Tag: Coinbase

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Coinbase CEO Pledges Wealth For “The Greater Good”

There are few companies that are more important to the cryptocurrency sector than Coinbase, which is valued in the billions and already one of the most established “names” in the space. It appears as though the CEO of Coinbase, Brian Armstrong, understands that the wealth he has already accumulated can have a massive impact, and he has decided to donate the majority of his wealth for the “greater good”.

The Giving Pledge

For those that are unaware, some of the most famous entrepreneurs and investors in the world have signed The Giving Pledge. The campaign began almost a decade ago in 2010, when two of the richest men in the world, Bill Gates and Warren Buffett, pledged to give away most of their wealth for the benefit of humanity. Of course, this inspired others to do so, and many billionaires have signed on since then.

Billionaire Investor Warren Buffett

Brian Armstrong is the first cryptocurrency entrepreneur to do so, and pointed out that he seems to understand the power of philanthropy more than ever. He stated: “This year, I started my first philanthropic effort, GiveCrypto.org, which makes direct cash transfers to people living in poverty. I’m excited about the potential for this organization to help people, but I’m still early on my journey of discovering how to have the most impact via philanthropy.”

Historic Move

Armstrong is worth over a billion dollars, according to Forbes. This does raise the question of whether others who have attained a certain amount of wealth  – thanks to cryptocurrency – will follow suit.

The Coinbase CEO elaborated that he believed that after a certain level, wealth should be utilized for social impact. Specifically, he said: “Once a certain level of wealth is reached, there is little additional utility from spending more on yourself. One’s ambition begins to move outwards. I’ve always admired founders and leaders whose ambition to improve the world supersedes any goal related to personal wealth.”

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Coinbase Moves Billions In Crypto

If you are a cryptocurrency enthusiast, or trade/invest in cryptocurrency; there is little doubt that you are aware of Coinbase. The San Francisco-based cryptocurrency exchange is widely considered one of the most important companies in the sector, and has been valued in the billions, despite the fact that it has been a tough year for cryptocurrency markets in general.

For example, while other cryptocurrency exchanges were struggling, Coinbase was featured in the opening credits for the hit HBO TV show Silicon Valley, which many in the cryptocurrency community took as a sign that more people are aware of the cryptocurrency markets and their potential.

Moving Billions

The exchange’s importance was shown again in a tweet, where the company confirmed the fact that it moved billions in cryptocurrency funds into cold storage. The announcement was made in a tweet. Specifically, Coinbase announced that it had moved “5% of all BTC, 8% of all ETH, and 25% of all LTC in circulation to our next-gen secure cold storage.”

https://twitter.com/coinbase/status/1075465004629995521

In the associated Medium post, Coinbase boasted that it could be the “largest crypto migration on record”. The post elaborated that this was not a sudden move, but Coinbase had been preparing for the migration for some time now. Specifically, the post stated that the company “conducted risk assessments, honed monitoring plans and conducted test migrations until we were positive that the live migration would go off without a hitch.”

Cold Storage

Coinbase also seemed to take a bit of a nostalgic look back at memory lane to remember how much its grown, and how much its definition of cold storage had changed. In 2012, Coinbase simply placed keys in a safe deposit box. Obviously, the company has grown immensely since then, and its definition of “cold storage” is radically different.

The company elaborated that these days, the company utilizes Coinbase Custody, a secure foundation with a highly controlled and audited key generation process and continue with a globally distributed key storage and transaction approval system.

It seems like Coinbase went out of its way to explain that moving this amount of cryptocurrency was not something that they took lightly, and even ended the blog post to point out that they were hiring anyone who might be interested in helping keep the exchange as secure as possible.

 

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Coinbase Supports Syrian Refugees In Greece With Bitcoin (BTC)

Coinbase is still going strong with its “12 Days of Coinbase”, a twist on the popular refrain and song, “12 Days Of Christmas”. It appears as though this is another announcement in conjunction with GiveCrypto, a nonprofit that seeks to distribute cryptocurrency to those in need as quickly and efficiently as possible.

How It Works

This time, Coinbase will supporting a new project that provides a basic income to over 150 Syrians that are currently living in Greece. The official gift given to the organization from Coinbase is $10,000 in Bitcoin (BTC).

The business model is quite innovative. GiveCrypto has partnered with Sempo. Sempo and GiveCrypto have an established network of vendors that are willing to provide fiat money in exchange for cryptocurrency. As a result, cryptocurrency is the “bridge” for the donations in the local communities. The business model has already been implemented previously in Beirut and Kurdistan, as well.

Quite A Statement

Coinbase certainly did not have to make the political statement of supporting Syrian refugees. The company is one of the most well-known companies in the cryptocurrency space, and the issue is controversial, with over 30 governors of the United States claiming that Syrian refugees were not welcome in their specific states.

A recent video of a 15 year-old Syrian refugee by the name of Jamal being attacked in the UK has gone viral and made headlines internationally, underscoring the idea that Europe is becoming more “far-right” in nature with regards to the refugee crisis.

Internationally known street artist Banksy has previously pointed out that Steve Jobs was the son of a Syrian migrant, and depicted this point in his art years ago in his own commentary of the Syrian refugee crisis. He stated: “We’re often led to believe migration is a drain on the country’s resources but Steve Jobs was the son of a Syrian migrant,” Banksy wrote. “Apple is the world’s most profitable company, it pays over $7 billion a year in taxes –- and it only exists because they allowed in a young man from Homs.”

This marks Coinbase’s sixth announcement in the “12 Days of Coinbase” series.

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Coinbase Gives Away Crypto

Coinbase is one of the most widely used platforms in the cryptocurrency sector, which is why it has recently been valued at $8 billion. However, it appears on the second day of its series, “The 12 Days Of Coinbase”, the company is thinking about how it can give back to the community. In fact, Coinbase is teaming up with GiveCrypto to empower some of the less fortunate. For those who are unfamiliar, GiveCrypto is a nonprofit that aims to distribute cryptocurrency to those that are living in poverty, and is headed by CEO Brian Armstrong. The nonprofit has already raised over $4 million.

Coinbase’s focus is on one specific town in Venezuela, that is named Santa Elena de Uarien. Coinbase seeks to place $1 USD worth of crypto in 100 families’ crypto wallets every day for 3 months. The cryptocurrency used will be ZCash (ZEC). The network of families have already been established, thanks to Givecrypto.

For those wondering why cryptocurrency is given rather than cash – the answer is obvious, if you pay attention to the news. Venezuela is currently undergoing a massive socioeconomic crisis due to the hyperinflation of its currency. The crisis has been ongoing for some time now, and the economic collapse has even led to children starving, as well. Cash gifts are not exactly “stable” in that sense, while cryptocurrency can be much more useful with regards to purchasing food and other goods in this country specifically. The situation has gotten so dire that thousands of Venezuelans are reportedly fleeing from the country on a daily basis.

Coinbase makes it clear that it does not view their donation as some sort of permanent solution, but instead states: “We also know that this gift is just a start. Givecrypto.org and peer organizations will need more support from us and the community as they create inroads where crypto can help.”

The announcement ends by urging the reader to consider contributing to GiveCrypto, as well.

 

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Coinbase Expands WeGift Partnership

There is little doubt that Coinbase is one of the most important companies in the cryptocurrency sector, and has made strategic acquisitions in the space for some time now. In fact, the startup is now reportedly worth $8 billion. It’s also one of the most recognizable names in the sector.

During the cryptocurrency bull run of late 2017, the company became the most downloaded Iphone app in the United States, as well. The company also had the distinction of being subtly referenhttps://bitsonline.com/coinbase-featured-silicon-valley/ced in the intro to the HBO hit show Silicon Valley, that satirizes the startup culture in the United States.

Holiday Announcements

Coinbase also apparently has some important announcements lined up. It has described these series of announcements as “12 Days of Coinbase” and states that the announcements will be related to “new features, support for new cryptocurrencies, and more.”

This is an obvious reference to the historic Christmas carol, “The 12 Days of Christmas”. Coinbase has described the announcements as a “holiday thank you” to its users.

The Gift Of Crypto

The first announcement is that E-gift cards are available through WeGift. This program was previously announced in the UK and EU only, but is now available internationally. Users simply visit WeGift, link their Coinbase wallet, and can use their cryptocurrency to purchase gift cards for their family and friends during the holiday season.

There are even certain vendors that are offering savings in conjunction with the announcement, and customers that are purchasing E gift-cards will be charged no withdrawal fees.

Any user interested simply has to visit https://wegift.io/coinbase. Some of the companies involved include the ridesharing service Uber, the pizza chain Domino’s, and athletic wear companies such as Nike and Adidas, as well.

This is the first announcement from the “12 Days of Coinbase”, which will continue through December 21st.

 

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Coinbase Considering Adding Ripple (XRP)

During a year where many cryptocurrency investors are having their faith tested – Ripple (XRP) has stood out as a cryptocurrency project that has gained more traction than ever. Specifically, Ripplenet has recently formed a partnership with the multi-billion dollar Malaysian group CIMB. However, this isn’t the only partnership that Ripple – based in San Francisco – was able to forge this year.

Gaining Ground

Ripple also was able to announce partnerships with globally-known companies. For example, they also formed a partnership with Santander and American Express specifically for US-UK payments. A Top 10 U.S. bank, PNC, has also apparently seen the value in Ripple with regards to international payments. These moves have propelled XRP to becoming the second-largest cryptocurrency by market capitalization, moving Ethereum to third place.

There is an advantage with using XRP, and it isn’t surprising that many financial institutions are looking into partnering with Ripple. This is because XRP allows users to enact transactions in real-time, instead of through the traditional financial system, which often take days. It is easy to see how international companies would value real-time settlements regarding transactions, rather than waiting days for payments.

Ripple has even parodied the inefficiency of banks in an advertisement that many in the cryptocurrency community have praised for its humor and insight. In the commercial, a banker travels extensively, through all sorts of terrain, in order to directly deliver cash to another individual. The commercial also displayed the text: “Why is it possible to instantly send a message, but with payments, it’s sometimes faster to board a plane and fly it there yourself?”  The advertisement is titled: “Faster Cross Border Payments Shouldn’t Require A Boarding Pass” and can be seen below:

The momentum doesn’t appear to be slowing for Ripple. Coinbase, one of the most well-known and influential companies in the cryptocurrency sector, and valued in the billions – is considering adding support for a “broad range of assets” – including Ripple.

It wouldn’t be a stretch to say that Ripple would be one of the first choices for Coinbase, considering that Coinbase has added coins with a lower market capitalization, and more controversial coins, as well, such as Zcash. Time will tell whether San Francisco-based Coinbase will finally add Ripple, but it certainly appears that it could happen fairly soon.