Coinbase Financial News

Five cryptocurrency companies have been served with a cease and desist letter by the Federal Deposit Insurance Corporation (FDIC). The letters have been sent over issues related to “false and misleading statements” regarding the companies being insured by the FDIC. The companies that have been sent these letters are FTX US, Cryptonews.com, Cryptosec.info, SmartAsset.com, and FDICCrypto.com.

FTX rode the crypto craze to a billion dollars in revenue last year while expanding its global footprint through a flurry of acquisitions, according to internal documents seen by CNBC.

 

Optimism’s native token OP witnessed a sharp decline of 10% during the intraday trading session on 17 August. The decline came as a result of a bunch of rumors that Optimism’s multisignature wallet had been hacked.

Bitcoin sank to below $22,000 on 19 August, following global stocks lower amid uncertainty over how aggressive the Federal Reserve would be in its effort to cool inflation with interest rate hikes.

 

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Major crypto exchange Coinbase faces a new class action suit alleging the company unauthorizedly transfers and freezes funds and locks consumers out of their accounts for extended periods. Meanwhile, the US Internal Revenue Service (IRS) has been granted permission to look into the customers of crypto prime dealer SFOX Inc., while the US Securities and Exchange Commission (SEC) objected to orders to disclose drafts of a former official's speech in its fight with Ripple.

United States-based cryptocurrency exchange Coinbase has announced it will be temporarily suspending certain token deposits and withdrawals when Ethereum’s core developers transition the blockchain to proof-of-stake, or PoS.

On 10 August, Coinbase, one of the world’s leading exchanges, announced the inclusion of NEAR on its listing roadmap. This suggested that the altcoin is now among the assets that the exchange plans to make available on its platform.

Over the last few days, the crypto-market has notably improved. As expected, the same has had a positive effect on investors’ presence and participation too.

Disclaimer: The text below is an advertorial article that is not part of Cryptonews.com editorial content.

The crypto-market’s latest recovery efforts have pushed many of the industry’s top cryptocurrencies to monthly highs. However, the case of popular memecoin Shiba Inu [SHIB] seems a little different. Not only has SHIB found it hard to register a double-digit uptick over the last seven days, but it has also struggled to hike by single digits. 

You might not know it, but Canada is quietly becoming a major player in the blockchain and crypto scene: Ethereum has strong Canadian roots, Toronto-based 3iQ launched North America’s first physically-settled Bitcoin (BTC) exchange-traded fund (ETF) and the percentage of active crypto holders in the country has increased steadily over the past two years. 

It is the first and only digital securities exchange that has won approval from the FCA with permissions covering trading, custody and brokerage and will launch later this year.Stephen Bird, CEO, abrdn, says: “Blockchain technologies are inevitably going to form a big part of the future of financial markets. There is the potential to offer greater transparency, greater speed and less trading friction by using these nascent digital technologies."Abrdn plans to use Archax as a route through which investors can access new investment opportunities through digital securities, connect to existing offerings in a new way through tokenisation and facilitate a shift towards greater operating efficiencies through the adoption of new technologies like blockchain.“With Archax, we will have a meaningful footprint in this fast-developing market - which is likely to evolve in a multitude of different ways that are relevant to our core businesses," says Bird.Despite the onset of a crypto winter, asset managers are looking to get in on the sector.

Major American cryptocurrency exchange Coinbase saw its long-term issuer credit rating downgraded from BB+ to BB status by rating agency S&P Global following its latest earnings report this year.

Days after BlackRock, the world’s largest investment management company in the world, entered into a partnership with Coinbase to offer its institutional clients access to cryptocurrency trading services, the firm announced the launch of a spot Bitcoin Private Trust. 

Institutional staking of crypto assets, including the post-Merge Ethereum, could become a “phenomenon” in the future, but not while their assets still need to be “locked up.”

Dogecoin has been in a downtrend for more than a year now. But there was one particular support level that was keeping investors optimistic regardless of the ongoing bearishness.

 

Coinbase Global had at least one bright spot in a dismal quarter: commissions earned from “staking,” where investors can earn yield by locking up certain cryptocurrencies.