Coinbase Global Inc (NASDAQ: COIN) reported better than expected results for its fiscal second quarter on Tuesday, after the bell. Shares of the company were seen about 7% up this morning.

CFO Haas discusses earnings on CNBC’s “Squawk Box”

Discussing earnings on CNBC’s “Squawk Box”, CFO Alesia Haas acknowledged that Coinbase benefitted greatly from the recent volatility in crypto trading, but expressed confidence that adding new assets will help “diversify and tamp out some of that volatility”.

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“What we’re starting to see is utility in crypto, we’re seeing people engage in staking, we’re seeing people engage in URN and other transaction types. This is also growing, at a more rapid pace now than our transaction fee, although only 5.0% of our revenue,” she added.

Also on Wednesday, Coinbase, which added 2.7 million monthly transacting users in Q2, said it was working on a crypto deal with PNC Financial Services Group.

Ethereum trading surpassed Bitcoin in Q2

The second quarter marked the first time Coinbase saw Ethereum trading on its platform surpass Bitcoin trading, which made up roughly 24% of the total quarterly trading volume only versus 39% in the prior quarter (Q1). Commenting further on this diversity, Haas said in his interview with CNBC:

“Ethereum saw greater trading volume this quarter due to the growth of NFTs. Also, we saw Eth2 staking, and the network is transitioning now to a proof of stake from a proof of work network, and that grew a lot of investor interest and a lot of interest in opportunities to earn rewards on the Eth2 blockchain.”

Coinbase now has Tesla and Third Point on its platform

The finance chief acknowledged that years into the future, crypto might be commoditised, but it certainly wasn’t “quite there yet”. Coinbase now has notable institutional clients on its platform like Elon Musk’s Tesla and Dan Loeb’s Third Point. According to Haas, these big names join the platform primarily for security.

“They appreciate that we’ve not had a loss due to a cyber attack since our inception. From there, it moves into trading, data services, borrow lend products that we’re building on our platform, and the full suite of the prime brokerage products under the beta initiative that we launched this quarter. So, we’re really building deep roots with a lot of institutional clients across their investing needs in the crypto economy,” she added.

SimpleFX, a cutting-edge online trading app is allowing users to trade and stake on their assets. SimpleFX allows users to earn up to 8.55% annualized reward rate (APR) on their ETH 2.0 deposit. SimpleFX claims to have the ultimate ETH staking plan in the market.

According to reports, SimpleFX allows users to invest their staked coins. The platform also offers its users stable interest earnings from their Ether (ETH) deposits. In addition, it offers a higher APR allowing users to earn profits from the rising Ethereum prices. 

Notably, SimplexFX is a mobile application that can be used on different devices, including native iOS, Android, WebTrader, or Huawei app or MetaTrader4. Created in 2014, the platform seeks to make it easy for anyone to trade globally. The platform offers the lowest transfer fees available, cutting down the withdrawal cost from $50 using traditional Ethereum ETC20 tokens to $0.25 per transaction. In addition, SimpleFX recently intergraded Binance Smart Chain (BSC) payments for ten new cryptocurrencies on the platform.

Unlike most platforms in the market, creating an account with SimpleFX is fast and straightforward. Users are not required to provide any ID verifications while creating their accounts. All you need is an email account. In addition, account holders can enjoy SimpleFX’s lucrative affiliate program that allows them to earn up to 30% from their referrals.  

In addition to ETH 2.0, traders can also invest in other cryptocurrencies,  including Bitcoin, Tether, Binance Coin, and over 20 more currencies. Furthermore, there are no limits to how much one can deposit in their accounts. Users also do not incur any fees.  Other notable features include offering up to 50x leverage on stocks, up to 500x leverage on Forex, supports different languages to accommodate users from around the globe, and offers support from various fiat currencies. 

SimpleFX is the fastest, most intuitive trading tool available. It is easy to use and provides sophisticated automatic trading solutions. In addition, it provides utmost security and a simple API manager. The platform is constantly looking for ways to make the trading experience as better and straightforward as possible. Just recently, SimpleFX created a native HarmonyOS app for Huawei users.

SimpleFX has just concluded ITS Olympics cashback initiate that saw qualified traders get up to $750 worth of Bitcoin rewards in their live trading accounts.

Following the latest round of green rebounds that has ushered the crypto space into a long-awaited season of lustrous gains, Ethereum is set to lead the pack and edge out Bitcoin, the crypto market leader.

The rain of gains which began in late July, intensifying throughout the first ten days of August, saw Ethereum refuse to be eclipsed in Bitcoin’s spotlight as it ascended the charts with over 60% additional value increase, adding >$1000 to its value in less than seven days.

ETH’s Nitro

A large part of the reason for the growing dominance of the world’s number two cryptocurrency is its expansive range of value offered.

Over 70% of all DeFi and DEx protocols which have so far chalked up over 170% value increase since the start of the current run are hinged on its expansive chain network—something largely absent with Bitcoin.

This has spurred a beehive of activities around the network, multiplying its relevance and setting it up for long-term sustainability beyond the trading of Ether coins.

London Fork is Here

In the quest to topple Bitcoin from its number one spot, Ethereum has already proposed steps to make sustainability and improvement a constant. The latest series of Ethereum Improvement Proposal (EIP) upgrades codenamed ‘London Fork‘, the blockchain network has been developed as a satisfactory answer to global energy concerns, also helping to scale up its service, power-up value increase by intensifying relative scarcity, and cushion against uncontrolled price volatility which is one of the grey areas to the most widely used network.

With EIP 1559, 3524, 3551, 3529, 3541 users will benefit from a much larger block size that can contain much more transactions on the network, while all exploitative tokens will be rendered obsolete with the new upgrade. 

The new changes also affect energy-intensive on-network miners and the pattern of reward system which has been upgraded to a Maximal Extractable Value (MEV) system and may lead to recorded losses as a trade-off for energy compliance.

The network has been able to tap into the escalating buzz hovering around crypto to hold the attention of millions of investors, traders, and developers who wish to reap significant gains from their investment in Ethereum.

P-o-S Upgrade Postponed

Before the release of this latest upgrade, part of the frenzy that rocked its announcement was the anticipation of Ethereum’s switch from proof of work(PoW) to proof of stake (PoS). Ethereum and Bitcoin remained for a long time, the biggest users of the proof of work mining system which rewards problem-solving miners with tokens.

Ethereum has suspended the proposed switch till late 2021, while it is unclear if this is as a result of further testing requirements or a cautious withdrawal in the light of the US Congress clampdown on PoS-based cryptocurrencies.

Bitcoin’s Battles

While Bitcoin positively responds to the bullish trend, it still nurses scars from a badly hit April, May, and June. The apex coin lost one of its biggest markets to asphyxiating regulations and continues to be criticized for its energy-intensive process.

Bitcoin may have the dominance but Ethereum has the performance, and that’s the most important spotlight to take at the moment.

[Featured Content]

In today’s technologically advancing world, “Security” and “Privacy” might be two of the most used buzzwords. The greatest technological minds, tech companies, and governments are working overtime to figure out what the right path is to achieve security and privacy at the levels of individuals, businesses, and governments. The same debate gets intensified when cryptocurrencies come to the picture, owing to their novel and abstruse nature.

Cryptocurrencies, in general, bring in a high level of privacy and security. However, this is a common misconception. Popular cryptocurrencies like Bitcoin and Ethereum, however, are far from being fully anonymous. Even cryptos that market themselves as “Privacy Coins” are traceable.

There is a dire need for an avenue that offers true privacy while being secure at the same time. Additionally, it should be compliant with the laws of various nation-states.

Privateum Can Provide a Solution to Security and Privacy

Privateum prides itself to be the world’s only private, secure, global, and sustainable fintech crypto platform. The newly launched cryptocurrency offers two solutions for privacy-enabled electronic value exchange:

1. Institutionally supported privacy-enabling cryptocurrency
2. Institutionally mediated private value exchange

In the first approach, institutionally supported privacy-enabling cryptocurrency provides regulated institutions with tools and procedures for interacting with privacy-enabling cryptocurrencies, creating a structure for legal interpretations of their use.

The second approach, institutionally mediated private value exchange, establishes a method where regulated institutions can conduct financial transactions on a distributed ledger that shares essential characteristics with privacy-enabling cryptocurrencies.

Both approaches need the design, implementation, deployment, and maintenance of new technology as well as the development of regulatory policy in which such technology will operate.

Treading the Line Between Privacy and Compliance

The team at Privateum believes that institutionally supported privacy-enabling cryptocurrency will be strictly better than privacy-enabling cryptocurrency without institutional support, mainly because regulators would benefit from the ability to monitor corporations and registered businesses that use cryptocurrencies.

Additionally, they also suggest that institutionally mediated private value exchange would be strictly better than modern retail banking as currently practiced, mainly because users would avoid payment networks and enjoy an improved expectation of privacy in their ordinary activities.

However, neither approach achieves all of the end objectives of both parties and needs to be worked upon in phases, which Privateum is doing with industry-leading precision.

The first step aimed to build connections with global institutions will be to establish a Cooperative in a jurisdiction that is friendly to cryptocurrencies. These cooperatives will evolve into multi-tier international initiatives.

Due to the nature of that particular type of legal entity, cooperatives can be divided into several sectors, each sector having one vote in the annual meeting of participants. Each of these sectors can be represented by a chartered lawyer. Members and users of the particular sector can be protected by an attorney-client privilege to provide a proxy KYC representation.

Cooperative Business Model to Achieve True Decentralization

In principle, Privateum has created the crypto market’s first financial platform to integrate banks, insurance companies, borrowers, lenders, stores, small businesses to medium and large enterprises, all within one global system. All this while developing a proprietary privacy and security infrastructure that protects all those in the cooperative operating within its ecosystem. Privateum’s approach is based on the philosophy of mutual help. It isn’t just about uplifting the members economically, but also morally, and socially.

In a way, Privateum is not only using decentralized technology but also bringing structural decentralization legally and organizationally. This mix of both legal and technical decentralization can be seen as one of the most innovative approaches to undertake the problems of bringing privacy to the masses while being compliant with the laws of multiple countries.

Privateum is now accepting membership to its cooperative for those who want to benefit from a private, secure, global, sustainable fintech crypto platform built to protect honest individuals, high integrity organizations, and purpose-driven companies dedicated to one enduring idea: improving and adopting the world-changing power crypto by bringing enterprise solutions to the blockchain ecosystem.

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