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Coinbase Buys $500M in Crypto


Coinbase invests directly in crypto, Facebook’s digital wallet is ready to launch and the US offers crypto rewards for catching hackers. These stories and more this week in crypto.

NASDAQ listed Coinbase has revealed plans to add half a billion dollars worth of crypto to its balance sheet. CEO Brian Armstrong announced that the company’s board had approved the crypto spending spree, adding that Coinbase also plans to invest 10% of all profits generated into digital assets moving forward which might even increase in the future.

Facebook is prepared to launch the Novi digital wallet tied to its blockchain-based payment system, Diem. The launch is now waiting for necessary regulatory clearances. According to the project’s leader Novi could play an instrumental role in fixing the global payments system that he said is, among other things, too slow and too costly.

Binance has made ID verification compulsory for all users effective immediately, just weeks after increasing the limit for unverified users significantly. The verification involves users submitting their government-issued ID cards and passing facial verification. Binance revealed that these changes are a result of ongoing reviews of its products and services as the regulatory environment continues to evolve rapidly.

Banking giant Wells Fargo registered a private bitcoin fund with U.S. regulators, becoming the latest mega-bank with an indirect crypto investment vehicle. NYDIG and FS Investments are partnering with Wells Fargo on offering a passive bitcoin fund that will be available for the bank’s wealthiest clients.

Mortgage and lending company United Wholesale Mortgage has announced that customers will soon be able to make payments on their houses with crypto. Initially, the firm is only set to permit bitcoin payments, though the CEO hinted that should things go well, the company will also say yes to payments made with Ether and other assorted altcoins.

The Chinese multinational technology giant, Alibaba Group, has launched a non-fungible token (NFT) marketplace. The Alibaba NFT platform will provide customers with the ability to purchase and sell NFTs, and will also allow people to license and sell intellectual property (IP), as it is copyrighted by blockchain technology.

Retail giant Walmart has posted a job opening  looking for a crypto product lead. The Arkansas based company is working to build its blockchain team and needs someone to lead it in a digital direction. The retailer’s move comes days after its competitor Amazon announced its own search for a cryptocurrency lead.

Cell phone provider T-Mobile has been compromised. Hackers gained access to the private data of more than 100 million users and are now looking to sell that data on the dark web in exchange for bitcoin and other cryptocurrencies. The information in question includes social security numbers, birthdates, and even physical addresses of several T-Mobile customers.

The U.S. state department is offering crypto rewards of up to $10 million to individuals that can potentially help identify malicious hackers. Members of the department claim that several hackers have targeted power, transportation and water systems throughout the country, and regulators will pay handsomely for any information that leads to their identification and capture.

That’s what’s happened this week in crypto, see you next week.

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