Coinbase: experimental tags and proposal to bring cryptocurrencies into a separate financial system
This change arises from the ongoing expansion of the crypto exchange's list of assets traded on the platform. It drastically boosts the risk of volatility and cancellation of some orders.
According to the official Coinbase blog, the innovation is mainly intended to inform customers about possible trading risks. However, the new tags provide only an informational message and do not restrict customers' actions in any way.
Along with this innovation, the company has published a document proposing the regulation of digital assets. Specifically, the document suggests introducing separate regulations for all cryptocurrencies, with oversight being entrusted to a federal agency. Moreover, it also proposes extending the rights of digital asset owners and facilitating the creation and development of interoperability.
Fair competition, responsible innovation, a thriving ecosystem ...— Coinbase (@coinbase) March 7, 2022
Our framework for getting there ↓https://t.co/XR3gAB8EDn
Coinbase was founded in 2012 by former Airbnb developer Brian Armstrong and former Goldman Sachs trader Fred Ehrsam. At first, the company survived thanks to investors who made their own investments in it. In 2015, upon receiving another $75 million investment, the company created its own cryptocurrency exchange, Coinbase Exchange. Over the next few years, they managed to expand their zone of influence to 100 countries around the world. In some countries, such as the U.S., they received a license from the New York State Department of Financial Services (DFS) to trade cryptocurrencies.
Today, it is one of the largest cryptocurrency companies with shares traded on the U.S. exchange NASDAQ, and the total amount of assets on the platform exceeds $255 billion.
Trading volume: ~$5 billion.
Number of trading pairs (markets): 416
Legal status: registered in the UK
Fiat currencies: USD, EUR, GBR