Coinbase Valued At $8 Bn, Bitcoin To Raise Global Temperature By 2°C And More

Cryptocurrency exchange Coinbase raises $300 Mn in series E funding led by Tiger Global

Accused of exit scam, cryptocurrency exchange MapleChange in damage control

Bitcoin alone to raise the global temperature by 2°C, according to a research

There is a storm coming Mr Wayne!”, Seline Kyle once said to Batman in third part of the epic Batman trilogy — The Dark Knight Rises.

In crypto world, there has always been some kind of storm.

Bitcoin, even after 10 years of its inception, has always been in the storm; be it, legal battles across the world or hacking and extortion like Ransomware.

After winning against Facebook, Winklevoss twin has now filed a lawsuit against the Bitcoin entrepreneur Charlie Schrem, asking, “Where are our 5000 Bitcoins?”

Schrem is not new to controversies. In fact, in 2014, Schrem, a founding board member of the Bitcoin Foundation was earlier pleaded guilty for helping people in buying drugs at Silk Road online marketplace.

Meanwhile, regulatory issues could backfire Indian and the UK crypto market. In India, while the central crime team had recently arrested Unocoin founders over crypto ATM launch, in the UK, the MPs have now come up with a half-baked plan to make the Financial Conduct Authority crack down on illegal activity in the crypto industry which might backfire, experts believe. According to Patrick Curry, chief executive of the British Business Federation Authority, inappropriate legislation could force crypto exchanges to move out of the UK, damaging the country’s standing as a fintech hub.

In India, both the Unocoin founders Sathvik Vishwanath and Harish BV have now been released.

Let’s take a look at what cooked in Bitcoin news-block this week!

Cryptocurrency Startup Coinbase Valued At $8 Bn

While Bitcoin has maintained a steady value around $6K for the past six months, US-based cryptocurrency startup has been valued at $8 Bn after raising Series E funding led by Tiger Global Management.

On October 30, Coinbase had announced that it has raised an additional $300 Mn of investment at a valuation of over $8 billion to accelerate the adoption of cryptocurrencies and digital assets. The Series E equity round is led by Tiger Global Management, with participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others.

The company in its blog stated that the fund will be utilised to accelerate:

  • Global expansion–building the infrastructure between fiat and crypto in regulated markets around the world;
  • Offering more crypto assets, quickly — hundreds of cryptocurrencies could be added to Coinbase platform the platform will lay the groundwork to support thousands in the future;
  • Utility applications for crypto — like the recently announced support for a stablecoin (USDC) on Coinbase and continued development of Coinbase Wallet; and
  • Bringing institutions into crypto — adding features and crypto assets to the exchange’s custody offering to bring more institutional funds into the space.

DeVere Launches Actively Managed Cryptocurrency Fund

Financial consultancy firm deVere Group has founded the deVere Digital Asset Funds, a suite of digital currency solutions for experienced investors, in association with Dalma Capital Management, a prominent hedge fund manager in the Dubai International Financial Centre.

The announcement, came a day after Bitcoin reached its 10th anniversary.

Nigel Green, founder and CEO of deVere Group, stated, “The deVere Digital Asset solution will invest in a diversified portfolio of digital assets via algorithmic trading over different platforms – including crypto-currency exchanges and OTC markets – as well as arbitrage opportunities.”

“These actively managed cryptocurrency solutions address growing demand by clients who want the potential associated benefits of exposure to the digital currency sector – which typically include portfolio diversification and decent returns – but with reduced volatility for which the market is known,” he added.

Bitcoin Alone To Raise The Global Temperature By 2°C

A team of researchers from the University of Hawaiʻi at Mānoa College of Social Sciences have now published a new study in Nature Climate Change arguing Bitcoin use may be tied to global warming.

As per the research findings, “if Bitcoin is implemented at similar rates at which other technologies have been incorporated, it could produce enough emissions to raise global temperatures by 2°C as soon as 2033.”

“Bitcoin is a cryptocurrency with heavy hardware requirements, and this obviously translates into large electricity demands,” said Randi Rollins, a master’s student at UH Mānoa and coauthor of the paper.

Morgan Stanley: Bitcoin Now an Institutional Asset Class

A Morgan Stanley’s research report called “Bitcoin Decrypted: A Brief Teach-In and Implications” has described Bitcoin’s “rapidly morphing thesis,” as a new payment system, to finally become a new institutional investment asset class.

According to a report, the research has taken under consideration a wide range of parameters that influenced this thesis, spanning from the distributed ledger that immutably records all transactions, to the number of hacks, hard forks, new technologies cheaper than Bitcoin, and market volatility to conclude this.

Accused Of Exit Scam, Cryptocurrency Exchange MapleChange In Damage Control

Since Mt Gox fiasco, 30+ exchanges have been gone through major hacks, and Canadian cryptocurrency exchange MapleChange is just a new addition. On October 28, the exchange had first tweeted, “We will be preparing a temporary maintenance mode in order to upgrade our website. The website will be unavailable temporarily as we are commencing this.”

Then, “Our maintenance is officially over and we have finished upgrading our server! Version 2.0.0 is now online and available for everyone. Enjoy our new sleek look, stay tuned for future updates as we’re not yet done! Check Discord/Telegram for a verbose list of updates.”

After 19 hours of the tweet, came another, “We have sustained a hack, and we are investigating the issue.” However, soon it said, “Due to a bug, some people have managed to withdraw all the funds from our exchange. We are in the process of a thorough investigation for this. We are extremely sorry that it has to come to end like this. Until the investigation is over, we cannot refund anything.”

The exchange went on to respond that since it does not have any more funds to pay anyone back, the exchange has to close down, unfortunately. This includes all of their social media.

The exchange, in a damage control, has now started paying back to some of the account holders.

In other news, it has now been observed that only 25% of Bitcoin were moved between addresses, suggesting that 75% of Bitcoin had not changed hands, according to reports.

Despite new Bitcoin products in the market, despite the slow down, majority of the Bitcoin HODL gang are keeping up the hodling, it seems.

Author

An Electronics Engineer turned Business Journalist | Blogger | Avid Reader. Previously associated with Network18, Mudra Communications and Clean India Journal, he has been writing on a variety of issues that include cryptocurrency, policy-related matters, blockchain, investments-destination, technology and other startup related matters.

Be the first to comment

Leave a Reply

Your email address will not be published.


*


Privacy Policy

WideBitcoin.com is committed to safeguarding your privacy. Contact us at if you have any questions or problems regarding the use of your Personal Data and we will gladly assist you.

By using this site or/and our services, you consent to the Processing of your Personal Data as described in this Privacy Policy.

Table of Contents

  1. Definitions used in this Policy
  2. Data protection principles we follow
  3. What rights do you have regarding your Personal Data
  4. What Personal Data we gather about you
  5. How we use your Personal Data
  6. Who else has access to your Personal Data
  7. How we secure your data
  8. Information about cookies
  9. Contact information

Definitions

Personal Data – any information relating to an identified or identifiable natural person.
Processing – any operation or set of operations which is performed on Personal Data or on sets of Personal Data.
Data subject – a natural person whose Personal Data is being Processed.
Child – a natural person under 16 years of age.
We/us (either capitalized or not)

Data Protection Principles

We promise to follow the following data protection principles:

  • Processing is lawful, fair, transparent. Our Processing activities have lawful grounds. We always consider your rights before Processing Personal Data. We will provide you information regarding Processing upon request.
  • Processing is limited to the purpose. Our Processing activities fit the purpose for which Personal Data was gathered.
  • Processing is done with minimal data. We only gather and Process the minimal amount of Personal Data required for any purpose.
  • Processing is limited with a time period. We will not store your personal data for longer than needed.
  • We will do our best to ensure the accuracy of data.
  • We will do our best to ensure the integrity and confidentiality of data.

Data Subject’s rights

The Data Subject has the following rights:

  1. Right to information – meaning you have to right to know whether your Personal Data is being processed; what data is gathered, from where it is obtained and why and by whom it is processed.
  2. Right to access – meaning you have the right to access the data collected from/about you. This includes your right to request and obtain a copy of your Personal Data gathered.
  3. Right to rectification – meaning you have the right to request rectification or erasure of your Personal Data that is inaccurate or incomplete.
  4. Right to erasure – meaning in certain circumstances you can request for your Personal Data to be erased from our records.
  5. Right to restrict processing – meaning where certain conditions apply, you have the right to restrict the Processing of your Personal Data.
  6. Right to object to processing – meaning in certain cases you have the right to object to Processing of your Personal Data, for example in the case of direct marketing.
  7. Right to object to automated Processing – meaning you have the right to object to automated Processing, including profiling; and not to be subject to a decision based solely on automated Processing. This right you can exercise whenever there is an outcome of the profiling that produces legal effects concerning or significantly affecting you.
  8. Right to data portability – you have the right to obtain your Personal Data in a machine-readable format or if it is feasible, as a direct transfer from one Processor to another.
  9. Right to lodge a complaint – in the event that we refuse your request under the Rights of Access, we will provide you with a reason as to why. If you are not satisfied with the way your request has been handled please contact us.
  10. Right for the help of supervisory authority – meaning you have the right for the help of a supervisory authority and the right for other legal remedies such as claiming damages.
  11. Right to withdraw consent – you have the right withdraw any given consent for Processing of your Personal Data.

Data we gather

Information you have provided us with
This might be your e-mail address, name, billing address, home address etc – mainly information that is necessary for delivering you a product/service or to enhance your customer experience with us. We save the information you provide us with in order for you to comment or perform other activities on the website. This information includes, for example, your name and e-mail address.

Information automatically collected about you
This includes information that is automatically stored by cookies and other session tools. For example, your shopping cart information, your IP address, your shopping history (if there is any) etc. This information is used to improve your customer experience. When you use our services or look at the contents of our website, your activities may be logged.

Information from our partners
We gather information from our trusted partners with confirmation that they have legal grounds to share that information with us. This is either information you have provided them directly with or that they have gathered about you on other legal grounds. See the list of our partners here.

Publicly available information
We might gather information about you that is publicly available.

How we use your Personal Data

We use your Personal Data in order to:

  • provide our service to you. This includes for example registering your account; providing you with other products and services that you have requested; providing you with promotional items at your request and communicating with you in relation to those products and services; communicating and interacting with you; and notifying you of changes to any services.
  • enhance your customer experience;
  • fulfil an obligation under law or contract;

We use your Personal Data on legitimate grounds and/or with your Consent.

On the grounds of entering into a contract or fulfilling contractual obligations, we Process your Personal Data for the following purposes:

  • to identify you;
  • to provide you a service or to send/offer you a product;
  • to communicate either for sales or invoicing;

On the ground of legitimate interest, we Process your Personal Data for the following purposes:

  • to send you personalized offers* (from us and/or our carefully selected partners);
  • to administer and analyse our client base (purchasing behaviour and history) in order to improve the quality, variety, and availability of products/ services offered/provided;
  • to conduct questionnaires concerning client satisfaction;

As long as you have not informed us otherwise, we consider offering you products/services that are similar or same to your purchasing history/browsing behaviour to be our legitimate interest.

With your consent we Process your Personal Data for the following purposes:

  • to send you newsletters and campaign offers (from us and/or our carefully selected partners);
  • for other purposes we have asked your consent for;

We Process your Personal Data in order to fulfil obligation rising from law and/or use your Personal Data for options provided by law. We reserve the right to anonymise Personal Data gathered and to use any such data. We will use data outside the scope of this Policy only when it is anonymised. We save your billing information and other information gathered about you for as long as needed for accounting purposes or other obligations deriving from law, but not longer than 1 year.

We might process your Personal Data for additional purposes that are not mentioned here, but are compatible with the original purpose for which the data was gathered. To do this, we will ensure that:

  • the link between purposes, context and nature of Personal Data is suitable for further Processing;
  • the further Processing would not harm your interests and
  • there would be appropriate safeguard for Processing.

We will inform you of any further Processing and purposes.

Who else can access your Personal Data

We do not share your Personal Data with strangers. Personal Data about you is in some cases provided to our trusted partners in order to either make providing the service to you possible or to enhance your customer experience. We share your data with:

Our processing partners:

  • facebook.com
  • google.com
  • bing.com
  • twitter.com
  • pinterest.com

Our business partners:

  • facebook.com
  • google.com
  • bing.com
  • twitter.com
  • pinterest.com

Connected third parties:

  • facebook.com
  • google.com
  • bing.com
  • twitter.com
  • pinterest.com

We only work with Processing partners who are able to ensure adequate level of protection to your Personal Data. We disclose your Personal Data to third parties or public officials when we are legally obliged to do so. We might disclose your Personal Data to third parties if you have consented to it or if there are other legal grounds for it.

How we secure your data

We do our best to keep your Personal Data safe. We use safe protocols for communication and transferring data (such as HTTPS). We use anonymising and pseudonymising where suitable. We monitor our systems for possible vulnerabilities and attacks.

Even though we try our best we can not guarantee the security of information. However, we promise to notify suitable authorities of data breaches. We will also notify you if there is a threat to your rights or interests. We will do everything we reasonably can to prevent security breaches and to assist authorities should any breaches occur.

If you have an account with us, note that you have to keep your username and password secret.

Children

We do not intend to collect or knowingly collect information from children. We do not target children with our services.

Cookies and other technologies we use

We use cookies and/or similar technologies to analyse customer behaviour, administer the website, track users’ movements, and to collect information about users. This is done in order to personalize and enhance your experience with us.

A cookie is a tiny text file stored on your computer. Cookies store information that is used to help make sites work. Only we can access the cookies created by our website. You can control your cookies at the browser level. Choosing to disable cookies may hinder your use of certain functions.

We use cookies for the following purposes:

  • Necessary cookies – these cookies are required for you to be able to use some important features on our website, such as logging in. These cookies don’t collect any personal information.
  • Functionality cookies – these cookies provide functionality that makes using our service more convenient and makes providing more personalised features possible. For example, they might remember your name and e-mail in comment forms so you don’t have to re-enter this information next time when commenting.
  • Analytics cookies – these cookies are used to track the use and performance of our website and services
  • Advertising cookies – these cookies are used to deliver advertisements that are relevant to you and to your interests. In addition, they are used to limit the number of times you see an advertisement. They are usually placed to the website by advertising networks with the website operator’s permission. These cookies remember that you have visited a website and this information is shared with other organisations such as advertisers. Often targeting or advertising cookies will be linked to site functionality provided by the other organisation.

You can remove cookies stored in your computer via your browser settings. Alternatively, you can control some 3rd party cookies by using a privacy enhancement platform such as optout.aboutads.info or youronlinechoices.com. For more information about cookies, visit allaboutcookies.org.

We use Google Analytics to measure traffic on our website. Google has their own Privacy Policy which you can review here. If you’d like to opt out of tracking by Google Analytics, visit the Google Analytics opt-out page.

Read more about cookies on our Cookie Policy

Contact Information

email: [email protected]

Changes to this Privacy Policy

We reserve the right to make change to this Privacy Policy.

You can configure your Internet browser, by changing its options, to stop accepting cookies completely or to prompt you before accepting a cookie from the website you visit. If you do not accept cookies, however, you may not be able to use all portions of the WideBitcoin Websites or all functionality of the Services.

Please note that disabling these technologies may interfere with the performance and features of the Services.

You may also disable cookies on the WideBitcoin Sites by modifying your settings here:

Visitor comments may be checked through an automated spam detection service.

Last Update: May 25, 2018