Coinbase and PayPal Expand Partnership to Promote Stablecoin Payments

Coinbase has announced an expanded partnership with PayPal to focus on increasing the adoption and utility of PayPal USD (PYUSD), a stablecoin backed by the U.S. dollar.As part of the updated partnership, Coinbase will now allow users to buy, sell, and trade PYUSD without fees. Additionally, PYUSD holders will be able to redeem the stablecoin 1:1 for U.S. dollars directly on Coinbase.The introduction of zero-fee conversions seeks to simplify transactions for consumers and businesses, providing easy access to digital currency markets. This move is particularly important for both novice crypto users and larger institutional clients who are increasingly looking for ways to incorporate stablecoins into their operations.Per Paypals blog post, Brian Armstrong, CEO of Coinbase, expressed his enthusiasm about the potential of the partnership, noting that PayPals extensive customer base of over 430 million users presents a unique opportunity to drive stablecoin adoption.Expanding the Reach of Stablecoins in CommerceOne of the core goals of the partnership is to use PYUSD to facilitate payments without relying on traditional payment networks. PayPal plans to allow merchants to settle debts and complete transactions directly using PYUSD. This feature will streamline international transactions, making them faster and more cost-effective. Settlement in PYUSD will also be instantaneous, a key factor driving PayPals interest in this stablecoin technology.Push to Integrate Crypto PaymentsElsewhere, per CNBC, Coinbase is ramping up its efforts to expand crypto payments and solidify Base as the leading platform for Ethereum-compatible applications. CEO Brian Armstrong emphasized the companys rapid push to integrate crypto payments across its entire suite of products, believing this will become a significant revenue stream in the long run.He also expressed strong confidence in Base, Coinbase's self-built network, touting it as the ideal platform for startups to develop on-chain solutions.Additionally, Armstrong highlighted the companys strategy to foster stablecoin growth, aiming to form more global and local partnerships with companies like Stripe and Yellow Card to drive broader adoption.Ongoing Legal Challenges for CoinbaseAs all this goes on, Coinbase has also been facing some legal challenges. The Oregon Department of Justice has recently filed a lawsuit against Coinbase, alleging that the exchange offers certain cryptocurrencies, including XRP, as unregistered securities. This legal issue could have potential consequences for Coinbases operations, though the company has yet to comment in detail on the ongoing case. Tyler Winklevoss, co-founder of the crypto exchange Gemini, has criticized the actions taken by Oregons Attorney General, calling them detrimental to the broader crypto market.

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Coinbase Pushes to Foster Crypto Collaboration With Banks With New Letter to Regulators

Coinbase is again nudging US regulators to allow the traditional banking sector to interact with the crypto industry.The exchange sent a correspondence to three top US bank watchdogs, seeking their endorsement to foster partnerships between financial institutions and crypto companies. As Bloomberg reported, the letter urged the regulators to reconsider their stance and allow a smoother relationship between the two sectors.Coinbase Seeks to Shatter Regulatory BarriersThe exchange addressed the communication to the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board of Governors (Fed), and the Federal Deposit Insurance Corp. (FDIC). Coinbase vied for the federal agencies to allow banks to offer crypto-related services, including custody.Bloomberg reported that Coinbase asked the OCC to retract an earlier letter to financial institutions discouraging new sectors like crypto firms from interacting with banks. It insisted that such a de facto rule impeded fostering a relationship between banks and digital asset firms.Furthermore, the crypto exchange demanded that the Fed and FDIC confirm that state-chartered banks under the agencies could provide both crypto custody and transaction execution services.Exchange Says Existing Laws Allow ComminglingCoinbases chief policy officer, Faryar Shirzad, stated that the Coinbase letter sought to clarify that the agencies followed existing laws. He noted that existing federal regulations already allowed banks to commingle with cryptocurrency firms, and the letter was just to confirm compliance.Faryar reiterated Coinbases proactiveness in ensuring that regulatory tides continue to fall in place for crypto firms. Specifically, he mentioned that the leading exchange is committed to ensuring that the hurdles withholding crypto firms from broader participation in the financial institutions fall through.Notably, Fed chair Jerome Powell recently stated that no laws hindered financial institutions from servicing crypto entities. After announcing the decision to keep interest rates unchanged, he noted that they can perfectly service digital asset institutions as long as they follow the rules.Meanwhile, crypto industries have made considerable progress in fighting the debanking myth following Donald Trumps inauguration. For context, under a new look, the Securities and Exchange Commission (SEC) has repealed the Staff Accounting Bulletin (SAB 121) that stopped banks from holding digital assets.

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Bitcoin Soars as US SEC Dismisses Case Against Coinbase

The US Securities and Exchange Commission (SEC) has dropped its years-long case against leading crypto exchange Coinbase.In a blog release on Friday, Coinbase announced that the securities watchdog has decided to close the case after a unanimous agreement. Notably, the expected turn of events follows a conclusion on the futility of the lawsuit after careful consideration.US SEC Righting a WrongCoinbase claims the case dismissal is righting an earlier wrong, as the lawsuit was never meant to be. For perspective, recall that the US SEC sued Coinbase in 2023 for offering unregistered securities to US investors.The contentious lawsuit has dragged on since then despite several Coinbase attempts to dismiss the case. Notably, the exchange claims the case was an obvious war against cryptocurrency, which it, its US customers, and the broader digital asset sector have won today.Coinbase Chief Legal Officer Paul Grewal also affirmed the dismissal. In a tweet, he disclosed that the SEC had outrightly dropped the case without seeking a compromise or a settlement.https://twitter.com/iampaulgrewal/status/1892924187976597725War Not OverMeanwhile, the exchange suggested the war is not over yet. While applauding the significant win, Coinbase noted it would be essential to ensure that the SEC establishes the premise on which it overruled the case for the industry's greater good.Furthermore, Coinbase urged the SEC and other concerned regulatory bodies to forge a clear regulatory guideline for the crypto industry to prevent the lack of clarity from being weaponized in the future. The pronounced rules of engagement will encourage investors to adopt the nascent sector and position the US at the forefront of technological innovation.Meanwhile, the dismissal came a few days after the US SEC paused its case against Coinbase and Binance. The new-faced regulatory top dog cited the creation of the crypto task force, an organization tasked with proffering the best approach to settling the years-long conflict. However, cases like the Ripple lawsuit still remain in the court, with projections that the agency could drop it next.Moreover, Bitcoin and the global crypto market reacted to the Coinbase case dismissal. The pioneering cryptocurrency pushed close to six figures following the announcement, trading at $99,401 at the time of writing.

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Coinbase CEO Says Bitcoin Can Be Considered a Meme Coin

Brian Armstrong, CEO of U.S. crypto exchange Coinbase, suggests that Bitcoin (BTC), in some sense, can be considered a meme coin. Armstrong made the bold assertion yesterday in a post on X on Wednesday, where he acknowledged the rise of meme coins. He pointed out that while meme coins are gaining traction lately, they have existed since the early days of crypto, highlighting Dogecoin (DOGE) as a prime example. Notably, he characterized Bitcoin, in some sense, as a meme coin, suggesting it was initially created as a joke. His reasoning stems from how Bitcoin, like meme coins, generated its value from collective belief rather than having its intrinsic value. The Coinbase CEO said some people consider the U.S. dollar a meme coin following its disconnection from gold. Despite this, the dollar has remained valuable as people still believe in it, using the fiat for international settlements. The Bigger Picture Armstrong noted that while many may think less of meme coins, they could play a significant role in tokenizing everything on the blockchain, ranging from media content to contracts. Instead of considering meme coins silly, he advised people to keep an open mind about their potential use cases. Meanwhile, he acknowledged how some meme coins have gone too far, with bad actors utilizing them for insider trading. Notably, he emphasized the need to purge illicit actors within the meme coin space and encourage legitimate developers who are building lasting value. We want to onboard the next billion users on-chain. The only way to do this is by building products and services that people want, Armstrong remarked. How Coinbase Is Approaching Meme Coins  Furthermore, the Coinbase CEO shed light on how the exchange handles the listing of meme coins on its platform. He revealed that Coinbases core philosophy revolves around free market capitalism. Under this policy, the exchange grants users access to tokens that are legal and in high demand. However, it tries to distinguish between fraudulent and low-quality meme coins. While Coinbase delists any fraudulent meme coin, the low-quality tokens will still be available on the platform, allowing users to rely on community feedback to ascertain whether to trade them.

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Whales Move 1,675,841,120,949 Shiba Inu to Coinbase at Once: Heres What We Know

Intrigue has enveloped the Shiba Inu community as whales recently sent over 1.67 trillion SHIB tokens to Americas largest crypto exchange Coinbase.Market tracking platform Whale Alert first spotlighted the transactions, confirming that exactly 1,675,841,120,949 (1.675 trillion) SHIB tokens moved from three separate whale addresses to a central Coinbase wallet yesterday. Details of the Shiba Inu Movements For context, the Shiba Inu market saw the transfer of 558,613,706,983 (558 billion) SHIB tokens from 0x09f8, an unknown whale address, to Coinbase 10 yesterday at 16:46 UTC. At the time, the tokens were worth $10.418 million.However, at the exact time of this transfer, two more unknown whale addresses, particularly 0x8fa5 and 0xff62, sent the exact same amount to the same Coinbase address. Whale Alert on XWhale Alert on XThis brought the total cumulative assets to 1.675 trillion Shiba Inu tokens, all worth $31.254 million. To put things into perspective, the total tokens moved through these three transactions account for nearly 0.3% of Shiba Inus circulating supply.Due to the magnitude of the transactions, concerns have emerged among investors. These apprehensions stem from the fact that movements to exchanges typically lead to selloffs, and the sale of 0.3% of SHIBs circulating supply could dampen its current growth trajectory.Heres What We KnowNonetheless, an investigation from The Crypto Basic suggests that there is no cause for alarm. A scrutiny of the three addresses show that they might actually belong to Coinbase. This would confirm that the exchange used these transactions to internally shuffle its SHIB holdings.All three whale addresses started receiving the SHIB tokens from September 2021, during the previous bull run. Over the past three years, these addresses continued to receive billions of SHIB from Coinbase wallets, with the latest inflow occurring in June 2024.After accumulating the 558 billion Shiba Inu tokens, each of the addresses then decided to send them back to the Coinbase 10 wallet yesterday. Moreover, Arkham Intelligence shows that the three addresses are Coinbase Deposit wallets, confirming the idea that they belong to the exchange.Possible Shiba Inu Exchange Withdrawal?Following the transactions, all three addresses hold 0 SHIB. Meanwhile, the Coinbase 10 wallet, which received all 1.67 trillion tokens, now holds 243.8 billion SHIB, suggesting it has offloaded most of the assets.In this case, the exchange might have shuffled the assets through another wallet. However, they could also have used the funds to redeem withdrawal requests from their customers, a bullish sign. Data from CryptoQuant confirms that SHIB exchange reserve recently dropped to an all-time low of 137.48 trillion.Shiba Inu Exchange Reserve CryptoQuantShiba Inu Exchange Reserve | CryptoQuantCurrently, Shiba Inu changes hands at $0.00001892, up 12.08% this week. The meme coin is currently building on the latest market-wide upsurge, which has seen Bitcoin (BTC) claim a new peak. At this rate, an increase in exchange withdrawals could bolster SHIBs momentum.

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Coinbase CLO Addresses SEC Adverse Crypto Regulation Using US Election Outcome

Coinbase CLO Paul Grewal references the outcome of the United States election to address the SECs adverse approach to crypto regulation. Grewal, the Chief Legal Officer at San Francisco-based exchange Coinbase, mentioned that voters in the United States expressed a strong desire for change on several issues, including crypto regulations.He encouraged the SEC to change its current crypto regulatory approach to a more favorable stance. Specifically, Grewal called on the SEC to engage directly with crypto-related companies instead of suing them in court. Furthermore, Grewal advised the regulator to initiate rulemaking immediately, which could provide clear regulations for the crypto industry. Over 200 Pro-Crypto Candidates Win Grewals comment is in reaction to the election outcome, which saw voters come out to change the status quo. Prior to the election, crypto enthusiasts expressed support for only pro-crypto candidates across various offices, including the presidency. Earlier today, The Crypto Basic reported that about 238 pro-crypto candidates led the charge in the U.S. Congress elections. While 224 were elected to the House of Representatives, 14 are heading to the Senate. For many crypto fans, the most exciting part of the U.S. 2024 election outcome is Donald Trump's emergence as president-elect. Trumps support for the industry is public knowledge, as he has consistently revealed how he plans to make America the crypto capital of the world. Part of his campaign promises for crypto includes firing SEC Chair Gary Gensler on his first day in office. SEC Operations Under GenslerMany industry stakeholders see Gensler as a major threat to crypto. Under his leadership, the SEC has been aggressive, pursuing multiple enforcement actions against crypto companies. Coinbase is one of the victims of the Gensler-led SEC enforcement action. Last year, the SEC charged Coinbase with violating federal securities laws by operating as an unregistered exchange. A federal judge denied the exchanges request for an early dismissal of the SEC charges in March. The lawsuit could see a major twist in the coming weeks when the more than 200 pro-crypto candidates are sworn into office, coupled with a potentially new SEC administration. Currently, there is speculation that the new SEC administration might review and possibly drop most of the lawsuits against the industry. Whether this would become a reality remains to be seen.

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Coinbase Taps Visa Direct to Enable Real-Time Account Funding and Instant Crypto Purchase

San Francisco-based crypto exchange Coinbase partners with card payment giant Visa to enable real-time deposit and withdrawal of funds for…

The post Coinbase Taps Visa Direct to Enable Real-Time Account Funding and Instant Crypto Purchase first appeared on The Crypto Basic.

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CryptoQuant Analyst, Coinbase CEO Advocate for Countries to Prioritize Bitcoin Over Gold: Heres Why

The Coinbase CEO Brian and a CryptoQuant analyst have explained why it would be more beneficial for countries to prioritize Bitcoin over gold.Discussions surrounding Bitcoin's potential as a reserve asset have gained momentum, particularly after President Donald Trump signed an executive order exploring a digital asset reserve. As a result, industry leaders are now advocating for Bitcoin to replace traditional reserve assets like gold and oil.  Analyst Insists Investors Should Prioritize Bitcoin over GoldAs these discussions gain steam, Axel Adler Jr., a CryptoQuant analyst, recently pointed to Bitcoin's impressive performance against traditional assets as an important factor, contending that it is more economically wise to prioritize Bitcoin over gold.https://twitter.com/AxelAdlerJr/status/1882762003514585598"I see no economic efficiency for investors in putting money into gold," Adler boldly stated. He highlighted that gold has seen a massive decline against Bitcoin in the past years.For context, over the last twelve years, the value of one ounce of gold fell from 732 BTC to 0.02 BTC. According to Adler, if Bitcoin continues to outperform gold at the current rate, the value of gold in Bitcoin terms could become negligible within a decade.  He pointed out that Bitcoin has outpaced gold by an average of 37 times annually. The market analyst believes this trend will inevitably prompt major investors, including bankers and fund managers, to shift their allocations from gold to Bitcoin. BTC Continues to Outpace GoldIn a separate disclosure, Adler also noted that Bitcoin has outshined oil in addition to gold. An accompanying chart shows that in the last six years, gold dropped 91% against Bitcoin, moving from 0.294 BTC per ounce to 0.026 BTC. Oil has faced a similar fate, declining from 0.008 BTC per barrel to 0.0007 BTC per barrel in the same period. Bitcoin Against Gold and Oil | CryptoQuantThe analyst further suggested that Bitcoin's scarcity and ease of purchase in varying amounts contribute to its appeal. According to Adler, these qualities make it particularly attractive to younger investors who are shifting away from conventional assets like gold and oil.  Coinbase CEO AgreesMeanwhile, Brian Armstrong, CEO of Coinbase, noted in a previous commentary that Bitcoin's current market capitalization of around $2 trillion represents roughly 11% of gold's estimated $18 trillion market cap. https://twitter.com/brian_armstrong/status/1882501777578180613Armstrong asserted that Bitcoin holds massive advantages over gold, such as improved security, portability, and divisibility. Notably, unlike gold, which can be difficult to verify for purity, Bitcoin's digital nature ensures transparency and authenticity.  The Coinbase CEO further argued that countries with gold reserves should allocate at least 11% of their holdings to Bitcoin. He believes Bitcoin's market cap will surpass gold within the next decade, making it prudent for nations to establish strategic Bitcoin reserves now. Furthermore, Armstrong added that countries leading in Bitcoin adoption could set a precedent for others, potentially inspiring G20 nations to follow suit. Also, to Adler, the Trump administration's focus on supporting crypto through the "Crypto Capital" agenda could accelerate Bitcoin's adoption.

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Coinbase Endorses the Creation of a US Bitcoin Reserve

Leading cryptocurrency exchange Coinbase has endorsed the creation of a national strategic Bitcoin reserve in the United States. The publicly traded crypto firm officially commended the economic freedom approach in a Friday update. Brian Armstrong, Coinbase CEO, highlighted the benefits of Bitcoin as a reserve asset and urged other nations to adopt the financial tool.Armstrong Endorses Bitcoin ReserveNotably, this is the first time Coinbase has officially commented on the idea of Bitcoin as a strategic reserve asset. According to a blog post first shared exclusively with Axios, Armstrong discussed the potential of an economic transformation with the adoption of Bitcoin.The staunch crypto advocate urged world leaders and policymakers to accelerate economic freedom by adopting cryptocurrencies. Per the post, Armstrong warned that an unwillingness to embrace the emerging sector would be detrimental.Meanwhile, the endorsement followed a string of recommendations from other notable crypto participants. For context, asset manager VanEck endorsed the US Bitcoin stockpile ploy as the plan to create reserve gain momentum.Coinbase Recommends Four Action Plans for CountriesFurthermore, the CEO highlighted four strategic approaches nations should take on digital assets. He advised zealousness in implementation, as it would give an edge in the impending global arms war for digital assets.Armstrong urged countries to first establish legal structures and regulatory frameworks that would allow cryptocurrencies to thrive within their borders. Notably, this disposition is Donald Trumps strategy, which is evident in his ploy to create a crypto advisory council.Next, he recommended creating a strategic Bitcoin reserve. Notably, the concept has started gaining traction among different countries and regions, with Russia, Brazil, and the European Union discussing the innovation.Meanwhile, the Coinbase CEO also advised establishing a special economic zone for the digital asset economy and, finally, improving government efficiency. Interestingly, the US has adopted the last recommendation by creating the Department of Government Efficiency (D.O.G.E.), headed by Elon Musk.Bitcoin Reserve Almost Certain Under TrumpMoreover, with a few days left until his inauguration, emerging reports suggest Trump will almost certainly approve a national Bitcoin stockpile. For context, The Crypto Basic reported yesterday that the 47th US president views cryptocurrencies as a national priority and could issue an executive order to create a Bitcoin reserve on his first day in office.Furthermore, statistics from Americas leading crypto-based prediction market, Polymarket, have shown that the probability of Trump establishing a Bitcoin reserve in 2025 has reached 65%. Meanwhile, Trump is also open to creating reserve assets for other digital assets native to the United States.

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