been involved in government surveillance efforts for countries such as Ethiopia, Saudi Arabia, and Sudan.
In other news, footwear company Adidas also announced today that it has partnered with Coinbase but has revealed few details about its plans.