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Coinbase Custody has been selected by the Binance-backed derivatives exchange FTX to store and insure its exchange token, FTT.
Coinbase has announced that it will provide custody services for the exchange token of the Binance-backed crypto derivatives platform FTX (FTT) on May 22.
Coinbase Custody will comprise the primary custodian for the ERC-20 token, managing custody, compliance, and insurance for the FTT tokens.
Coinbase stated that FTX is its “largest exchange client to-date.”
The exchange noted that crypto watchers may notice large FTT transfers taking on the blockchain over recent and coming days, clarifying that they will be “closely monitored migrations of $FTT onto Coinbase Custody’s secure, offline storage platform.”
FTX expands into United States
The news follows FTX’s launch of a spot exchange in the United States earlier this month.
In order to facilitate the U.S. expansion, FTX registered as a money services business with the Financial Crimes Enforcement Network, or FinCEN, with the exchange expecting to soon receive several money transmitter licenses at the state level also.
The exchange also confirmed that it will apply for a BitLicense in a bid to service New York-based traders.
FTX.US plans to support additional crypto assets and fiat on-ramps in the future. The exchange also offers margin trading for “eligible traders.”
FTX rises to prominence
Since launching 12 months ago, FTX has emerged as a top player in the crypto derivatives sector, handling $250 million in volume over the past 24 hours.
In December, FTX secured a “strategic investment” from Binance on an undisclosed sum.
The launch of support for OmiseGo sees an 80% trading premium, a sudden price breakout and renewed accusations of insider trading.
Controversy has returned to cryptocurrency exchange Coinbase after an altcoin it listed surged 200% in 15 minutes — only to crash immediately afterward.
Coinbase ‘premium’ reaches 80%
“OmiseGO (OMG) is launching at http://Coinbase.com and in the iOS and Android apps within the next 15 minutes,” the company tweeted on May 21.
The first day’s trading was marked by OMG trading at a significant premium over other exchanges, notably Binance. At one point, the premium reached 82% on five-minute closing prices.
Matt Casto, an analyst at crypto asset trading group CMT Digital, described the situation as “ridiculous” and argued that the premium was creating “new lifetime bagholders.”
One 15-minute period further saw a 200% price increase, after which the altcoin almost immediately crashed.
OMG/USD chart showing Coinbase premium versus Binance. Source: Matt Casto/ Twitter
A history of dubious launches
Coinbase has yet to provide public comment on the criticism, which for longtime traders will be reminiscent of previous altcoin launches by the exchange.
Perhaps most notorious was Coinbase’s support of Bitcoin Cash (BCH), which began climbing in price even before any public announcement of the exchange supporting it. This in turn led to accusations of insider trading, and even an investigation by Coinbase itself, which ultimately found no evidence of foul play.
This time, however, commentators noted that OMG likewise began its uptrend before an official announcement — as far as seven days prior.
“When will accountability be held? Tell me it is just coincidence or is it insider trading,” Twitter account Crypto Pilot responded.
OMG goes live on Coinbase on May 21, but for some unknown reason it started a 65% rise on May 14, 7 days ago.
At press time, OMG trading prices across exchanges had stabilized to around $1.90 per coin.
51% attacks are catastrophic in the cryptocurrency world–or are they? 51% attacks may be a little bit scary but here’s why they don’t affect price. The Ethereum Classic 51% Attack Ethereum Classic, one of the most popular altcoins by market cap, just succumbed to a 51% attack. A situation in which one mining entity gained control of over half the network’s hash rate caused double spending of thousands of ETC on several exchanges including Bitrue,