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Coinbase introducing more people to an open financial system; Whitelisted on Facebook

Priya

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Coinbase introducing more people to an open financial system; Whitelisted on Facebook
Source: Unsplash

On 20th July, Brian Amstrong, the CEO of Coinbase, one of the biggest exchange platforms around the world, announced that they have been whitelisted to post ads on Facebook.

Brian Armstrong, on Twitter announced:

“Facebook banned ads for crypto earlier this year. Proud to say we’ve now been whitelisted and are back introducing more people to an open financial system.”

Coinbase ad on Facebook || Source: Twitter

Coinbase ad on Facebook || Source: Twitter

On 31st January 2018, Facebook, the biggest social media platform around the world, released their New Ads Policy. The new policy stated that ads related to financial products which are frequently associated with misleading products like ICOs and cryptocurrencies would be banned from the social media platform.

Facebook policy released on 31st January 2018 || Source: Facebook

Facebook policy released on 31st January 2018 || Source: Facebook

On 26th June 2018, the platform revised the policy, and the ban on cryptocurrencies was lifted in the new policy. Nonetheless, according to the new policy, the social media giant’s ban on ICO ads still holds.

Policy revised by Facebook on 26th June 2018 || Source: Facebook

Policy revised by Facebook on 26th June 2018 || Source: Facebook

Moreover, for cryptocurrency related ads to be publicised on the platform, a pre-approval is required. The Product Management Director, Rob Leathern said that advertisers who want to run ads for cryptocurrency products and services should submit an application. The application is required to be submitted along with a document of any license or records on whether they have traded on a public stock exchange and the company’s public background record.

The approval of Coinbase ads on Facebook would result in more outreach of the platform and cryptocurrency, around the world. The ads would also be advertised on Instagram, Facebook Messenger, and Audience Network, a third-party company which places Facebook ads on various platforms.

Earlier this month, there was a speculation in the crypto-space that Facebook was considering the acquisition of Coinbase. The speculation took turns in the market after David Marcus, Head of Messenger announced that they have set up a small group who will be looking for the best way to leverage blockchain across Facebook.

Crypto Immortal, a Twitterati says:



“Wow that’s some lame special treatment. Your success is a self fulfilling prophecy of billionaires moving checker pieces on a board inaccessible to us plebs.”

Allmonitors.Net, another Twitterati says:

“Boss Facebook miss crypro train”

V H [not giving away broccoli], a Twitter user says:

“Why did facebook betray its decision? Greed cause crypto is rising again?”





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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

Bitcoin [BTC]: Fidelity has a ‘room full of ASIC miners’ at its Texas office, claims Justin Moon

Yash Rajan

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Bitcoin [BTC]: Fidelity has a 'room full of ASIC miners' at its Texas office, claims Justin Moon
Source: Pixabay

Bitcoin [BTC] had become the center of discussion in the crypto-verse after its meteoric rise recently. BTC is considered to be the digital gold with huge growth potential. As the interminable discussions continued for a long time, individuals associated with this discourse exhibited legitimate reasons both ‘for’ and ‘against’ the validity and acknowledgment of digital forms of money.

Enthusiasts around the globe believed that the big names of the market and hotshots in the corporate space were complacent about BTC. As Bitcoin is increasingly gaining recognition on a daily basis, Fidelity has emerged as the newest member to validate and diffuse BTC in its business operations.

Fidelity Investments, the multinational financial services corporation based in Boston, USA, offered services encircling investing, brokerage and retirement plans.

According to Bitcoin developer Justin Moon, Fidelity Investments has been interested in Bitcoin for a long time. He tweeted,

“Fidelity has a room full of Bitcoin Miners [ASICs] at their Texas office.”

This tweet, from a broader perspective, pointed at the interest of big wagons in the market in BTC mining. Apart from this, it also showed that they were actively participating in public blockchains.



This is not the first instance where Fidelity has openly accepted its interest in cryptocurrencies. Ari Paul, founder and chief investment officer of BlockTower Capital, had tweeted earlier this year,

A majority of Fidelity’s clients seems to believe that digital assets are the next big thing in the economy and the debate has been going on for a while. However, Fidelity’s statement rested the speculations of BTC being adopted by big league members. In other adoption news, three days ago, AT&T announced that it would start accepting payments in Bitcoin for its services.





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