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Tag: cryptocurrency

  • Coinbase Lets International Users Earn Interest on Crypto

    Coinbase has announced that it will let international users earn interest on their crypto holdings.

    The company had originally planned on introducing Lend, a feature that would have enabled US customers to lend their crypto and earn interest. After threats from the SEC, Coinbase abandoned the plans.

    Coinbase is now offering a similar service to international customers, a market outside the SEC’s jurisdiction.

    Today we’re introducing a new way for Coinbase’s global customers to put their crypto to work and earn yield. We are making DeFi more accessible, enabling eligible customers in more than 70 countries to access the attractive yields of DeFi from their Dai with no fees, lockups, or set-up hassle.

    Starting today, you’ll be able to earn DeFi yield on Dai, a stablecoin that is designed to be pegged to the US Dollar.

    There is no word on when, or if, DeFi Yield will come to US customers.

  • Meta Eases Stance on Cryptocurrency Ads

    Meta Eases Stance on Cryptocurrency Ads

    Meta is easing its stance on cryptocurrency ads, increasing the number of accepted regulatory licenses from three to 27.

    Meta (formerly Facebook) has been notoriously against cryptocurrency advertising in the past. The company would consider applications that included regulatory licenses, or other such information proving the legitimacy of the crypto, but Meta only accepted three such licenses.

    The company is now accepting 27, greatly expanding crypto’s access to the platform’s advertising resources. Meta credits the maturation of the crypto market, and ensuing regulation, as the reason for the change.

    However, over the years the cryptocurrency landscape has matured and stabilized and experienced an increase in government regulation, which has helped to set clearer responsibilities and expectations for the industry. Going forward, we will be moving away from using a variety of signals to confirm eligibility and instead requiring one of these 27 licenses. 

    The move should be a boon to the crypto industry, exposing a whole new group of retail investors.

  • Crypto Miners Compromising Google Cloud Accounts for Mining

    Crypto Miners Compromising Google Cloud Accounts for Mining

    Google is warning that crypto miners are compromising Google Cloud accounts for mining operations.

    Crypto mining is a profitable endeavor that relies on significant computing resources. According to Google, malicious actors have been compromising Google Cloud instances and using them for mining.

    Google outlined the extent of the threat in an executive summary of their Threat Horizons cybersecurity report.

    Malicious actors were observed performing cryptocurrency mining within compromised Cloud instances. Of 50 recently compromised GCP instances, 86% of the compromised Cloud instances were used to perform cryptocurrency mining, a Cloud resource-intensive, for-profit activity. Additionally, 10% of compromised Cloud instances were used to conduct scans of other publicly available resources on the Internet to identify vulnerable systems, and 8% of instances were used to attack other targets. While data theft did not appear to be the objective of these compromises, it remains a risk associated with the cloud asset compromises as bad actors start performing multiple forms of abuse.

    Google recommends conducting regular audits to ensure credentials are not exposed, hashing downloaded code and using a multi-layered defense strategy.

  • NYC Mayor-Elect: Schools Should Teach Crypto

    NYC Mayor-Elect: Schools Should Teach Crypto

    Cryptocurrencies have a new ally, with New York City mayor-elect wanting schools to teach children about crypto.

    Adams has already said he wants his first three paychecks in Bitcoin, and has been a staunch proponent of the technology. In an interview with CNN’s Dana Bash, Adams voiced his belief that schools should be teaching children about cryptocurrency.

    “Cryptocurrency is a new way of paying for goods and services throughout the entire globe,” Adams said. “And that is what we must do, open our schools to teach the technology and teach this new way of thinking, when it comes down to paying for goods and services.”

    Adams also brushed off criticism from those who say crypto is a risky investment by sharing that he lost thousands in the stock market crash of ’08, showing there are risks involved in any financial investment. He emphasized the importance of focusing on innovation.

    “I want to make sure this city becomes a center of innovation, no matter what that innovation is.”

  • El Salvador Buys 420 Bitcoin, Pushing It Over $60,000

    El Salvador Buys 420 Bitcoin, Pushing It Over $60,000

    El Salvador has purchased an additional 420 bitcoin, helping to drive the price over $60,000.

    El Salvador made headlines when it adopted bitcoin as legal tender. The country has made previous purchases of the crypto, with the latest one bringing its total to 1,120 bitcoin, according to Reuters. At current values, El Salvador’s bitcoin is worth approximately $68 million.

    Salvadoran President Nayib Bukele announced the purchase on Twitter.

  • Mastercard Partners With Bakkt to Support Crypto

    Mastercard Partners With Bakkt to Support Crypto

    Mastercard has announced a partnership with Bakkt to enable its customers to better embrace cryptocurrencies.

    Crypto is taking the financial world by storm, with even established companies rushing to embrace it. Mastercard is one of the biggest financial companies to go all-in on crypto, partnering with Bakkt to do so.

    The partnership will enable Mastercard partners to offer their customers “the ability for consumers to buy, sell and hold digital assets.” The crypto wallets will be powered by Bakkt’s platform. Customers will also be able to access branded crypto credit and debit cards, and the partnership will help integrate crypto into Mastercard’s loyalty programs.

    “Mastercard is committed to offering a wide range of payment solutions that deliver more choice, value and impact every day,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard. “Together with Bakkt and grounded by our principled approach to innovation, we’ll not only empower our partners to offer a dynamic mix of digital assets options, but also deliver differentiated and relevant consumer experiences.”

    “We’re incredibly excited to partner with Mastercard to bring crypto loyalty services to millions of consumers,” said Nancy Gordon, EVP, Loyalty Rewards & Payments at Bakkt. “As brands and merchants look to appeal to younger consumers and their transaction preferences, these new offerings represent a unique opportunity to satisfy increasing demand for crypto, payment and rewards flexibility.”

  • Bitcoin Hits Record High

    Bitcoin Hits Record High

    Bitcoin reached an all-time high Wednesday, crossing the $66,000 threshold and blowing past the previous high of $64,889 in April.

    Bitcoin is the most well-known and most-valuable cryptocurrency. Like the entire crypto market, it has had its ups and downs over the last few months. Threats of regulation, a ban in China and concerns over the environmental impact of mining have all taken a toll on the price.

    As CoinDesk points out, the latest rally is likely being driven by “the launch of the ProShares Bitcoin Strategy ETF, the first exchange-traded fund approved by the U.S. Securities and Exchange Commission to invest in bitcoin futures.”

    Now that Bitcoin has pushed past its previous high, it may have enough momentum to continue climbing.

  • Coinbase Wants a Dedicated Federal Regulator for Crypto

    Coinbase Wants a Dedicated Federal Regulator for Crypto

    Coinbase is calling on the US government to establish a new regulator for the crypto and digital assets market.

    Coinbase is one of the leading cryptocurrency trading platforms, but it recently ran afoul of the Securities and Exchange Commission (SEC). Coinbase was planning a new service called Lend that would allow individuals to loan cryptocurrency to other users, and charge interest for the transactions.

    The SEC warned Coinbase it would sue the company if it proceeded with its plans, sparking a verbal war between the two entities. Coinbase ultimately ended up abandoning Lend under the pressure. In the meantime, SEC Chairman Gary Gensler has said he doesn’t believe crypto is viable long-term.

    In that environment, it’s not surprising Coinbase is lobbying for a new federal regulator to oversee the crypto market — one that is not Gary Gensler’s SEC. As part of it’s new regulatory framework, Digital Asset Policy Proposal: Safeguarding America’s Financial Leadership (dApp), Coinbase makes its case:

    To avoid fragmented and inconsistent regulatory oversight of these unique and concurrent innovations, responsibility over digital asset markets should be assigned to a single federal regulator.

    Like many countries, the US is grappling with the impact of cryptocurrency and is trying to determine how best to regulate it. Gensler has been making the case that the SEC should have sole authority to do so, a position that has many critics, in addition to Coinbase. It will be interesting to see what direction the US government goes.

  • Vladimir Putin Signals Support for Cryptocurrencies

    Vladimir Putin Signals Support for Cryptocurrencies

    Russian President Vladimir Putin has come out in support of cryptocurrencies, at a time when Russia is the third-biggest crypto mining country.

    Cryptocurrency is under increased scrutiny around the world, with many legislators looking to regulate the technology. China recentlyimplemented a major crackdown, and US officials are weighing what steps to take to regulate it.

    Putin, on the other hand, seems ready to embrace it. In an interview with CNBC, via Bloomberg, the Russian president said crypto “has the right to exist and can be used as a means of payment.”

    As Bloomberg highlights, Russia has been looking for alternatives to the US dollar for international trading for several years. The politics of the situation are no doubt playing a part in Putin’s embrace of crypto.

  • US Leads the World in Bitcoin Mining After China Crackdown

    US Leads the World in Bitcoin Mining After China Crackdown

    Following China’s crackdown on bitcoin mining, the US now leads the world in bitcoin mining.

    China was once the leading bitcoin mining country, accounting for roughly 75% of all mining. Recently, however, the Chinese government has cracked down on cryptocurrencies, making all transactions and mining illegal.

    According to BBC, the US has now taken China’s spot as the leading bitcoin mining country, at 35.4%. Kazakhstan and Russia round out the top three with 18.1% and 11% respectively.

  • JPMorgan CEO Jamie Dimon Thinks Bitcoin is ‘Worthless’

    JPMorgan CEO Jamie Dimon Thinks Bitcoin is ‘Worthless’

    Bitcoin may be one of the hottest things in the tech and finance industries, but JPMorgan CEO Jamie Dimon is not a fan, calling it “worthless.”

    Dimon is a well-known critic of cryptocurrency, previously telling people he thinks they should “stay away from it.” He’s now gone even further, saying he thinks Bitcoin is “worthless,” according to Reuters.

    “I personally think that bitcoin is worthless,” Dimon said. “I don’t think you should smoke cigarettes either.

    “Our clients are adults. They disagree. If they want to have access to buy or sell bitcoin – we can’t custody it – but we can give them legitimate, as clean as possible access.”

    Dimon also believes significant government regulation is on the way, for a number of reasons.

    “No matter what anyone thinks about it, government is going to regulate it. They are going to regulate it for (anti-money laundering) purposes, for (Bank Secrecy Act) purposes, for tax,” Dimon said.

  • DOJ Creates National Cryptocurrency Enforcement Team

    DOJ Creates National Cryptocurrency Enforcement Team

    The Department of Justice has announced the formation of a team dedicated to cryptocurrency enforcement.

    Cryptocurrencies are taking the world by storm, offering a decentralized, mostly anonymous form of finance. With few exceptions, governments around the world are struggling to strike a balance between supporting a technical innovation and figuring out how to regulate it.

    The DOJ is preparing to take a more active role, forming a team that will “tackle complex investigations and prosecutions of criminal misuses of cryptocurrency, particularly crimes committed by virtual currency exchanges, mixing and tumbling services, and money laundering infrastructure actors.”

    Dubbed the National Cryptocurrency Enforcement Team (NCET), the team will bring in expertise from the DOJ Criminal Division’s Money Laundering and Asset Recovery Section (MLARS), as well as Computer Crime and Intellectual Property Section (CCIPS) and other divisions.

    “Today we are launching the National Cryptocurrency Enforcement Team to draw on the Department’s cyber and money laundering expertise to strengthen our capacity to dismantle the financial entities that enable criminal actors to flourish — and quite frankly to profit — from abusing cryptocurrency platforms” said Deputy Attorney General Monaco. “As the technology advances, so too must the Department evolve with it so that we’re poised to root out abuse on these platforms and ensure user confidence in these systems.”

    “The Criminal Division is already an established leader in investigating and prosecuting the criminal misuse of cryptocurrency,” said Assistant Attorney General Polite. “The creation of this team will build on this leadership by combining and coordinating expertise across the Division in this continuously evolving field to investigate and prosecute the fraudulent misuse, illegal laundering, and other criminal activities involving cryptocurrencies.”

  • Bank of America Coverage Pushes Bitcoin Past $50,000

    Bank of America Coverage Pushes Bitcoin Past $50,000

    In one of the biggest endorsements of cryptocurrency, Bank of America has initiated coverage of Bitcoin, driving its price past $50,000.

    Cryptocurrencies have been gaining traction and widespread acceptance, even as traditional finance and governments struggle to adapt. Bank of America is now acknowledging “digital assets are too large to ignore.”

    Bank of America says digital assets represent a $2 trillion+ market, compromised of more than 200 million users, and is poised to transform entire industries.

    “Bitcoin is important,” said Alkesh Shah, head of Global Cryptocurrency and Digital Asset Strategy, “but the digital asset ecosystem is so much more. Our research aims to explore the implications across industries including finance, technology, supply chains, social media and gaming.”

    “Digital assets are transforming the way in which markets, businesses and central banks operate,” said Candace Browning, head of BofA Global Research. “Bank of America offers a market-leading global payments platform and blockchain expertise, and the addition of digital asset research further strengthens the depth and breadth of our offerings for investors.”

    Bitcoin jumped past $50,000 on the news.

  • New Zealand May Launch Its Own Digital Currency

    New Zealand May Launch Its Own Digital Currency

    New Zealand is exploring the possibility of launching its own digital currency, the latest indication of how much such currencies are transforming the market.

    The rise of cryptocurrencies has sparked a major shift in the finance market. Many governments are still struggling to come to terms with — and adapt to — a currency that is designed to be decentralized and anonymous.

    El Salvador has chosen to adopt Bitcoin as legal tender, while other countries are exploring stablecoins, digital currencies that are linked to a country’s legal tender.

    According to Bloomberg, New Zealand is investigating the possibility of releasing its own digital currency, in an effort to keep current with modern trends.

    “Trends in cash use and innovation in money present an opportunity for the Reserve Bank to consider broadening central bank money to include a widely available digital form,” the RBNZ said Thursday. “The declining use, acceptance and availability of cash in New Zealand, and emerging innovations in private money, namely stablecoins, make this an opportune time to consider a central bank digital currency (CBDC).”

    The RBNZ highlighted some of the challenges involved in creating a successful digital currency.

    “As with other forms of digital money, a CBDC must be operationally resilient to outages and cyber security risks, maintain data privacy, and it would need to comply with all relevant regulation. Similarly, while a CBDC has the potential to act as a catalyst for innovation and competition in the wider money and payment ecosystem, we will have to consider the potential for it to crowd out innovation.”

  • Coinbase Now Supports Paycheck Deposit to Coinbase Accounts

    Coinbase Now Supports Paycheck Deposit to Coinbase Accounts

    Coinbase is making it easier to fund accounts, allowing users to deposit part of their paycheck directly into their accounts.

    Coinbase is one of the leading cryptocurrency trading platforms, and the company is continually working to make it easier for mainstream users to get started. The latest feature should appeal to new users, as well as veteran traders.

    The company is making it possible for users to deposit all or part of their paycheck, instead of manually funding their accounts.

    “Now, you’ll save time on the extra steps it takes to move money so you can immediately earn interest on your income or earn crypto rewards with your Coinbase Card,” writes Prakash Hariramani, Sr Director, Product. “Plus, you’ll pay zero transaction fees on direct deposit funds⁴ so you have instant and free access to the cryptoeconomy.”

    Coinbase emphasizes that users will have total control over the process.

    “Stay in control of your money by depositing as little or as much of your paycheck as you want,” Hariramani continues. “Get paid in any of the 100+ crypto available on Coinbase or in US Dollars. Choose to get paid in crypto so you can make recurring buys or earn interest on your income (by getting paid in USDC, DAI, or other interest-yielding assets), or choose to get paid in US Dollars to be ready for any trade or to spend with your Coinbase Card.”

  • China’s Cryptocurrency Crackdown Intensifies, All Transactions Banned

    China’s Cryptocurrency Crackdown Intensifies, All Transactions Banned

    China is intensifying its war on cryptocurrencies, banning all transactions, as well as all mining.

    China has traditionally accounted for the lion’s share of crypto mining, and especially bitcoin, but the government has been taking an increasingly dim view of the technology. Back in May, there was talk the government could eventually issue a total ban on crypto, 

    The Chinese government has followed through on those threats, banning all cryptocurrency transactions, as well as mining, on Friday.

    “This is really about establishing a state monopoly in payments,” George Selgin, an economist and senior fellow at the Cato Institute, told The Seattle Times. “The most obvious implication is that the state will have more opportunities to monitor citizens’ economic activity.”

    Bitcoin dropped as much as 7% on the news, before eventually recovering.

  • SEC’s Gensler Doesn’t Believe Cryptocurrencies Are Viable Long-Term

    SEC’s Gensler Doesn’t Believe Cryptocurrencies Are Viable Long-Term

    US Securities and Exchange Commission (SEC) Chairman Gary Gensler has cast further doubt on cryptocurrencies, saying he doesn’t believe they are viable long-term.

    Gensler has been working to establish the SEC as THE US regulatory authority for crypto. While some critics believe it’s an overreach, Gensler maintains that cryptocurrencies have much in common with securities.

    In a new interview with The Washington Post, Gensler throws more cold water on the cryptocurrency market, saying he doesn’t believe it has much of a long-term future.

    “History tells us that private forms of money don’t last long,” he said.

    Gensler has a more positive view of the blockchain technology behind cryptocurrencies, crediting Bitcoin creator Satoshi Nakamoto with innovating and creating a catalyst for change in the financial markets. When referring to Nakamoto, he even used the respectful term “Nakamoto-san,” and said the innovation he created is helping bolster payment systems with distributed ledgers and decentralized lending.

    Nonetheless, one thing is clear: If Gensler has his way, significant crypto regulation is on the horizon in the US. Gensler is a firm believer that the potential for things to go wrong warrants taking proactive measures to regulate the industry and head off potential issues.

    “I don’t think it’s a good idea to wait until there’s a spill in aisle three,” he said.

  • Coinbase Abandons Lend Feature Amid SEC Pressure

    Coinbase Abandons Lend Feature Amid SEC Pressure

    Coinbase has abandoned its plans for its Lend service after a high-profile scuffle with the SEC.

    Coinbase announced its plans to roll out Lend, a program that would allow users to lend cryptocurrency to others and earn interest on the loan. The SEC took issue with the company’s plans and threatened legal action if it continued. This led Coinbase to engage in what was widely considered an “ill-advised” public war with the SEC, with CEO Brian Armstrong calling the agency’s behavior “sketchy.”

    The company has now notified customers via a blog post that it is canceling its Lend plans as a result of the SEC’s actions.

    Our goal is to create great products for our customers and to advance our mission to increase economic freedom in the world. As we continue our work to seek regulatory clarity for the crypto industry as a whole, we’ve made the difficult decision not to launch the USDC APY program announced below. We have also discontinued the waitlist for this program as we turn our work to what comes next. We had hundreds of thousands of customers from across the country sign up and we want to thank you all for your interest. We will not stop looking for ways to bring innovative, trusted programs and products to our customers.

  • Fact Check: Walmart Is NOT Partnering With Litecoin

    Fact Check: Walmart Is NOT Partnering With Litecoin

    Walmart and Litecoin are both debunking news of a partnership, saying nothing is in the works.

    Early Monday, September 13, a notice went out on Global NewsWire claiming that Walmart was partnering with cryptocurrency Litecoin. Not surprisingly, Litecoin’s price surged on the news. The only problem — the news was fake.

    Walmart, Litecoin and Global NewWire have all denounced the initial press release as fake news.

    Walmart’s said it had no knowledge of the press release in a statement:

    Walmart was the subject of a fake news release issued on Monday, Sept. 13, that falsely stated Walmart announced a partnership with Litecoin (LTC). Walmart had no knowledge of the press release issued by GlobeNewswire, and it is incorrect. Walmart has no relationship with Litecoin. 

    Litecoin said the statement, as well quotes attributed to creator Charlie Lee, were false:

    A fake press release, which looked to be official, was sent out this morning across Global NewsWire. It is not our policy to release a partnership in this way. Regarding the quotes within the article itself, these too are fabricated and did not come from Charlie Lee, the creator of Litecoin and Managing Director of the Litecoin Foundation.

    Global NewsWire asked all journalists and readers to disregard the initial press release:

    Please be advised that journalists and other readers should disregard the news release, “Walmart Announces Major Partnership With Litecoin (LTC)” issued September 13, 2021, over GlobeNewswire.

    It is true that Walmart is working on something related to cryptocurrency, as the company recently posted a job opening for a Cryptocurrency Lead. Whatever those plans are, however, they don’t appear to involve Litecoin.

  • Mastercard Buys CipherTrace to Boost Its Own Crypto Capabilities

    Mastercard Buys CipherTrace to Boost Its Own Crypto Capabilities

    Mastercard announced it has acquired CipherTrace, as the payments company continues to expand its crypto capabilities.

    Cryptocurrency is quickly going mainstream, with companies large and small supporting the technology. That adoption is extending to traditional finance and payments companies, such as Mastercard.

    CipherTrace is a crypto intelligence company with a focus on the intersection between consumer privacy and the blockchain economy. Mastercard sees the company as a valuable element in creating an atmosphere of trust and security in the realm of cryptocurrencies and digital assets.

    “Digital assets have the potential to reimagine commerce, from everyday acts like paying and getting paid to transforming economies, making them more inclusive and efficient,” said Ajay Bhalla, president, Cyber & Intelligence at Mastercard. “With the rapid growth of the digital asset ecosystem comes the need to ensure it is trusted and safe. Our aim is to build upon the complementary capabilities of Mastercard and CipherTrace to do just this.” 

    “We help companies – whether they are banks or cryptocurrency exchanges, government regulators or law enforcement to keep the crypto economy safe,” said Dave Jevans, CEO, CipherTrace. “Our two companies share this vision to provide security and trust throughout the ecosystem. We are thrilled to join the Mastercard family to scale CipherTrace’s reach across the globe.” 

    Terms of the deal were not disclosed, although it is expected to close by the end of the year.

  • Coinbase Getting Into ‘Ill-Advised’ War With SEC

    Coinbase is calling out the SEC for what it believes is “sketchy” behavior, but TheStreet’s Jim Cramer is not a fan of its strategy.

    The issue involves Coinbase’s crypto lending program, called Lend. The service would allow individuals to lend their crypto assets and earn interest on the loans. Unfortunately, for Coinbase, the SEC seems to have an issue with Lend and has sent the company a Wells Notice.

    “Last Wednesday, after months of effort by Coinbase to engage productively, the SEC gave us what’s called a Wells notice about our planned Coinbase Lend program,” writes Paul Grewal, Chief Legal Officer, on the company’s blog. “A Wells notice is the official way a regulator tells a company that it intends to sue the company in court. As surprised as we were at the SEC’s threat to sue without ever telling us why, we want to be transparent with you about the course of events leading up to it.”

    CEO Brian Armstrong has gone even further, calling the SEC’s behavior “sketchy.”

    TheStreet’s Jim Cramer believes Armstrong and Coinbase are playing a dangerous game, especially since SEC chair Gary Gensler “taught crypto at MIT,” and has the full weight of a government agency backing him up on his already knowledgable position.

    “[Coinbase] is declaring war against a man who has unlimited firepower,” Cramer said.