This Week in Crypto

This Week In Crypto

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By Block Society

Coinbase Updates

During the 12 Days of Coinbase Program, in which Coinbase is implementing changes to improve services offered to its customers, Coinbase has enabled users in the United States to immediately withdrawal their funds via PayPal.[1]

Previously, users could only withdrawal funds from Coinbase to a linked ACH enabled bank account, which made it difficult for users without bank accounts to transfer their funds to fiat currency. Coinbase plans to support PayPal withdrawal for customers outside of the United States in 2019.

Coinbase also announced that users can earn free ZRX tokens by watching videos and taking quizzes on Coinbase in an attempt to promote education of cryptocurrencies. Users can earn roughly $3.00 worth of ZRX tokens (the native token of the 0x platform) and Coinbase plans to offer this arrangement to other cryptocurrency platforms in the future. The program is part of Coinbase Earn, which will be an educational webinar focused on cryptocurrencies that offers participants free tokens when they complete classes.

Coinbase acquired in April and plans to use Coinbase Earn to provide educational content on a variety of different cryptocurrencies at a time when Coinbase is beginning to add dozens of new cryptocurrencies to its exchange,[2] as Coinbase recently decided to list four Ethereum tokens: Dai, Maker (MKR), Golem (GNT) and Zilliqa (ZIL).[3]

Coinbase successfully moved $5 billion worth of Bitcoin, Ethereum and Litecoin to its cold storage cloud, which helped validate the security of its blockchain infrastructure.[4] The transfer was the largest cryptocurrency transaction performed by an individual entity in history, demonstrating the security and strength of Coinbase’s blockchain.

Ethereum Creator Donates $300,000 to Ethereum Projects

As developers continue their attempts to improve the Ethereum blockchain, Vitalik Buterin, Ethereum’s creator, donated $300,000 worth of Ethereum to three projects. The projects, Prysmatic Labs, ChainSafe Systems and Sigma Prime all received 1,000 ETH from Buterin after expressing their need for funding on Twitter.

All three projects are involved with improving Ethereum’s scalability and helping to create Ethereum’s next iteration, Ethereum 2.0.  

With Ethereum prices dropping, widespread ICO failures, and scalability concerns, Buterin is attempting to encourage developers to propose long term solutions to the Ethereum network.[5]

France Declines to Ease Taxes on Crypto Holdings

France rejected four different proposals included in the 2019 Finance Bill that would have decreased tax liability on for individuals with cryptocurrency holdings. The French Parliament rejected a proposal to decrease the cryptocurrency income tax from 36.2% to 30%. Additionally, the French government declined to increase the tax exemption of annual transactions of cryptocurrency from €305 or make a distinction between regular and occasional cryptocurrency transactions for tax purposes.[6] 

[1] De, Nikhilesh. 2018. Coinbase Revamps PayPal Withdrawals for US Crypto Users.

[2] Dillet, Romain. 2018. Coinbase’s Becomes a Crypto Webinar with Crypto Rewards.

[3] Chong, Nick. 2018. Coinbase Gets Aggressive With Crypto Listing: Lists MakerDao, Golem, Zilliqa.

[4] Cong, Nick. 2018. Coinbase Sent 5% of All Bitcoin (BTC), More in $5 Billion “Crypto Migration.”

[5] Khatri, Yogita. 2018. Vitalik Just Gave $300K in Crypto to Three Ethereum Startups.

[6] Berman, Ana. 2018. French Parliament Refuses to Ease Taxation for Cryptocurrency Holders.

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