#CryptoCorner - Coinbase Introduces Coinbase Card, Bittrex Denied NY BitLicense but Responds
#CryptoCorner
- Coinbase Introduces Coinbase Card, Bittrex
Denied NY BitLicense but Responds
Point Roberts WA, Delta BC, April 11, 2019 - Investorideas.com, a leader
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The crypto market
took a serious tumble after peaking with a total market cap yesterday of $186
billion USD. At press time, total market capitalization sits at just $170
billion, according to CoinMarketCap. Virtually all of
the top coins listed by market cap are in the red, with Bitcoin (BTC) still just
holding support above $5000. Some of the biggest losers were EOS, Litecoin (LTC) and Bitcoin Cash
(BCH), which lost
10.25, 11.25 and 10.8 percent, respectively.
Crypto exchange
giant Coinbase announced in a blog
post
today that it has launched the Coinbase Card, a Visa debit card that allows
users to spend crypto as easily as with a bank card. Payments can be made with
chip and PIN and contactless, and withdrawals can be made from ATMS. The post
claims that users will be able to use the card in millions of locations around
the world. When purchasing, the card instantly converts the crypto of your
choosing into the appropriate fiat for the transaction. The company is also
launching an accompanying app, which the following excerpt explains:
To help customers manage their spend, we’ve also
launched the Coinbase Card app, which enables customers to select which of
their crypto wallets they will use to fund their Coinbase Card spending.
Coinbase Card supports all crypto assets available to buy and sell on the
Coinbase platform, meaning they can pay for a meal with bitcoin, or use
ethereum to fund their train ticket home. The app also offers instant receipts,
transaction summaries, spending categories, and more.
Bittrex has been
denied a crypto exchange BitLicense from the New York Department of Financial
Servical (DFS). The body cited concerns in a letter yesterday, over
what it deemed as inadequate policies on anti-money laundering (AML) and know
your customer (KYC) from Bittrex. But Bittrex responded later yesterday with a statement from their
communications team, in which it “fully disputes the findings of the NYDFS”.
The statement goes on to correct factual inaccuracies and other contentions it
has with the DFS letter, concluding with:
We do not challenge that Bittrex is on a journey to
improving and maturing our compliance function. Less than 2 years ago, we were
a company of only four people. Bittrex
is a young, innovative company that believes in the future of blockchain technology.
Bittrex will continue to mature its compliance program because we believe in
being good corporate citizens, and because we believe in the rule of law. We
will continue to work with the many other regulators, and we will continue to
take constructive feedback to improve our ability to be the corporate citizens
we have set out and committed to be.
Business
Korea
reports that Pohang
University of Science and Technology (POSTECH) and Yonsei University plan to establish
a blockchain-based campus to “secure leading research capacity in the field of
blockchain technology, open a research center, organize curriculums, and link
up with entrepreneurial programs”. POSTECH will launch a knowledge-sharing
platform called Engram, which is explained as:
“…a blockchain-based system that allows students to
share their knowledge and reward superior knowledge content with its own
cryptocurrency called Neuron. Neurons can be used at school cafeterias.”
Sam Mowers, Investorideas
Read other editions of the Crypto Corner
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