Coinbase Lists EOS on, Rolls Out New Security Feature

Notable cryptocurrency-related headlines from the past 24 hours include (i) Coinbase’s listing of EOS on and rolling out of a new security feature; (ii) reports that U.S. authorities are investigating North Korean hackers accused of executing a number of cryptocurrency-related hacks; and (iii) the clamping down by Huobi Global on wash trading activity in the wake of Bitwise’s recent in-depth report.

At the time of writing, bitcoin (BTC) and ether (ETH) are trading at $8,261.8 (-5.2%) and $254.7 (-10.1%). As for the MVIS CryptoCompare Digital Assets 10 Index, it is currently tracking at 4,020.8 (+1.5%).

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Coinbase Lists EOS on, Rolls Out New Security Feature

U.S.-headquartered cryptocurrency exchange Coinbase announced the addition of support for the EOS (EOS) cryptocurrency at and in the Coinbase Android and iOS apps. It went on to point out that buying, selling, converting, sending, receiving, and storing EOS would “not initially be available for residents of the United Kingdom or the state of New York.”

Hours later, Coinbase revealed the launching of support for Universal 2nd Factor [U2F] security keys, “a strong way for Coinbase [and Coinbase Pro] users to protect their account.” In a blog post, Coinbase describing U2F security chips as “tiny hardware tokens [that] contain cryptographic chips that perform the hard work of ensuring that you’re authenticating to the correct website – and that nobody else can authenticate while pretending to be you.”

U.S. Authorities Investigating North Korean Cryptocurrency Hackers

U.S. intelligence authorities have reportedly accused North Korean hackers of orchestrating large-scale cybercrimes involving cryptocurrency hacks, mining, and bank theft, according to reports by the Korea Herald.

The multiple security breaches by North Korean entities have been primarily motivated by political and economic sanctions imposed on the nation by the U.S.

'Surprised' Huobi Deals with Cryptocurrency Wash Traders

Following its inclusion in Bitwise Asset Management’s recent reputation-damaging report prepared for the U.S. Securities and Exchange Commission (SEC), Huobi Global – one of the world’s leading cryptocurrency exchanges – claimed it had identified “a few of [its] market makers conducting what [it] suspect[s] may have been wash trading for the sake of performance and marketing purposes.” The market makers in question have since stopped adopting such strategies, CoinDesk reported.

Upon reading Bitwise’s publication – which suggested the popular crypto exchange reported inauthentic trading volume – Huobi’s team were “surprised,” according to comments from chief executive Livio Weng. Huobi is reportedly in the process of updating its policies in an effort to avoid issues related to washing trading moving forward.

Coinbase Preparing for Stock Market Listing as Early as This Year: Report

San Francisco-based cryptocurrency exchange Coinbase has reportedly started preparing for a stock market listing that could come as early as this year.

The move would make Coinbase the first major U.S.-based cryptocurrency exchange to go public, but the listing would require the U.S. Securities and Exchange Commission’s (SEC) blessing. According to Reuters, one source claimed the exchange is considering a direct listing instead of a traditional initial public offering (IPO).

While in an IPO new shares are created, underwritten and sold to the public, in a direct listing no new shares and created and only outstanding shares are sold, with no underwriters involved. Reuters quoted three people familiar with the matter, who requested anonymity because the listing preparations are reportedly confidential.

Coinbase has not yet registered its intention to go publish with the SEC, but has already reached out to investment banks and law firms. The cryptocurrency exchange was valued at $8 billion in its latest private fundraising round in 2018.

It was founded in 2012 and now has over 35 million users, allowing them to trade various cryptoassets both on its Coinbase platform and on the Coinbase Pro platform. It also has multiple other services, including Custody, Commerce, and Earn.

The San Francisco-based firm’s bitcoin holdings are estimated to now be over 1 million BTC, as users deposit funds on it over time. Last month Coinbase revealed it suffered outages after seeing its traffic spike significantly in a few minutes, as the price of most cryptocurrencies moved abruptly.

As CryptoGlobe reported, CryptoCompare’s June 2020 Exchange Review showed Coinbase was the third-largest top tier crypto exchange by trading volume in May, trading $6.86 billion worth of crypto throughout the month, falling behind OKEx and Binance.

Featured image via Unsplash.