The Ripple vs SEC lawsuit continues to drag further with both parties making key arguments. However, many crypto proponents believe Ripple has an upper hand in the case especially with the former SEC executive William Hinman’s deposition and the glaring red flags on Ethereum getting a free pass with a similar business structure. Amid growing support for Ripple and against the SEC, Coinbase CEO Brian Armstrong has come out to claim Ripple is doing better in the lawsuit than expected. He said,
“The Ripple case seems to be going better than expected. Meanwhile, the SEC is realizing that attacking crypto is politically unpopular (because it harms consumers).”
When SEC first filed the lawsuit against Ripple in December, everyone proclaimed it an end of the road for the XRP token. This was mainly because it was for the first time that the SEC had also accused the founders of the project in the security lawsuit. However, as the case progressed and SEC started to go after several crypto firms claiming security law violations, people realized SEC’s pure vendetta and started siding with Ripple.
Coinbase is also one of the victims of the SEC vendetta as the chief regulatory body forced the largest public crypto exchange in the US to drop plans for an unreleased USDC-pegged lending product despite the crypto exchange trying to communicate with the agency for six months.
XRP Community Wants Coinbase to Relist XRP
Ripple continues to forge new partnerships and expand its remittance business outside the US, thus the lawsuit didn’t hamper Ripple’s progress as more than 90% of its businesses are located outside the US. However, the native token XRP took the biggest hit from the lawsuit as the price slumped in the wake of mass delisting across the US-based exchanges. Thus, when Armstrong showed his support for Ripple, the XRP community demanded relisting.
Colombia: Gemini and Bancolombia Will Start Offering Crypto Services Next Week
Bancolombia and Gemini partnered up to offer crypto services in Colombia as part of the country’s regulatory sandbox. The project will launch next week.
People in Colombia will soon have a new option to buy their favorite cryptocurrencies using their bank accounts just as easily as they buy any other product.
The US-regulated cryptocurrency exchange Gemini announced that it had finally completed all the necessary steps to move to the implementation phase of a project that would allow Colombians to buy cryptocurrencies with the funds stored on their Bancolombia accounts.
This partnership is of great importance for the development of the local crypto industry as Bancolombia is the largest bank in the country, with total assets amounting to $275.76 billion in 2020 and over 16 million users in the same year.
Gemini and Bancolombia Partner to Offer Crypto Services in Colombia
Although the move could serve as a frictionless on-ramp for millions of Colombians to enter the crypto world, the service will for now be restricted to a limited number of users. Neither Gemini nor Bancolombia specified how many people will qualify for the service.
The project will last for one year, starting on December 14, 2021. During that time, all eligible users will be able to buy bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) from Gemini using their Bancolombia accounts.
That is to say, Gemini would handle processes involving cryptocurrencies, and Bancolombia would deal with all matters concerning the movement of any amount of Colombian pesos -the country’s official currency.
The project is being executed within the regulatory sandbox that the country is currently implementing as a way to stimulate innovation in financial services. This is also why it is so heavily restricted and slowed down.
In a regulatory sandbox, government regulators grant certain advantages to startups that wish to test the viability of their proposals but are unable to implement them due to heavy bureaucratic procedures and possible legal hurdles.
Cynthia Del Pozo, Gemini’s Principal, Strategy and Corporate Development, shared her excitement in an official blog post, noting that the crypto industry could help with the expansion of many Latin American economies.
Crypto is borderless by nature, and we are committed to expanding crypto access to individuals across the globe. We believe that crypto can play an important role in the development of Latin America as interest in blockchain and innovative technologies proliferates throughout the region.
As we continue on our mission to build the future of finance, we invite institutions from across Latin America exploring opportunities in crypto to reach out to us here.
The Trend of Regulatory Sandboxes
Colombia’s regulatory sandbox is being promoted by the country’s Financial Superintendency with the collaboration of other regulatory bodies.
There are nine projects approved for implementation. However, only two are in an operational phase: Gemini with Bancolombia and the Bitpoint exchange and payment startup MOVii. Other projects involve players such as Binance and the Latin exchanges Bitso and Buda.com.
Currently, Brazil and Spain have also designed policies similar to the Colombian one. Brazil’s regulatory sandbox promotes fast and efficient payment systems, while Spain seeks to strengthen its security and compliance mechanisms.
However, Spain is also working on stepping up its crypto game. The country’s Central Bank is prioritizing the design and implementation of a CBDC on its latest development plan for 2020-2024. A little slower than its Brazilian counterpart, which plans to launch its own CBDC next year.
Coinbase Pro list Brazilian company token plus six altcoins; prices soared up to 500%
Coinbase Pro, the platform for traders of the American brokerage Coinbase, announced this Monday (06) that it will open trading for seven new cryptocurrencies in pairs with dollars (USD) and tether (USDT) from Tuesday (7th). Among them is Moss Carbon Credit (MCO2), a token created by Brazilians through a partnership between Moss Earth and One Percent.
The highlight among listed cryptocurrencies, however, is Circuits of Value (COVAL), which had its price soaring after Coinbase’s announcement, marking up to 500% appreciation in a few hours. The MCO2 token also gained relevant value and almost doubled in value.
See the performance of each of the cryptocurrencies in order of percentage gained in the last hours, considering Coinmarketcap data.
1- Circuits of Value (COVAL)
The valuation champion of this new group of Coinbase Pro tokens, Circuits of Value began earning prices around 2 pm on Monday, going from $0.01 to quintuple its price about 20 minutes later, reaching $0.012. At the time of writing, the COVAL token trades at $0.07 with a 250% appreciation.
COVAL is a token issued on the Ethereum network that powers Emblem, a platform where users can create custom combinations of ETH, ERC-20 and NFT tokens in a single tradable token called a Vault.COVAL token price graph (Source: Coinmarketcap)
2- Moss Carbon Credit (MCO2)
The token first peaked at 75% appreciation after the listing was announced, going from $9.22 to $20.31 also within minutes. At the time of writing, Moss Carbon Credit is trading at $17.70 with a can of approximately 85%.
MCO2 is a token for carbon credits. The project’s objective is to combat climate change. As described by Coinbase, burning an MCO2 token on the Moss Carbon Credit platform is equivalent to offsetting a ton of CO2 footprint.
3- Spell Token (SPELL)
According to data from Coinmarketcap, Spell jumped from US$ 0.01058 to US$ 0.01396 between 1:00 pm and 2:00 pm this Monday, making a rise of more than 40% at the time. Later, at around 5:30 pm, the cryptocurrency still remained high above 50% and at the same level of US$ 0.013
According to Coinbase, the SPELL token governs the Abracadabra.money platform, which allows users to deposit guarantees in the form of cryptoactives with interest to mint a stablecoin called MIM.
4- SuperFarm (SUPER)
With a 35% appreciation, the SUPER token tried to follow the $1.50 home this afternoon, down from $1.14 earlier, but ended up dropping a few cents. Even so, the currency continues with a high above 15%.
SuperFarm is used to power the platform of the same name, created to issue NFTs and also to vote on future solutions.
5- Idex (IDEX)
The IDEX token gained 26% in price over the same period when it jumped from USD 0.26 to USD 0.33. On this Monday afternoon, the asset is still up at around 7% while its price also remains above US$ 0.30.
According to Coinbase, the Idex token feeds the decentralized exchange of the same name, where assets help both protect the protocol and reward its users.
6- Polkastarter (POLS)
Altcoin POLS was the second lowest valued after the Coinbase rating. Around 1:40 am it went from $3.12 to peak at $4.13, making a rise of approximately 25%. At the time of writing, the currency is trading at $3.70 with a 12% increase.
The POLS token is used in the Polkadot-based cross-blockchain fundraising platform called Polkastarter, where POLS can be used for both voting and paying for transactions.
7- Shapeshift FOX Token (FOX)
FOX token holders were able to witness its 10% appreciation over the same period as other altcoins listed by Coinbase Pro, when the asset went from $0.77 to $0.84.
FOX, the Coinbase note describes, is an Ethereum token that governs ShapeShift, a decentralized exchange. By participating in the ShapeShift DAO (Decentralized Autonomous Organization), FOX holders can vote on future integrations of assets, products and fee structures into the platform.
Coinbase Cloud Aims to Become the AWS of Crypto, Says CPO
The Coinbase official claimed that Coinbase Cloud could become the “Amazon Web Services of cryptocurrencies.”
Coinbase wants its Coinbase Cloud division to become the cryptocurrency equivalent of Amazon Web Services (AWS). The infrastructure product of the exchange will “help developers build their applications” at a faster step, said Surojit Chatterjee – Chief Product Officer.
How Does Coinbase Cloud’s Future Look Like?
Established nearly 20 years ago, Amazon Web Services (AWS) – a subsidiary of the e-commerce giant Amazon – is now the company’s main profit engine. It generated more than $13 billion in annual operating earnings in 2020 on a revenue base of nearly $45 billion (64% of its parent firm’s total).
At its core, AWS provides on-demand cloud computing platforms to individuals, firms, and even governments on a pay-as-you-go basis. One of its services includes Amazon Elastic Compute Cloud (EC2), which provides users with a virtual cluster of computers available 24/7 through the Internet. Currently, AWS is the leader in the cloud sector, surpassing its closest competitors Microsoft Azure and Google Cloud.
Having said that, it is no wonder that Coinbase wants one of its infrastructure products to look like AWS, as Surojit Chatterjee – CPO at the exchange – said in a recent interview with Forbes:
“We want to be the AWS of crypto. We are building this whole Coinbase Cloud suite of products that you can think of as crypto computing services to help developers build their applications faster.”
Price swings in the cryptocurrency market occur quite frequently. As such, the exec revealed that Coinbase is seeking to boost trading income by providing subscription services that can withstand the fluctuations. For that purpose, the venue provides staking possibilities, custody options, an e-commerce checkout system, and Visa debit cards to customers.
The acquisition of Coinbase Cloud (formerly known as Bison Trails) marked another vital step in Coinbase’s transition into a “mature financial system,” he added.
“Crypto is not just buying and selling tokens, it’s building this whole financial system on top of blockchain. We think we can play a big part in leading our customers to the utility phase of crypto from this first phase, which is more investment or speculation driven…our goal is to be the primary financial account of the crypto economy for our customers,” Chatterjee concluded.
Currently, Coinbase Cloud supports funds, decentralized applications, crypto custodians, and holders. Some of its prominent clients include New York-based fintech capital Current, venture firm Andreessen Horowitz (a16z), and Turner Sports.
Coinbase’s Success in 2021
Arguably the most significant achievement for Coinbase this year was the public listing on Nasdaq in the middle of April. By doing so, it became the first major exchange with a presence on the global marketplace.
Upon listing, a single COIN share peaked at nearly $400, while at the moment of writing these lines, it is hovering around $270.
Without any doubt, the development caused massive excitement in the cryptocurrency space as it might have been one of the reasons for bitcoin’s all-time high price (until then) of nearly $65,000 registered a few days later.