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Coinbase gives an official response to Eric Schneiderman’s ongoing inquiry

Rajath Kumar

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Coinbase gives an official response to Eric Schneiderman's ongoing inquiry
Source: Flickr

Coinbase, one of the biggest cryptocurrency exchange platform in the US has officially responded to New York’s Attorney General Eric Schneiderman’s ongoing inquiry.

Coinbase is a digital currency exchange wallet headquartered in San Francisco, Californa. It is a platform where merchants and consumers can transact with various digital currencies like Bitcoin [BTC], Litecoin [LTC], Ethereum [ETH], etc. The company operates under a New York Department of Financial Services [NYFDS] BitLicense.

Eric Schneiderman’s office launched a fact-finding inquiry into cryptocurrency exchanges in April, sending a Virtual Markets Integrity Initiative Questionnaire to 13 firms, including Coinbase. The inquiry seeks a wide range of information about exchanges, operations, their leadership, funding, terms of service, privacy protocols, relationship with financial institutions and use of trading bots.

Mike Lempres, Coinbase’s Chief Legal, and Compliance Officer gave an official response in a 5-page letter. The letter gives an account of Coinbase’s asset kept on the platform valuing around $150 billion. The firm’s funding is valued at $225 million, with its sound financial position, the number of profits it earns, and personnel level which has over 300 employees.

The letter also outlines the steps taken around cybersecurity, platform reliability, customer support, and to ensure the fairness of virtual currency markets.

The letter describes Coinbase’s cooperation with law enforcement and regulatory agencies across the globe. It also says Coinbase is a federally regulated money service and has been granted licenses by authorities in 31 states.

Coinbase’s complete response to Schneiderman is to be kept confidential and kept out of the public eye due to privacy and security reasons.

Mike Lempres, Coinbase’s Chief Compliance Officer applauds the efforts stating :



“We applaud Eric Schneiderman’s efforts for taking action to bring further transparency to virtual currency markets.”

Laszlo Kulman, a Twitter user says:

” I thought coinbase working for their customers and if you want to become to the most trusted exchange then trust your customers.”

Rachael Horowitz, the Vice President of Communications at Coinbase says:

“A full response has a bunch of highly confidential information that we are unable to share publicly. Our aim is to be as transparent as we can be in responding to this action publicly so we shared the cover letter.”





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Rajath Kumar is an intern at AMBCrypto. He became aware of the crypto-world through gaming and has been a part of it for two years now. Rajath does not hold any value in any cryptocurrencies or its projects.

Altcoins

Tron DApp Weekly Report: Gambling apps leads the surge in Tron DApp numbers

Namrata Shukla

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Tron DApp Weekly Report: Tron DApps number led by Gambling apps
Source: Pixabay

Tron, the eleventh largest cryptocurrency on CoinMarketCap, recently collaborated with Bitpie, a partnership that would help startups to bridge the gap in vulnerable financial systems. Tron’s token might be lagging in terms of performance in the market but, Tron DApps continued to surge.

The DApp weekly report released by the Tron Foundation reported an increase of 22 DApps in the Tron ecosystem, taking the total to 392. It noted that gambling DApps mainly contributed to this growth as 17 DApps were gambling-based. Decentralized exchanges followed suit, as 3 new DApps made their way into the Tron DApp ecosystem. The main highlight for the entire Tron community was the partnership with Opera, a mainstream browser.

Tron introduced a DApp ‘Lucky Moon,’ an entertainment-based DApp that pushes users to estimate the current time to run away from the imploding rocket with a specific reward rate. As the rocket takes-off, the reward rate keeps increasing and the player will have to escape at the right time. An extension of this game is ‘Tyrant Annihilation,’ where users need to collect seven types of equipment to kill a tyrant. The DApp might have taken inspiration from The Avengers.



The report made note of the fact that the Tron public chain received support from Aocoin wallet, a decentralized secure digital currency wallet. My Token, a software company that specializes in market information has been integrated into Tronscan and TRX market, leading the way to user traffic in DApps ecosystem.

At press time, Tron was valued at $0.0283 with a market cap of $1.89 billion. The 24-hour trading volume of the coin was noted to be $690.34 as it reported 6.36% growth over the past day. The coin grew by 8.80% over the past seven days, but fell by 0.44% in an hour.





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