EOS Ranked 1st, Bitcoin 17th in China’s Updated Crypto Ratings

China has released the second edition of its state-endorsed cryptocurrency and Blockchain ratings, placing Chinese altcoin EOS top of the list and Bitcoin 17th.


EOS, Ethereum And NEO Win Official Favor

Round two of the Global Public Chain Technology Evaluation Index, published by the China Center for Information Industry Development (CCID) under China’s culture ministry June 20, follows the initial launch of the ratings series in May.

At the time, officials added they would add to the twenty-six cryptocurrencies that were first to receive ratings, as well as include various international blockchain projects.

Both receive scores based on three broad categories: ‘basic technology,’ ‘application’ and ‘creativity.’

China caused a stir within the cryptocurrency industry with its scoring last month, officials claiming they wished to address a “lack of independent ratings” available but placing Bitcoin in thirteenth place while championing Ethereum.

The CCID research team in charge of calculating scores allegedly consists of “first-rate domestic experts and scholars,” while the aim of the concept is to “evaluate the technological capability, usefulness of application and innovation [and] development level of the projects to profoundly understand the trend of Blockchain technology innovation,” a press release claimed.

Bitcoin Languishes Outside Top Ten

With June’s reshaping, however, the experts and scholars appear to have already changed their minds.

Ethereum is now in second place behind EOS, the latter in the interim period seeing its beta launch and ongoing criticism over its technological stability and freezing of users’ funds.

Last week, EOS’ entire platform ground to a halt due to a technical impasse over consensus.

Making up the rest of the top five assets meanwhile are another Chinese project, NEO, in third place, while fourth and fifth places go to Steller and Lisk respectively.

Steem, the token used by the Steemit social network platform, managed seventh place, having held the second spot in May.

Bitcoin, down four places to 17th, fares hardly better than NEO, according to China, the latter sounding the alarm this week after uncovering a wallet vulnerability affecting all Android users of its day-old app.

How the exact scores are calculated remains a mystery.

What do you think about China’s new cryptocurrency ratings? Let us know in the comments section below!


Images courtesy of Shutterstock, Twitter

The post EOS Ranked 1st, Bitcoin 17th in China’s Updated Crypto Ratings appeared first on Bitcoinist.com.

Ripple CEO Urges Coinbase to List XRP

Brad Garlinghouse, the CEO of Ripple, believes that Coinbase should list XRP along with its other supported cryptocurrencies. The Ripple chief also adamantly claims that XRP is not a security. 


‘It’s in Coinbase’s Interest to Participate’

Garlinghouse has lent his voice to the Coinbase/XRP saga. The Ripple CEO told Fortune that Coinbase stands to gain by listing XRP, stating:

As we solve problems at scale for institutions, I think it’s in Coinbase’s interest to participate in that. [However], I can’t speak for what Coinbase decides to—or decides not to—do.

Ripple has developed valuable partnerships with banks across the globe. Many of these financial institutions make use of the Ripple ledger to facilitate cross-border money transfer operations. As such, Garlinghouse believes it would be in the exchange’s best interest to enable XRP trading on the platform.

Recently, Coinbase announced that it would be opening a new office in Japan — where XRP is one of the most popular cryptocurrencies. Most of the prominent virtual currency exchange platforms list Ripple as part of their supported trading options.

Recently, SBI launched Japan’s first ever bank-owned digital currency exchange platform with an initial focus solely on XRP trading. Offering support for Ripple could conceivably be a viable way for Coinbase to gain a foothold in the Japanese cryptocurrency market.

Why Coinbase is Yet to List XRP

Part of the reason for Coinbase’s reticence is based on the lack of regulatory clarity surrounding Ripple.

In March 2018, the platform dismissed speculation that it was set to list XRP tokens. Instead, Coinbase said that it would only deal in cryptocurrencies that have been declared not securities.

The debate on whether XRP is a security or not has raged on for most of 2018. Recently, William Hinman, a top official of the SEC said:

Systems that rely on central actors whose efforts are a key to the success of the enterprise would be subject to [the] application of the securities laws.

Ripple owns the majority of XRP tokens, and the company maintains considerable control over the cryptocurrency, leading many to conclude that it isn’t decentralized. Thus, there are concerns that the SEC might classify XRP as a security.

It's the SEC Stupid…

XRP is Not a Security

Ripple CEO Brad Garlinghouse disagrees with those who believe that XRP is a security, saying:

I think it’s really clear that XRP is not a security. I don’t think that our ownership of XRP gives us control. Saudi Arabia owns a lot of oil—that doesn’t give them control of oil.

According to Garlinghouse, the Ripple ledger is entirely independent of the company. Thus, the blockchain would continue to function even if the company failed. Furthermore, unlike stocks, XRP tokens serve a technological purpose — but do not provide the holder with a stake in Ripple, as a company.

Recently, Ripple enthusiasts brought up a 2015 FinCEN ruling appears to classify XRP as not being a security. The SEC has yet to provide any official statement on the matter.

Ripple has declined steadily in 2018, dropping by more than 86 percent since the start of the year. XRP hasn’t broken through the $1 mark since the beginning of March, and is currently trading at 50 cents.

What is your opinion on the XRP currency/security debate? Should Coinbase add XRP to its list of supported cryptocurrencies? Keep the conversation going in the comments below. 


Images courtesy of Shutterstock, CoinMarketCap.com.

The post Ripple CEO Urges Coinbase to List XRP appeared first on Bitcoinist.com.

Mt. Gox ‘Bitcoin Whale’ Trustee Won’t Sell Any More BTC

The Tokyo District Court has approved the commencement of civil rehabilitation in the ongoing Mt. Gox bankruptcy — with the process to expected to start early next year. 


Mt. Gox Trustee Won’t Dump Any More Bitcoin

Mt. Gox creditors are one step closer to receive more than $450 per bitcoin lost. The Tokyo District Court ordered to stop the bankruptcy process and start the civil rehabilitation process.

The document published on Mt. Gox website today reveals the tentative schedule on how civil rehabilitation is expected to proceed. The Mt. Gox bankruptcy claims-filing system has also been temporarily suspended.

The latest update contains mostly good news for Bitcoin price bulls — at least for now.

Mt. Gox Where is Our Money

The key takeaway is that the Mt. Gox Trustee, Nobuaki Kobayashi, won’t sell any more bitcoin — at least for the foreseeable future until the creditors are reimbursed in bitcoin sometime early to mid-2019, according to Tokyo-based Bloomberg reporter Yuji Nakamura.‏

As far as specific dates for future selling and distribution of Bitcoin (and its forks), the document explains that: 

At present, nothing has been determined regarding the sale of Bitcoin and cryptocurrencies split from Bitcoin (collectively, “Bitcoin, etc.”) in the future.

The creditors will also be required to refile their claims by October 2018. Nevertheless, since Mt. Gox. still controls 137,890.96 BTC (almost $880 million USD) or 0.807 percent of all bitcoins currently in existence, any distribution of these funds could have an effect on cryptocurrency markets over the next year. 

Whale Watching

Kobayashi has been dubbed the ‘Mt. Gox Bitcoin Whale’ for selling $400 million in Bitcoin (BTC) and Bitcoin Cash (BCH) from December 2017 to February 2018. For this reason, he was blamed for triggering the market downturn during the given period, though the trustee has denied having an impact on bitcoin price.

Kobayashi reiterated as much in today’s update. The document reads:

As in sales from December 2017 to February 2018, upon consultation with cryptocurrency 6 transaction experts, Bitcoin and Bitcoin Cash were sold in a manner that had no effect on market price and not by ordinary sale on an exchange, while ensuring the security of the transaction to the extent possible.

Nevertheless, traders have kept a close eye on the Mt. Gox stash in an effort to predict potential selloffs and time the market.

The next creditors’ meeting to report on the status of the civil rehabilitation process is scheduled for September 26, 2018.

Does the Mt. Gox stash still have an effect on the Bitcoin and cryptocurrency markets? Share your thoughts below! 


Images courtesy of Shutterstock.

The post Mt. Gox ‘Bitcoin Whale’ Trustee Won’t Sell Any More BTC appeared first on Bitcoinist.com.

‘Money Has Changed Over Time’: US Supreme Court Cites Bitcoin in Positive Light

While traders and naysayers alike fret over bitcoin price, the market leader quietly achieved a first in its history. On June 21, Bitcoin appeared in a US Supreme Court ruling for the first time. 


Supreme Court Reevaluates ‘What We View As Money’

As part of the summary comments on the case Wisconsin Central Ltd. v. United States, a judge mentioned Bitcoin while discussing “what we view as money” — suggesting it could at least have a future in how employees receive wages.

Wisconsin Central Ltd. v. United States involved a dispute over whether the railroad company’s worker stock options can be taxed in the same way as money when it constitutes a form of remuneration.

The case, which came to court in April and received its verdict this week, saw a reevaluation of the essence of money — with Supreme Court’s Justice Stephen Breyer arguing parties “should not be trapped in a monetary time warp.”

Supreme Court

A Bitcoin Payment Future? ‘Perhaps One Day’

Justice Stephen Breyer wrote:

A railroad employee cannot use her paycheck as a ‘medium of exchange.’ She cannot hand it over to a cashier at the grocery store; she must first deposit it. The same is true of stock, which must be converted into cash and deposited in the employee’s account before she can enjoy its monetary value.

Moreover, what we view as money has changed over time. Cowrie shells once were such a medium but no longer are; our currency originally included gold coins and bullion, but, after 1934, gold could not be used as a medium of exchange; perhaps one day employees will be paid in Bitcoin or some other type of cryptocurrency.

While Bitcoin achieves only a passing reference, reactions to Breyer were noticeably positive — with even mainstream media suggesting the Supreme Court could ultimately share a progressive stance on what Bitcoin is.

The event comes just a week after the US Securities and Exchange Commission (SEC) decided neither Bitcoin nor Ethereum constituted securities. The SEC currently considers Bitcoin to be a commodity, not currency. 

What do you think about the Supreme Court’s perspective on Bitcoin and money? Let us know in the comments section below! 


Images courtesy of Shutterstock.

The post ‘Money Has Changed Over Time’: US Supreme Court Cites Bitcoin in Positive Light appeared first on Bitcoinist.com.

North Carolina Joins Wyoming in Welcoming Crypto Business

North Carolina’s General Assembly showcased exceptional leadership last week with the unanimous passage of House Bill 86. The legislation is on Gov. Roy Cooper’s desk to be signed into law, so Coinbase and other cryptocurrency businesses can continue operating in the state.

Rep. Stephen Ross and his staff led this important effort, along with support from Sen. Jeff Tarte, Sen. Dan Bishop, Sen. Rick Gunn, Rep. Jason Saine, Sen. Bill Rabon, Rep. Jon Hardister, as well as Speaker of the House Tim Moore and his staff.

The final bill includes language approved by North Carolina Commissioner of Banks Ray Grace, revising legislation enacted in 2016 to keep pace with the rapid advancement and adoption of digital assets, including cryptocurrency. The new legislation will foster innovation and an open financial system for North Carolina residents and businesses, standing out as one of America’s newest hubs for cryptocurrency.

Passage of House Bill 86 exemplifies how regulators and legislators can work together to foster innovation by either licensing cryptocurrency money transmissions or exempting cryptocurrency from money transmission laws.

While North Carolina’s legislation allows for the licensure of cryptocurrency business activity, legislation in Wyoming passed earlier this year to exempt cryptocurrency from the definition of money transmission. This legislation was supported by Rep. David Miller and Senator Eli Bebout, and signed into law by Gov. Matt Meade. Coinbase is currently working with Wyoming regulators to resume lawful operations in the state.

By helping cryptocurrency companies comply with the letter of the law, leaders in both states are paving the way for the economic and social benefits of this new technology to flourish within their communities.


North Carolina Joins Wyoming in Welcoming Crypto Business was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Coinbase Index Fund is Open For Investment

Coinbase Index Fund is now open for investments of $250,000 to $20M.

We’ve seen overwhelming interest from investors since we announced the fund earlier this year. At this stage, we have opened the fund to those who wish to invest $250,000 to $20M.

Coinbase Index Fund gives investors exposure to all assets listed on our exchange, weighted by market capitalization. As we announced yesterday, the fund will be rebalanced to include Ethereum Classic, and more assets when they are listed by Coinbase in the future.

At this stage, Coinbase Index Fund is only open to US-resident accredited investors. We’re working on launching more funds which are accessible to all investors and cover a broader range of digital assets.

Apply now to make your investment.


Coinbase Index Fund is Open For Investment was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Adding Ethereum Classic Support to Coinbase

We are pleased to announce our intention to add support for Ethereum Classic (ETC) to Coinbase in the coming months. We are announcing this both internally and to the public consistent with our process for adding new assets.

Per this process, we will now begin the engineering work (Step 4) for supporting Ethereum Classic. As part of this process, customers can expect to see public-facing APIs and other signs that the asset is being added. When we reach the final testing phase of the technical integration, which we expect to occur over the next few months, we will publicly announce a launch date for trading via our blog and Twitter (Step 5).

What Ethereum Classic support means for our products

Coinbase Custody — the Custody team is planning to add support for deposits and withdrawals of Ethereum Classic. Note that Custody will likely support more assets than those available to trade on Coinbase Markets, Coinbase Pro, Coinbase Prime and Coinbase for the foreseeable future.

Coinbase Markets — the Markets team is planning to add trading support for Ethereum Classic. In accordance with our Trading Rules, all ETC books will open in post-only for a minimum of one hour. If sufficient liquidity is established, trading will then be enabled on Pro and Prime.

Coinbase Pro — the Pro team is planning to add trading support for Ethereum Classic. Note that customers who previously had an Ethereum Classic balance on the platform as a result of the 2016 Ethereum hard fork and did not elect to withdraw their funds prior to January 2017 will receive a corresponding Ethereum Classic credit.

Coinbase Prime — the Prime team is planning to add trading support for Ethereum Classic. Note that customers who previously had an Ethereum Classic balance on the platform as a result of the 2016 Ethereum hard fork and did not elect to withdraw their funds prior to January 2017 will receive a corresponding Ethereum Classic credit.

Coinbase Asset Management — any asset listed on Coinbase Markets will be added to Coinbase Index in accordance with the Coinbase Index methodology. Coinbase Index Fund will rebalance to include Ethereum Classic.

Coinbase — per our previous guidance, Coinbase will list assets only after they are listed on Coinbase Pro and Prime. After evaluating factors such as liquidity, price stability, and other market health metrics, we may choose to add Ethereum Classic to the Coinbase platform. It’s also worth repeating that Coinbase Markets, Coinbase Pro and Coinbase Prime will likely have more assets listed on the platform than the Coinbase platform, i.e. listing on Coinbase Markets does not guarantee listing on Coinbase.

Frequently Asked Questions

Q: What is Ethereum Classic (ETC) and how does it differ from Ethereum (ETH)?

Ethereum Classic is a cryptocurrency that was the result of a hard fork of the Ethereum network in July 2016. You can read more about Ethereum Classic here. You can read more about what a cryptocurrency fork is here.

Q: When will trading be available?

Per our public process for adding new assets, we will now begin the engineering work (Step 4) for supporting Ethereum Classic. As part of this process, customers can expect to see public-facing APIs and other signs that the asset is being added. When we reach the final testing phase of the technical integration, which we expect to occur over the next few months, we will publicly announce a launch date for trading via our blog and Twitter (Step 5).

Q: How will you roll out trading support for a new asset?

When we reach the final testing of the technical integration, we will announce a date that customers on Pro and Prime can begin placing limit orders on the Ethereum Classic order book on Coinbase Markets. Once that resting market reaches sufficient liquidity, we will then enable trading.

Q: What geographies will you offer support for Ethereum Classic?

We plan to offer support for Ethereum Classic in all geographies where the asset is compliant with local law.

Q: How did you control for material nonpublic information when deciding to add support for Ethereum Classic?

We followed our public process for adding new assets to Coinbase. Also, any personnel at Coinbase who were aware of the company’s plans to add Ethereum Classic were subject to a trading blackout.

Q: What assets are you adding next?

We have previously announced our intention to support the ERC20 technical standard and Bitcoin forks. We will announce the intention to add specific assets within those categories prior to final engineering integration. This is consistent with our public process for adding new assets.

Q: I had Ethereum on GDAX at the time of the July 2016 hard fork and I did not withdraw my Ethereum Classic prior to January 2017. Will I receive an Ethereum Classic credit when trading launches?

Yes. Note that Ethereum was only supported on GDAX at the time of the July 2016 hard fork. Support for Ethereum on Coinbase’s consumer interface was added after the hard fork, so only exchange users that had Ethereum balances were subsequently eligible for Ethereum Classic withdrawals.


Adding Ethereum Classic Support to Coinbase was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Our path to listing SEC-regulated crypto securities

By Asiff Hirji

Today, we’re announcing that Coinbase is on track to operate a regulated broker-dealer, pending approval by federal authorities. If approved, Coinbase will soon be capable of offering blockchain-based securities, under the oversight of the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). This step forward is being made possible by our acquisition of a broker-dealer license (B-D), an alternative trading system license (ATS), and a registered investment advisor (RIA) license.

There are now many types of blockchain-based digital assets, from cryptocurrencies to security tokens to collectibles. In the United States, some of these assets will be subject to SEC oversight. With this in mind, securing these licenses will bring us a step closer to our goal, which is to be the most trusted way for our customers to buy, sell, and use many different types of crypto assets.

Following our recent announcement of the Coinbase suite of institutional products, we believe this is an important moment for the crypto ecosystem, and yet another indication of the maturation of the crypto economy. If approved, these licenses will set Coinbase on a path to offer future services that include crypto securities trading, margin and over-the-counter (OTC) trading, and new market data products.

Ultimately, we can envision a world where we may even work with regulators to tokenize existing types of securities, bringing to this space the benefits of cryptocurrency-based markets — like 24/7 trading, real-time settlement, and chain-of-title. We believe this will democratize access to capital markets for companies and investors alike, lowering costs for all participants and bringing additional transparency and inclusion to the ecosystem.

This is all being enabled by our acquisition of Keystone Capital Corp., Venovate Marketplace, Inc., and Digital Wealth LLC.

We see this is as an important step toward a more open financial system for the world. We look forward to sharing more updates as we pursue these licenses and strive to bring the benefits of blockchain to the regulated financial services industry.


Our path to listing SEC-regulated crypto securities was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Coinbase is Coming to Japan, Welcomes Fintech Leader Nao Kitazawa

As part of our effort to accelerate the global adoption of cryptocurrency, today we’re announcing the launch of Coinbase’s office in Japan. Under the leadership of the highly-respected and admired fintech leader, Nao Kitazawa, our new office will lay the foundation for Japan’s crypto investors to access a range of Coinbase’s products. As in other markets, we plan to take a deliberate approach to our rollout in Japan, which means working hand-in-hand with the Japanese FSA to ensure compliance with local laws at every stage.

Welcome Nao!

Nao is a leader in the fintech space and we are excited to have him at the helm of our new push into Japan. As the CEO of Coinbase Japan, he will be charged with building a world-class in-country team and ensuring that we deliver on our vision of creating an open financial system for the world. He is the former COO of Money Design, a company that helped pioneer automated investment advice platforms in Japan. Prior to Money Design, Nao worked at Morgan Stanley Japan as an investment banker, where he guided a fleet of impressive merger and acquisition deals and composition of funds in the real estate sector. He also spent several years as a member of an international law firm, handling cases related to finance and real estate in Japan and New York. As one of the industry’s top international leaders, Nao sits on the board of the Fintech Association of Japan.

Nao’s passion for cryptocurrency combined with his extensive background provides Coinbase with a great foundation to successfully push into the largest cryptocurrency market in the world. As a regulated, compliant crypto company in the U.S., we will focus on building that same level trust with new customers in Japan.

Upon our business registration with the FSA, Coinbase services available to Japanese customers will be provided with Japanese language translations for ease of use. We look forward to sharing more about our plans for Japan soon.


Coinbase is Coming to Japan, Welcomes Fintech Leader Nao Kitazawa was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Welcome Paradex to Coinbase

We’re thrilled to announce the acquisition of Paradex, a relay platform that will allow our customers to trade hundreds of tokens directly from their wallets. The move not only reinforces Coinbase’s commitment to investing in decentralized infrastructure and participating in the nascent world of wallet-to-wallet trading, but also our focus on the international crypto trader. After making some product enhancements, we’ll initially offer this experience to customers outside the U.S., and eventually to U.S.-customers.

Welcome Paradex to the Coinbase team!


Welcome Paradex to Coinbase was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.