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Coinbase Commerce enables businesses to accept USD Coin [USDC] for payments

Priya

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Coinbase Commerce enables businesses to accept USD Coin [USDC] for payments
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Coinbase, one of the largest cryptocurrency exchange platforms in the U.S. in terms of users, announced that USD Coin could be used a mode of payment by businesses using Coinbase Commerce. The announcement was made on 20 May 2019 through their official Medium blog and stated that, “accepting” the stablecoin “gives our merchants many benefits of accepting cryptocurrency, but at a stable price.” Some of the plus points include no transaction fees, complete control of funds, and no chargebacks.

The platform announced on Twitter,

“Starting today, businesses using Coinbase Commerce can now accept payments in USD Coin (USDC), a US dollar-backed stablecoin. Our merchants can now take advantage of the many benefits of accepting cryptocurrency but at a stable price.”

Further, the blog post stated that acceptance of the stablecoin would be as seamless as acceptance of cash for businesses. Additionally, this payment mode would not encounter the problems faced by credit card payments, considering it enables merchants to accept payments from customers anywhere in the world within minutes and without transaction fees.

Eliyahu Switzer, a Twitter user, said,

“What are the benefits of accepting a centralized “cryptocurrency?”

That apart, CEO of Coinbase Custody, Sam McIngvale, revealed that Coinbase Custody was baking with delegated client funds since cycle 105. He stated that the firm had produced “over 100 blocks and captured a few steals too” so far, adding that their efficiency was more than a hundred percent.

@Stevenut, another Twitter user, commented,

“Congratulations on making money with #tezos @CoinbaseCustody perhaps you might like to give something back and list #tezos so rest of us can benefit”

The announcement of Coinbase Custody providing institutional support for Tezos [XTZ] baking was made in March 2019. Offline staking support was extended to Tezos by the platform mainly because of its Delegated Proof-of-Stake architecture, along with high demand from the customers’ side.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

ErisX goes all hands on deck to launch a Bitcoin Futures market

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ErisX goes all-hands on deck to launch a Bitcoin Futures market
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ErisX’s CSO, Matt Trudeau, detailed the company’s four important plans for the future, which includes launching a spot market, to secure a Bit License, DCO, and to launch a futures market.

ErisX currently has a DCM contract, which is a Derivative Contract Market that allows ErisX to run a CFTC-regulated futures exchange. However, ErisX aims to get a DCO [Derivatives Organization], which will effectively allow it to run a CFTC-regulated clearinghouse. A clearinghouse would mean that ErisX can take control of the custody of the assets and clear and settled trades.

The CSO explained the benefit of this, stating,

“There is some efficiency for firms like producers [like mining companies]; if they need to hedge their inventory or need liquidity on a spot market, they could do that conveniently on a single platform. “

Trudeau added that from the “post-trade standpoint” and “the collateral management standpoint,” ErisX would have cash, crypto, and the futures, all stored in their clearinghouse. This would boost efficiency since it would be available for all customers under a single platform. The CSO added,

“… so there is some efficiency in terms of managing collateral, if you don’t have assets onΒ  multiple platforms, it can all be in our clearinghouse.”

Apart from the aforementioned plans, Trudeau added that the crypto-industry needs to mature more and that ErisX plans to make a significant contribution to that. He added,

“The market is professionalizing and we think that in terms of what institutions are expecting from a trading/custody experience, we will bring some of the solutions to the market and that’s really the foundational pieces that they are looking in order to build their businesses on top of us.”

Apart from ErisX, LedgerX has also received a go-sign from the CFTC to settle Bitcoin Futures in Bitcoins. Other exchanges include Intercontinental Exchange’s Bakkt and Seed CX.





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