Category Archives: Euro

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Coinbase CEO: Crypto-Space Population Will Grow to 1 Billion in Next 5 Years

Brian Armstrong, crypto exchange giant Coinbase’s CEO, has suggested that the number of people in the cryptocurrency ecosystem will swell to 1 billion over the next five years.

In a recent interview, Armstrong sees the current number of 40 million making such a substantial growth due to the continued development of tokens by commercial enterprises and even charities. He suggested:

“It makes sense that any company out there who has a cap table should have their own token. Every open source project, every charity, potentially every fund or these new types of decentralized organizations [and] apps, they’re all going to have their own tokens.”

He added that his own company is likely to host hundreds of tokens within a period of years, and these could possibly swell into millions over time. He maintains that regulation remains key to such a groundswell of token adoption though, suggesting it is more likely that the majority of these tokens will more than luckily be classified as securities.

The exchange has made some major changes over past weeks. They introduced crypto trading pairs for the users in the United Kingdom through the Great Britain Pound (GBP) with a goal to be the trading platform of choice for UK crypto traders, one of the cryptocurrency’s largest world markets. Last month, the San Francisco Exchange introduced a digital gift card program aimed at revamping old business models, offering European clients other ways of accessing cash for crypto.

It’s also been rumored that Coinbase may apply for a Bitcoin ETF from the SEC, joining an already expanding waiting list, though, this hasn’t been confirmed yet by the exchange.

Last week Coinbase also revealed that it is considering the Irish Republic as its next push to expand local markets around the globe. Dublin has been cited as the exchange’s next target and to that end, they have begun an employment drive in the city taking on customer support, analysts, a compliance officer, and an office manager.

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Coinbase Move Towards Primary Banking with New Support for Sterling

Coinbase has made another change to its platform making it easier for UK users to deposit and withdraw UK pounds.

The current system has caused frustrations for users particularly those that have UK bank linked to their account and wish to deposit the proceeds of a transaction changing Bitcoin, Ethereum or Litecoin into sterling.

The current process requires users to transfer their cryptocurrency into sterling, then pay into a euro account on the Coinbase platform and only then transfer the funds in Euros to a UK account, incurring SEPA transfer fees and losing money on the exchange as the euros then get changed back into pounds sterling.

The new system was introduced due to numerous complaints regarding Coinbase’s lack of a user-friendly system. Users complained about the difficulties in withdrawing as opposed to depositing. The exchange clearly prefers clients to either buy cryptocurrency with money on the exchange or deposit their funds rather than leave it on the platform which is always a risk due to potential hackers but needs to speed up its process.

The new system, which apparently will not be available to all users immediately, was described by Coinbase UK’s chief executive Zeeshan Feroz as being “progress towards becoming a primary bank account”.

It is suggested that sterling support will mean Coinbase users get access to the UK’s Faster Payments system offering same day deposits and immediate transfers. Coinbase had previously partnered with UK bank Barclays and currently allows most banks to transfer funds into UK accounts.

Last week, the San Francisco Exchange introduced a digital gift card program aimed at revamping old business models, offering European clients other ways of accessing cash for crypto. Many potential clients are dissuaded from signing up to platforms such as Coinbase due to lengthy verification processes, sometimes waiting many weeks before a user’s bank can be verified and linked for payments.

 

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