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Coinbase Bring to Wall Street?

07/05/2019
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  • Coinbase
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Recently, many prominent specialists from the world of traditional financial management are moving into a cryptocurrency business or blockchain projects. And there is no surprise at all - the new digital niches open a wider set of opportunities to those being involved in the business. Thus, for example, Coinbase cryptocurrency exchange empowers staff from traditional financial services.

What’s Happening There?

Coinbase cryptocurrency exchange actively hires new employees. According to business analytics and financial experts, the company hired Sam McIngwal, the former executive director of the Apex clearing company. Sam joined Coinbase in March, according to his LinkedIn profile. Sam McIngvale, the former head of digital assets at Apex, will be the head of solutions for the storage of digital assets at Coinbase.

At the end of 2017, the exchange announced the launch of Coinbase Depository, a cryptocurrency storage solution that will allow the company to become “State Street for cryptocurrency” (State Street is an American holding company engaged in depository and investment activities). Such a product will provide additional guarantees for the storage of cryptocurrencies, which could attract more institutional traders and cryptocurrency companies to the GDAX platform. McIngvale, who has worked for Apex for five years, joins a number of other new Coinbase employees from traditional financial services.

Since the beginning of 2018, the exchange has also hired a specialist from Barclays Bank as a trader, Christine Sandler as one of the directors of institutional sales, and Erik Skro from the New York Stock Exchange. This says a lot about the great potential of the solution

General Information about the Solution

Coinbase is one of the most famous online platforms in the world for buying and selling cryptocurrency units. The platform presents only the most popular digital assets with the largest market capitalization. Thus, Bitcoin, Litecoin, Ethereum and Bitcoin Cash are taking the leading positions there.

Being founded in far 2012 by Brian Armstrong and Fred Ersham, the Coinbase platform employs more than 30 experts and attracted $117 million in investments from large companies, such as Combinator and Andreessen Horowitz. It is thanks to the support of many large investors that Coinbase is developing rapidly. It is one of the largest Bitcoin trading platforms in the world at the moment. It should be noted that this site actively cooperates with government agencies and is licensed everywhere around the globe. This is one of the main guarantees of the success of the exchange.

As th platform developed, it was constantly updated with new functions to assure smooth customer experience and top-level safety. Initially, it was a platform for buying and selling Bitcoin units and offering online wallet services only. A few years later, the project developed greatly resulting in the modern Coinbase with a wide range of services, including the advanced GDAX exchange and the Toshi Messaging application. All these simplify the coin transfer between customers no matter what sums are being in operation and how far users stay from each other.

Du to its wide distribution in the world, Coinbase provides a high level of the trading volume. This helps to reduce commission fees and allows the exchange to keep the BTC price rate favorable for traders with respect to the most popular traditional currencies. Many digital asset swap sites use US dollars as their primary currency for trading. This often makes it difficult to find sites that use the Euro and Pounds as a “fuel,” offering the same amounts.

Coinase operates in 32 countries around the globe and serves over 12 million customers. By 2013, the platform has become the highest-funded Bitcoin startup, as well as the largest cryptocurrency trading platform in the world. Unlike its competitors that require users to trade according to market rules, Coinbase provides people with the ability to trade a cryptocurrency at a set price based on its value. Coinbase is also one of the few platforms that accept credit cards. No worries - bank transfers are widely accepted there as well.

Coinbase Services - Wallet, Exchange, Institutional

Coinbase wallet is only a small part of the wide range of services available in one place and covered by a single project. The company consists of two divisions: Coinbase UK and Coinbase Payments. In most US states, Coinbase has the necessary licenses to operate in the business with no geo-restrictions. In 2018, Coinbase Payments received a license from the British FCA regulator - automatically the ability to conduct operations with electronic money (E-money License) in EU countries. The company plans to obtain a banking and brokerage license in the near future.

Being a platform for buying, selling cryptocurrency as well as an online wallet, Coinbase is divided into three services:

  • Exchange pro.coinbase.com (formerly GDAX) is an interface for professional trading using an advanced function terminal;
  • Wallet.coinbase.com is a mobile wallet for storing cryptocurrency;
  • Custody.coinbase.com is a service for large buyers and sellers (the minimum amount is $10 million).

Coinbase is actively acquiring various crypto actives. The decentralized Paradex exchange was bought; startups Earn and Cipher Browse, as well as broker Keystone Capital, were purchased as well. In 2018, the company began promoting itself in the Japanese market, opening the first branch there.

What Crypto Units Are Supported?

Depending on the trading platform and region, Coinbase supports operations with 7 cryptocurrencies and 1 steak coin:


  • Bitcoin (BTC);
  • Basic Attention Token (BAT);
  • Bitcoin Cash (BCH);
  • Ethereum (ETH);
  • Ethereum Classic (ETC);
  • Litecoin (LTC);
  • 0x (ZRX);
  • USDC.

Features of Working with Coinbase

For the most part, modern cryptocurrency exchanges are more likely to cause disappointment and cheerful irony among professional traders. However, Coinbase does not rank among such analogs. This can be explained by the fact that the developers of the trading platform have been working so hard in the past and successfully continue to improve the solution. Some features of the platform have been pointed out above; however, other significant characteristics should be identified as well. If you are interested in using Coinbase, then keep reading.

Coinbase - Pros & Greatest Features

All of the previously mentioned features are undoubted advantages of the Coinbase marketplace. Of course, it is also necessary to note some other cool things about this project:

Benefits of Coinbase

Over the years of its existence, the exchange development team has carried out tremendous work to reach the result we see at the moment, and a fair amount has accumulated in its activities. Consider only the main ones.

  • Availability of a convenient cryptocurrency wallet - Coinbase wallet is very popular among users all over the world. There are no restrictions on where it can be used;
  • Mobile versions of wallets - The applications are designed for both Android and IOS devices, which allows you to access your savings at any time and from any device;
  • The presence of the referral program - You need to invite users to the exchange, and for this, you will be charged with small bitcoin share. The process is very simple. All you need to do is to copy the referral link and send it to friends, post it on websites, forums, and social networks. If the invited user buys or sells at least $100, you both get $10 bonus;
  • Deposit insurance - All funds that are stored online on the wallets of the exchange are insured. Therefore, if users suffer as a result of hacker attacks, all losses will be compensated. In general, Coinbase keeps online only 2% of all user funds. The rest of the money is stored offline. In other words, it is impossible to access/steal/hack your precious coins;
  • The exchange basically works in the legal field of different states - The site is fully governed by the relevant laws of the countries where Coinbase is present today. As a result, the platform does not work with some jurisdictions, whose regulatory policy is considered “unacceptable/ unfair.” For example, already in the early spring of this year, the company ceased customer support in Hawaii because it considered the requirements of the local Financial Institutions Division (DFI) impractical. The company promised to resume work as soon as the authorities reconsider their demands.

How to Use Coinbase?

Coinbase is far from being a rocket science; you do not need any technical knowledge and skills to create an account and use it for any purpose. Find below a short guide on how the system works.

Registration at the Coinbase Exchange

Registration for Coinbase is simple and takes just a few minutes. You will need to enter the following information:

  • your first and last name;
  • email;
  • strong password.

Later, you will be asked to confirm that you are already 18 years old. And then by clicking “Create Account” and confirming your email address using the link from the letter, you automatically get an online “space” for your digital money.

Verification

If you want not only to use the wallet but also to work on the stock exchange, the company has a serious approach to you. Once the registration is complete, you will be required to confirm your identity. For this, you need to specify your address of residence and place of work. If you are the US citizen, you need to enter the last 4 digits of the SSN. They will also ask you to provide your income source. If you do not know how to answer the last questions, you can specify mining, investments, etc.

Coinbase input & output methods

After verification, the exchange allows you to easily convert your local currency into a digital asset. For residents of the United States of America and Europe, input and output of money using credit cards are available. Before making money on the platform, you need to link a bank account to your account on the exchange. You can do this on the Payment Methods page.

At this step, another verification of the banking data is required. Once you are done with that, you can start buying coins. Subsequently, you can withdraw money to your PayPal account - it need also to be connected to your stock exchange profile.

Coinbase exchange & trading

The exchange works with only three main currencies: Bitcoin, Lightcoin, and Ethereum. All the three above units can be bought and sold online. To buy a cryptocurrency, go to the trading page and enter the required amount, indicate the wallet where the coins will be credited from, and confirm the operation by clicking on “Buy Bitcoin” (if you are going to buy BTC).

The process of selling is similar to the purchase and takes place on the page “Sells.” To send a cryptocurrency to another address, click the “Send” button in the wallet, fill in the fields, and confirm the operation by pressing “Continue.”

Before buying or selling currency on the Coinbase platform, you can check the cost of Bitcoin, Ether, or Litecoin on the online charts to see how profitable it is to conduct a similar operation now. It shows the price change at different time intervals.

As for Coinbase commissions, sending and receiving digital money between online wallets inside the exchange is made without any additional fees. This is a real benefit, which saves you a lot of money in case you are trading every day and an operating with huge amounts.

Security

In order to access the Coinbase wallet securely without worrying about the money stored there, you need to enable 2-factor authentication using a secret code. To do this, you need to install an authenticator application on your mobile device. After that, scan the QR code and save it in a safe place or print a 16-digit secret code. It will come in handy if something happens to your mobile and you need to install the application on a new device.

Final Say

Based on the above feature set, Coinbase is a very convenient cryptocurrency wallet. The only thing the solution lacks is the diversity of cryptocurrencies. We already mentioned above that the Coinbase wallet has approximately the same number of fans as the Blockchain wallet. However, at the end of 2018, a number of new tokens were added, which partly compensates for this disadvantage.

Coinbase also works as a cryptocurrency exchange. A significant advantage of this service is “cold” storage of funds, 98% of which are stored on servers that are not connected to the network. This ensures a high level of security - impressive, agree? The rest of the crypto units located on Coinbase and is covered by insurance. What is more, for security reasons, a two-factor authentication structure has been added, which is also compatible with mobile phones.

As for the operations with the currency itself, low commissions (2.5%) for external users and the absence of charges for two Coinbase users when performing a transaction are what makes the life better. In the software system, the exchange of cryptocurrency for Fiat is made instantly, but this option is available only if you are the US citizen. So, as all a number of advantages of the solution (speed transactions, meager commissions, lightning-fast exchange of cryptocurrency), you should consider using the service.

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