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#CryptoCorner: #Coinbase Adds $300 Million in Recent Funding Round, UK #Crypto Taskforce Publishes Final Report on Regulation

October 30th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ( $NXTD) and Genesis Exchange and Wallet App

 

Point Roberts, WA and Delta, BC - October 30, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner, now available in podcast.

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#CryptoCorner: #Coinbase Adds $300 Million in Recent Funding Round, UK #Crypto Taskforce Publishes Final Report on Regulation and Expert Warns of Alarmism in Media with Regard to Bitcoin Mining Energy Consumption

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Crypto Corner

Market Takes a Slight Dip, Coinbase Adds $300 Million in Recent Funding Round, UK Crypto Taskforce Publishes Final Report on Regulation and Expert Warns of Alarmism in Media with Regard to Bitcoin Mining Energy Consumption

The crypto market took a small tumble yesterday as total market capitalization slipped from $209 billion early Monday morning, to $203 billion USD at press time, according to CoinMarketCap. This is the most volatility seen in the recently placid market in about two weeks when total market cap briefly surged to $220 billion USD only to stabilize around $210 billion USD. If the dust has settled then we're only seeing minor adjustments in the price of major coins, many of which are barely in the red. At press time, Bitcoin (BTC) is trading for $6337 USD, Ether (ETH) for $197 USD, XRP at $0.44 USD and Bitcoin Cash (BCH) at $418 USD.

Crypto exchange giant Coinbase has raised $300 million USD in a recent funding round, bringing their total valuation to $8 billion USD. In a blog post by company President and COO Asiff Hirji, it was announced that the Series E funding round was led by "Tiger Global Management, with participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others." Asiff writes that the company will utilize the recent financing to expand Coinbase globally, offer many new cryptocurrencies on their platform, accelerate utility applications for crypto and bring more institutions into the space.

Coinbase is, and will remain, a crypto-first company. More than anything, we're proud of the millions of people that have turned to Coinbase as their entry-point into crypto. We take that responsibility very seriously. We strive to be the easy, trusted way for anyone to get started with cryptocurrencies. We see Coinbase's growth as validation that the ecosystem will only continue to grow in size, influence and impact - ultimately ushering in a more open financial system for the world.

The UK government's "Crypto Taskforce" released a final report yesterday, which outlines the group's positions with regard to regulation of cryptocurrency and distributed ledger technology (DLT). The Crypto Taskforce, which is made up of representatives from the Financial Conduct Authority, the Bank of England and HM Treasury, concludes with a cautious optimism about the space, encouraging growth with security a top priority.

There are substantial potential risks associated with cryptoassets, and the most immediate priorities for the authorities are to mitigate the risks to consumers and market integrity, and prevent the use of cryptoassets for illicit activity. The authorities will also guard against threats to financial stability that could emerge in the future, and encourage responsible development of legitimate DLT and cryptoasset-related activity in the UK.

Dr. Jonathan Koomey, an expert on the economics of greenhouse gas emissions and the relationship between information technology and resource use, has responded in a recent post on his blog to a Newsweek article titled: "BITCOIN MINING ON TRACK TO CONSUME ALL OF THE WORLD'S ENERGY BY 2020". Koomey cautions against alarmism in the media while also encouraging skepticism of the energy impact of blockchain technology.

"While I encourage everyone in the electricity sector to track Bitcoin as a potential source of new load growth, please use caution and avoid being misled by the hype. Breathless media coverage papers over the uncertainties in the underlying data, and makes it seem like Bitcoin is taking over the world, but in fact it's likely only 0.1% of global electricity consumption, and it is unlikely to continue growing at recent historical rates."

Sam Mowers, Investorideas

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