Coinbase refutes reports it is blocked in Nigeria
Despite the increasing calls for Nigeria to strengthen its cryptocurrency ban, a spokesperson for the Coinbase trading platform stated that the platform is still accessible in Nigeria, contrary to previous reports from several local media outlets and the Financial Times that several platforms, including Binance, Coinbase, and Kraken, have been blocked by local telecommunications companies at the government's request. The Coinbase spokesperson stated via email, "We are continuing to investigate these reports, but based on preliminary research, Coinbase is still accessible in Nigeria." Behind this event is the continuous decline of the Nigerian official currency, the naira, against the US dollar, as well as the severe cash shortage the country faced prior to last year's national elections. Bayo Onanuga, a senior adviser to the Nigerian president, stated in a post on the X platform on Wednesday that cryptocurrency trading platforms such as Binance "openly set Nigeria's exchange rate," stealing the role of the country's central bank, and called for other companies such as Kucoin and Bybit to also be "banned from operating in our cyberspace." It is worth noting that this is not Nigeria's first measure against cryptocurrency. The Nigerian central bank previously restricted service providers' access to local banking services, but this ban has recently been lifted. Nigeria remains a strong adopter of cryptocurrency, particularly in the area of remittances.
Glassnode: Over 18,000 Bitcoins were withdrawn from Coinbase
According to data from Arkham Intelligence, Glassnode, and Coinglass, more than 18,000 bitcoins were withdrawn from Coinbase during today's Asian session. The massive outflow of nearly $1 billion severely impacted Coinbase's exchange balance. These funds were sent to several different addresses, with new wallet balances ranging from $45 million to $171 million, and all UTXOs from the initial transaction have been spent. Coinbase currently holds about 390,000 bitcoins, worth about $20.5 billion. This balance is less than 2% of the total supply of bitcoins on the exchange, the lowest percentage since 2015.
Coinbase Shares Soar to New Yearly High After Posting First Profitable Quarter in Two Years
Coinbase's Q4 2023 earnings report showed the exchange's first profitable quarter in over two years, with a net income of $273 million. This positive news caused shares of Coinbase to rally at the end of the week. Analysts believe this may change the narrative that Coinbase is an unprofitable company. Coinbase CEO Brian Armstrong cited cost-cutting measures and positive developments such as the launch of Coinbase International Exchange and the firm's role as a prominent custodian of Bitcoin ETFs as contributing factors to the company's success.
Tiger Global Management sold all of its Coinbase shares last year
Documents from the US Securities and Exchange Commission (SEC) show that Tiger Global Management sold all of its shares in cryptocurrency exchange Coinbase (COIN) on December 31, 2023 and no longer holds Coinbase stock. It is reported that Tiger Global was a major investor in Coinbase in October 2018 and led a $300 million Series E funding round.
Ledger Live and Coinbase Pay partner to simplify cryptocurrency purchases
The Coinbase Pay feature is now integrated into the Ledger Live application, which benefits Ledger users by allowing them to directly receive cryptocurrency purchased from Coinbase on their Ledger device. This new feature is currently available in the United States, United Kingdom, European Union, Brazil, New Zealand, Australia, Canada, and Singapore.
U.S. blockchain concept stocks generally rose before the market opened, with Coinbase rising more than 6%
Market data shows that US blockchain concept stocks rose across the board before the market opened, with Canaan Inc. (CAN.O) up more than 10%, Riot Platforms (RIOT.O) up more than 7%, and Coinbase (COIN.O) up more than 6%.
Coinbase has suspended trading, deposits and withdrawals of PlayDapp (PLA)
Coinbase Assets announced on X platform that, due to recent updates involving the use of the "pause" function on the PlayDapp (PLA) smart contract, we have suspended trading and deposit/withdrawal of PLA on Coinbase, Coinbase Prime, Advanced Trade, and Coinbase Exchange.
Coinbase will list Aerodrome Finance (AERO) and Velodrome Finance (VELO)
Coinbase announced support for Aerodrome Finance (AERO) on the Base network (ERC-20 token) and support for Velodrome Finance (VELO) on the Optimism network (ERC-20 token). If liquidity requirements are met, trading will begin on February 6, 2024, at 9 a.m. Pacific Time or later. Once the asset supply is sufficient, trading for AERO-USD and VELO-USD will be launched in stages.
Former UK Chancellor of the Exchequer George Osborne Joins Coinbase Advisory Board
Former UK Chancellor of the Exchequer George Osborne has joined the Coinbase advisory board. Osborne served as Chancellor of the Exchequer from 2010 to 2016, and has since held a series of other roles. He is currently a partner at boutique investment bank Robey Warshaw and chairman of the British Museum.
Coinbase chief legal officer: SEC response to its petition rejecting digital asset rules was too brief
Paul Grewal, the Chief Legal Officer of Coinbase, criticized the U.S. Securities and Exchange Commission's (SEC) response to Coinbase's request for clearer cryptocurrency regulation as being too brief. Grewal emphasized the shortcomings of the SEC's relevant documents in a tweet, which formed the basis for its rejection of Coinbase's petition for digital asset rules.
