C-Suite Departure: Coinbase’s Chief Product Officer Has Left the Startup

C-Suite Departure: Coinbase’s Chief Product Officer Has Left the Startup

A C-suite executive has left Coinbase, the cryptocurrency exchange turned tech unicorn. CoinDesk confirmed Tuesday that Jeremy Henrickson is no longer with the company, having departed on November 2. Henrickson started with Coinbase in July 2016 and served as VP of product and engineering before becoming chief product officer in 2017, according to his LinkedIn. “Jeremy’s contributions to Coinbase over the past two years were invaluable,” a Coinbase spokeswoman told CoinDesk. “He helped to build our scrappy startup team into a high-functioning product and engineering organization—overseeing a 5x+ growth of the team.” She continued: “In guiding that part of the company’s journey, Jeremy scaled up our ability to execute, set the vision for our product and engineering teams, and was an inspirational leader within the organization. Jeremy joins a prestigious group of Coinbase alumni who are all working to build a more open financial system.” The Stanford grad began his career at Apple in the 1990s. Henrickson spoke at an event at the Palo Alto school as recently as last month. A source characterized Henrickson’s exit as one that lets him get some hard-earned rest after scaling the team through a tumultuous period in the wider crypto industry. According to the source, Henrickson culturally represented “the softer side of Coinbase.” Henrickson’s exit comes amid a period of growth at the startup, which in recent months has seen it open a new office in New York City as part of a bid to expand its employee base. At the same time, Coinbase has had some higher-level exits, including long-time executive Adam White (who left to join Bakkt) and Hunter Merghart, its now-former head of trading. Personnel changes aside, Coinbase is pushing ahead with its stated plan to continue listing new cryptocurrencies and digital assets on its exchange. To this end, the startup released a list last week of 30 assets and later four of those tokens were listed on its professional trading platform. Coinbase image via CoinDesk archives

Crypto-Focused VCs Invest $30 Million in Digital Banking App

Crypto-Focused VCs Invest $30 Million in Digital Banking App

Services Good Money, a digital banking startup, has announced it’s raised $30 million in Series A funding. The round was led by Galaxy Digital with investments from Breyer Capital, Blocktower Capital, Boost VC, Ken Howery, Blockchange Ventures, Cross Culture Ventures, Troy Carter, Mitch Kapor, Peter Diamandis, Blake Mycoskie, Justin Rosenstein and others. Also Read: Law Professor: Confusing Crypto Regulations Will Hamper Innovation Banking With a Social Focus Besides peer-to-peer banking services, Good Money will offer FDIC-insured savings accounts bearing a 2 percent yield, free usage of fiat ATMs across the U.S., no-overdraft fees and low consumer loan rates. However, it seems that the people behind the venture believe a strong social focus is what will attract the most interest in the app. They promise that Good Money users will be able to direct 50 percent of the platform’s profits to projects focused on fixing environmental, social and economic inequality issues. The company’s founding team has also pledged half of their own equity to philanthropy. “The combination of an activist brand with deep direct-to-consumer experience at scale, positions Good Money to be a leader in the historic disruption of the banking industry … Good Money is led by world-class founders who have built billion dollar companies, with marketing experience and relationships that can bring tens-of-millions of users into the ecosystem quickly,” said Sam Englebardt of Galaxy Digital. Putting Equity in Clients’ hands Good Money plans to launch a waiting list in January 2019 and reward users with equity for securing their place in line for the full platform which will be released later in the year. Every customer will receive equity when they open an account and thus become an owner of the banking platform and users may earn additional equity by installing the app, setting up a direct deposit or referring friends. The startup is headed by Gunnar Lovelace, the founder of Thrive Market, an online grocery that previously raised $180 million in funding. “Modern banking is a primary driver of so many issues we face as a society — from economic inequality, institutional racism, environmental destruction to political corruption,” said Lovelace. “We founded Good Money to help consumers take their money out of a system that’s both destroying the planet and extracting wealth from…

The Daily: Coinbase Expands Gift Card Program, Facebook Seeks Blockchain Talent

The Daily: Coinbase Expands Gift Card Program, Facebook Seeks Blockchain Talent

The Daily In Tuesday’s edition of The Daily we cover stories about an electronic gift card program that Coinbase is extending to the U.S. market, new job offerings from Facebook that hint at the company’s blockchain plans, and an investment in the field from Unicef. Also Read: US Law Professor: Confusing Cryptocurrency Regulations Will Hamper Innovation Coinbase Extends Wegift Partnership to the US Coinbase has announced that its trading platform now offers e-gift cards for its customers in the U.S. This means that American users will be able to instantly spend their cryptocurrency balances from the exchange with dozens of new retailers. The development has been achieved by expanding its partnership with the London-based startup Wegift, which supports many well-known brands such as Nike, Tesco, Uber, Google Play, Ticketmaster and Zalando. Coinbase informed its users that purchasing e-gift cards incurs no withdrawal fees and that bonuses of up to 10 percent make it “smoother than ever to use crypto. Now, you’re just a few clicks away from spending your balance on e-gifts cards for Adidas shoes or your next vacation. Better yet, use some on the holidays — you’re just in time.” Facebook to Develop Equitable Financial Services? At the start of 2018, Facebook founder Mark Zuckerberg set a goal for himself to take back power from centralized systems using “encryption and cryptocurrency.” While the year is nearly over and this resolution remains unfulfilled, his company appears to still be focused on the subject. Recently surfaced ads show that Facebook is looking for data scientists and software engineers to help develop new blockchain solutions, possibly including financial services. The company explains to potential candidates that: “At Facebook, we have established a new team building blockchain technologies. It’s a small, fast-growing, but talented group of people who are passionate about changing the world. Our leadership is experienced and are some of the best people working today in their respective fields.” “The blockchain team is a startup within Facebook, with a vision to make blockchain technology work at Facebook scale. We’re exploring areas of interest across all facets of blockchain technology. Our ultimate goal is to help billions of people with access to things they don’t have now – that could be things like equitable financial services, new ways to…

Fundraiser Aims to Raise $1M in Cryptocurrencies for Venezuelans

Fundraiser Aims to Raise $1M in Cryptocurrencies for Venezuelans

A cryptocurrency “airdrop” fundraiser has been launched to help Venezuelans. People are donating funds via a number of different coins to the citizens of the crisis-stricken South American nation — many of whom are refugees. Launched by Airtm, a digital wallet connected to banks and blockchains, the fundraiser plans to send $1 million in digital currency to 100,000 ID-authenticated Venezuelans. Donations can be made in bitcoin, bitcoin cash, zcash, dash, ethereum, litecoin, ripple, and others. They can be quickly used or converted to dollars by Venezuelans. So far, Airdrop Venezuela has proven to be popular. Launched on Nov. 27, close to $50,000 has been raised at the time of this writing. Ten dollars worth of donations can help a family purchase food, medicine, and scarce imported goods. Suffering from the world’s highest inflation, the country’s currency, the bolivar, has been rendered virtually worthless. Digital money is proving to be useful to many Venezuelans who are eager to get rid of bolivars. 61% of Venezuelans have had trouble putting food on the table in 2017. The situation has continued to worsen this year, and is expected to deteriorate throughout 2019. Help us spread the word, and share the message. #AirdropVenezuela — Airtm Inc (@AirtmInc) December 10, 2018 Venezuelans have actually been selling wads of cash or even using it to make items they can sell, such as bags or handicrafts, to make money. Airtm has been helpful to Venezuelans looking to efficiently convert their bolivars into U.S. dollars. Its service allows users to quickly convert whatever currency they are holding into cash via banks, gift cards, Western Union or cryptocurrencies. Bitcoin.com CEO to Match BCH Donations for the Next 24 Hours A hot topic on Twitter, the charity’s effort is quickly gaining traction by helping spread the word about the dire help Venezuelans need. Bitcoin.com CEO Roger Ver stated on Monday that he would match all BCH donations made in the next 24 hours. He said: The bigger the network effect a currency has, the more useful that currency becomes. This is a great way to grow the network for Bitcoin Cash and help people in need at the same time. Crisis-stricken Venezuela is seeing tens of thousands of its citizens flee the country each day due to…

ConsenSys ‘Town Hall’ Shows Staff Shaken at Ethereum’s Largest Startup

ConsenSys ‘Town Hall’ Shows Staff Shaken at Ethereum’s Largest Startup

Internal chat logs from a town hall held Friday by ethereum production studio ConsenSys show that employees are grappling with uncertainty in the face of recently announced layoffs. A day after confirming that 13 percent of its staff would be cut in what CEO Joseph Lubin called a “restructuring of priorities,” company leadership held an all-hands meeting to field questions from members of its roughly 1,200-person team, a meeting documented in a live chat viewed by CoinDesk. “How many months of runway do we have?” asked one anonymous user. “I would like to forfeit my position for a colleague (fired) whom I know will add more value to ConsenSys than me,” wrote one named employee in the chat. “Is that possible?” While CoinDesk was able to observe the company-wide chat in real time, the corresponding, video-streamed answers from ConsenSys leadership were not viewable. Yet because of what appears to be a reticence on the part of ConsenSys staff members to discuss the ongoing situation within the company, the chat logs present the most comprehensive snapshot to date of the major questions still roiling within one of the blockchain industry’s most notable companies. “We are not commenting on internal conversations,” a ConsenSys spokesman told CoinDesk on Tuesday. “Quite frankly, these tactics are beneath you and the role CD plays in the ecosystem as a source of veridical information.” Still, the ConsenSys staff cuts could be a sign of a larger change at the startup, itself comprised of a network of projects and startups all dedicated to building out use cases on the ethereum blockchain. ConsenSys has thus far declined to share which startups, or “spokes,” will be most impacted by the cuts. “We’re taking a careful look at financial sustainability,” Lubin told CoinDesk in an interview last week. Some for, some against On Friday, most chat participants were openly critical of the announced layoffs. “The wave of lay offs felt like re-enacting order 66,” wrote one anonymous staffer, making a “Star Wars” reference. “It looked ruthless and swift. Do the values we claim to profess and hold dear actually hold weight?” “Who is going to be held accountable for the decisions that got us into this situation?” another wrote. “Who and how?” Others asked directly about the financial state of…

Coinone Exchange Launches Cross-Border Payments App With Ripple Tech

Coinone Exchange Launches Cross-Border Payments App With Ripple Tech

South Korea-based crypto exchange Coinone has officially launched Cross – a remittance app utilizing Ripple’s xCurrent product to facilitate speedy cross-border payments. Ripple announced Monday that Coinone’s payments subsidiary, Coinone Transfer, is now formally releasing the app – which has been under development for months – to the public. It aims to provide unbanked or underbanked individuals the ability to transfer funds from South Korea to Thailand or the Philippines at low cost. Coinone will be working with Siam Commercial Bank (SCB) in Thailand and a financial institution called Cebuana Lhuillier in the Philippines to get funds to customers. Further, Cross users will be able transfer funds directly to any recipient with a bank account in Thailand through the PromptPay application, which is powered by Mastercard. The new app will fill a growing need for cross-border remittances, Ripple noted. Thai and Filipino individuals make up two of the largest groups of immigrants in South Korea, which saw $17 billion-worth of remittances into and out of the country in 2017. Coinone Transfer first announced it was looking at xCurrent in May 2018. At the time, CEO Wonhee Shin explained that using xCurrent allowed the platform to offer customers cheap, real-time payment services. A number of other banks and financial services firms have begun using the platform in recent months, including SBI Ripple Asia and PNC Bank. Both firms plan to utilize the solution for cross-border payments as well. Korean won image via Shutterstock

Steady Rise in Small Businesses Accepting Bitcoin Payments in Kenya

Steady Rise in Small Businesses Accepting Bitcoin Payments in Kenya

Emerging Markets Kenyan health services provider Health Land Spa has started taking BTC and other cryptocurrencies as a means of payment with a view to increasing accountability and averting losses. Across East Africa, cryptocurrency acceptance is on the rise, with at least two restaurants in Uganda and Kenya selling food for virtual currencies. Also read: Wirex Introduces Iban for all European Crypto Card Accounts ‘Safe and Secure’ Currency Tony Mwongera, founder of Nairobi-based Health Land Spa, told Kenyan news site Bitcoinke that he resorted to BTC to plug revenue loss. “There was so much theft in my business. So I decided, why don’t I use a technology which is safe and secure, and I decided to accept bitcoin [core] as a mode of payment.” Tony MwongeraWith the introduction of cryptocurrencies, Health Land Spa customers will now be footing the bill for massages, pedicures and other health and beauty treatment services from their digital wallets. The company, which also accepts dash, is looking to add more cryptocurrencies in the coming months. Mwongera is not the first Kenyan service provider to make a bitcoin move. Boxlight Electronics, a Kenyan company that distributes a range of electrical gadgets including television sets and home theaters, now accepts payment in bitcoin core and bitcoin cash. Robinson Murage, chief executive officer of Boxlight Electronics, has said previously: “We have received tons of requests from our customers to pay using digital currencies. As a company whose 90 percent of customers are young, tech savvy and predominantly online we choose to be all inclusive and adapt to the needs of those that prefer this type of currency.”  Bitcoin for Roast Beef In Kenya’s rural town of Nyeri, Betty Wambugu operates a restaurant business, Betty’s Place, selling roast beef in digital currency. “Bitcoin is a means of payment like any other and we accept it here at the restaurant the way we do … cash,” restaurant owner Wambugu was quoted as saying. “Since the world is becoming more global, my place is also becoming a global restaurant. I attract different customers from different parts of the world, whichever coin they have. As long as it’s a viable coin we accept it,” she added. Wambugu’s relationship with BTC started much earlier than her acceptance of the digital coin.…

Just Two ASIC Bitcoin Mining Rigs Remain Profitable in Current Markets

Just Two ASIC Bitcoin Mining Rigs Remain Profitable in Current Markets

Amid the cryptocurrency market crash, even the newest crypto mining machines are struggling to seal profits for their operators, according to real-time data published by mining profitability data site ASICMinerValue.com (AMV) today, Dec. 11. AMV is a site that calculates real-time profitability rates for “ASIC” miners, hardware that uses Application-Specific Integrated Circuit (ASIC) chips, tailored to efficiently mine cryptocurrency based on a specific hashing algorithm. Updated every minute, the site calculates profit yields for specific miners based on current power costs, network difficulty, block rewards, and cryptocurrency prices. As of press time, the site indicates that among ASIC mining machines geared to mine coins that are based on cryptographic hash function “SHA-256” –– such as Bitcoin (BTC) and Bitcoin Cash (BCH) –– only two are currently making any profit. Both models were released in October 2018, and show $0.58 and $0.21 in daily profits. ASIC miners tailored for SHA-256-based cryptocurrencies, in order of profitability, Dec. 11. Source: ASICMinerValue.com The currently most profitable machine, the Ebit 11++, was released by Chinese mining hardware manufacturer Ebang Communication and is currently priced at $2,024. As reported just this week, mining manufacturing giant Bitmain has announced it will be closing its development center in Israel and firing local employees, with local reports attributing the decision to “the current situation” and “shake-up” of the global crypto market. This October, even ahead of the recent market slump, a report from crypto outlet Diar indicated that crypto mining is gradually becoming profitable only for “big guns,” whose pockets are “deep” enough to subsidize burgeoning electricity costs. A Cointelegraph in-depth report published this November analyzed the impact of the protracted crypto bear market on the mining landscape, including its impact on global sales of Graphics Processing Units (GPUs).

Panic Mode? What a Wall Street Chart Tells Us About Bitcoin’s Price

Panic Mode? What a Wall Street Chart Tells Us About Bitcoin’s Price

Investing in financial markets can be an emotional roller-coaster and the bitcoin market is no exception. When it comes to investment, human emotions tend to oscillate between two extremes – fear and greed – and the constant balancing act between the two creates a cycle of market emotions.   For years, traders and investors alike have studied the cycle of market emotions with the help of a chart known as the “Wall Street Cheat Sheet.” As seen above, at the top of the market cycle is “euphoria” – a point of maximum financial risk. This is the time when investors think nothing can go wrong and a self-feeding cycle is established: more investors enter the market for its stellar returns, leading to a further rise in price and valuations reach dizzying heights before, eventually, reality bites hard. The cryptocurrency market was gripped by euphoria in the last quarter of 2017. Bitcoin prices rose from $6,000 to $20,000 within seven weeks on speculation that futures launch would open floodgates for large institutions to buy cryptos. Further, every other altcoin, regardless of its fundamental story, had rallied to record highs by the first week of January. Most pundits came out with bitcoin targets of $50,000 or more at the time. The bubble, however, was pricked just two weeks into January by a regulatory crackdown in China and South Korea – two of the biggest sources of demand for cryptocurrencies back then. Where are we now? Since then, the bitcoin market has arguably gone through “complacency,” “anxiety” and “denial.” In this interpretation, the denial stage, it could be argued, lasted for five months as BTC’s repeated defense of $6,000 offered hope that the broader market and altcoins with strong fundamentals would recover lost ground before the year-end. Those hopes, however, were shattered as BTC nosedived below $6,000 on Nov. 14, pushing the bitcoin market into the “panic” stage, causing investors to look for an exit with no price floor in sight. The price of bitcoin has since fallen nearly 50 percent from the $6,000 mark, trading at an average price of $3,327 according to CoinDesk data at press time. More importantly, trading volumes jumped more than 30 percent month-on-month in November. That high-volume sell-off likely indicates many weaker…

The Biggest Rises and Falls of Bitcoin, Explained

The Biggest Rises and Falls of Bitcoin, Explained

5. What is it about Novembers? Over the course of 2018, Bitcoin has had an annus horribilis — with prices tumbling by more than 83 percent when compared to the all-time high of $19,783. This is worse than the Nasdaq’s plunge when the dot-com bubble burst in the U.S. — and it has also delivered catastrophic consequences for many other digital currencies, which have now been rendered worthless. This is because the fate of many coins, and indeed other cryptocurrencies, is tied to blockchain in some way or another. Just take a look at Ethereum as a case in point, which has tumbled from $1,400 toward the start of 2018 to about $110 at the time of writing. To get an idea of the enormity of this drop, Bitcoin hadn’t dipped below $4,000 since September 2017 before November’s bloodbath began. In the space of a week, Bitcoin Cash plummeted more than 56 percent — and was even overtaken by EOS briefly from a market capitalization perspective, leaving it relegated to the fifth-largest coin in the marketplace. Following the ups and downs of the crypto market doesn’t need to be a daunting experience. Keeping an eye on the news can help ensure that you stay one step ahead — and get an idea of when major events are going to have an impact on prices. Sites such as Coin360 have also been making the market easier to navigate — offering a visual representation of cryptocurrencies and coins in real time. The size of each graphic reflects the cryptocurrency’s market capitalization — with prices and percentage changes illustrated in red and green so enthusiasts can see where the industry is heading at a glance.   Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.