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Ireland’s Central Bank grants Coinbase e-money license

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American cryptocurrency exchange, Coinbase seems to be headed towards global expansion as the platform recently restarted its services in the UK. Following suit, Coinbase seems to be exploring  Ireland as the Central Bank of Ireland has given the exchange an e-money license.

In its official announcement, Coinbase highlighted how Europe was an important region for the exchange as the whole of the European Union and the European Economic Area would safeguard passporting. The announcement further read,

“We are committed to ensuring that our customers have the same safeguarding and security as any regulated financial institution, and the approval of a second European regulatory authority demonstrates our position as the world’s most trusted cryptocurrency platform.”

Coinbase had previously taken steps to enter the Ireland market in 2018 by announcing an office in Dublin. The latest license would allow the platform to expand its services into Ireland further allowing the platform to deliver products in the country.

The Central Bank supporting the platform by granting them a license is a bolster to the mission of establishing an open financial system, Coinbase further added.

The latest development comes during an interesting time as a CME exec recently revealed that Bitcoin Futures acquires about 50% of its trading volume from European as well as Asian investors. This further gives birth to speculations that suggest that Asia might be Coinbase’s next target.

Additionally, Ireland’s international development association also congratulated the exchange by suggesting that Coinbase’s selection of Dublin to carry out its services has bolstered the power of the country as a stop for financial services companies.

Akash is a full-time cryptocurrency writer and an analyst at AMBCrypto. He is an engineering graduate with an avid interest in finance and economics. Attracted to the chaos of trading, Akash has invested in BTC, ETH and XRP for educational purposes.

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Gemini shines; Binance, Coinbase fall in CryptoCompare’s exchange rankings

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Source: Pixabay

Major cryptocurrency exchanges, Binance and Coinbase, have slipped in the revised version of a cryptocurrency exchange ranking list. The data, compiled by crypto-asset data provider CryptoCompare, was titled ‘CryptoCompare Exchange Benchmark Q3 2019,’ and used a new metric for the latest edition. The tool, dubbed the ‘Exchange Benchmark,’ rested on 30 factors, including the team behind the exchanges, the quality of their markets, their geographical location, legal status, and data provision.

Released on 19 September, Winklevoss twins’ crypto-platform Gemini dominated the chart and was graded AA, followed by ItBit at second, Coinbase at third, and Kraken on the fourth position. Notably, Coinbase had previously dominated the June crypto-exchange rankings and was rated AA. Bitstamp, Liquid, OKEx, Poloniex followed suit, and were rated A.

Bitfinex, one of the world’s largest Bitcoin exchanges, was ranked 10th and graded A. Interestingly, Bitfinex wasn’t even in the top 10 of the previously released rankings.

Binance was positioned as the 12th most-trusted exchange with 10.5 points awarded for security. The Malta-based platform slipped four positions since June, when the exchange was ranked 8th. The reason behind the same may be in light of the security breach in May, wherein 7,070 Bitcoins were stolen by hackers in a single transaction.

Additionally, the updated Exchange Benchmark noted that top-tier exchanges graded between AA-B accounted for 33% of the global trading volume. However, lower tier exchanges rated between C-E made up for 67%.

Talking about the Exchange Benchmark tool which is essentially meant to combine both qualitative and quantitative metric data without using volume directly, Charles Hayter, Co-founder and CEO of CryptoCompare, said,

“Our second Exchange Benchmark now includes a vastly expanded set of exchanges and even more granular analysis to enable market participants and new entrants to identify the best trading venues worldwide.”

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Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.