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Coinbase CEO Says Company Has 2 Million Bitcoins, Reminds People Firm’s “Financials are Public”

According to Coinbase CEO Brian Armstrong, as of Sept. 30, 2022, the company holds 2 million bitcoin worth $39.9 billion. Armstrong’s announcement comes at a moment when the public is specifically looking at exchange balances after FTX’s turbulent fall.

Coinbase Co-Founder Shares Company’s Q3 Shareholder Letter — Says as of Sept. 30, Firm Holds 2 Million Bitcoin

Two days ago, Bitcoin.com News reported on Binance’s exchange reserves and at the time the trading platform had close to 600,000 bitcoin, according to cryptoquant.com metrics. As of Nov. 20, 2022, cryptoquant.com stats indicate that Binance holds roughly 584K bitcoin. On the same day, data shows that Coinbase Pro, otherwise known as Coinbase Exchange, holds roughly 532K bitcoin.

Furthermore, our newsdesk also reported on Grayscale discussing its balance sheet, as the fund manager noted that “all digital assets that underlie Grayscale’s digital asset products are stored under the custody of Coinbase Custody Trust Company.” Between Coinbase’s different services, like the exchange and custody solutions, the publicly-listed company holds a great deal of bitcoin (BTC).

On Nov. 22, 2022, Coinbase (Nasdaq: COIN) co-founder and CEO Brian Armstrong tweeted about the firm’s BTC stash in order to dispel any ‘fear, uncertainty, and doubt’ (FUD). “If you see FUD out there – remember, our financials are public (we’re a public company),” Armstrong said on Tuesday. “We hold ~2M BTC. ~$39.9B worth as of 9/30.” The Coinbase co-founder added:

We all need to come together to build this industry in a responsible way going forward. False information is dangerous.

Armstrong further shared the company’s shareholder letter, which highlights a consolidated list of Coinbase assets. The Coinbase CEO’s statements on Twitter follow the conversations concerning proof-of-reserves and financial audits.

Screenshot shared on Twitter by Coinbase CEO Brian Armstrong on Nov. 22, 2022.

The proof-of-reserves topic has gained traction and a handful of exchanges have announced upcoming proof-of-reserve audits. For instance, on Nov. 21, 2022, Bitstamp detailed that the company has been audited since 2016.

“Bitstamp Group and our legal entities have been audited by a big four global accounting firm on an annual basis since 2016,” Bitstamp said on Monday. They will release our proof of reserves audit as well as the corresponding proof that liabilities. These will give our customers an independent verification of their Bitstamp accounts and the assurance that Bitstamp is able to fully cover them .”

While Coinbase Global shares are down 82% year-to-date, COIN shares gained 5. 24% just before the closing bell on Wall Street on Nov. 22. COIN shares are currently trading for $43. 39 per share on Tuesday afternoon (ET). “The transparency and quick response is much needed and appreciated atm,” one person replied to Armstrong’s tweet about Coinbase’s bitcoin holdings on Tuesday.

What do you think about the Coinbase CEO explaining that as of September the firm held 2 million bitcoin worth $39.9 billion? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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Strike Launches Bitcoin Lightning Network-Enabled Money Transfers to Africa

United States-based Strike users can now instantly transfer funds to Kenya, Ghana and Nigeria using the newly added feature “Send Globally”. This feature converts funds into local currencies before moving them to the recipients’ bank accounts or mobile money accounts.

The High Cost of Sending Money to Africa

According to Strike, a digital payment platform built on Bitcoin’s lightning networks, a new feature has been added to their platform that allows for instant, low-cost payments to Africa. The feature, known as “Send Globally”, is currently only available to US-based users. It applies to payments to Ghana, Kenya and Nigeria.

As the digital payments firm’s Dec. 6 press statement explains, the use of the Lightning Network’s rail makes transferring funds to any of the initially covered countries an almost costless exercise. According to a recent World Bank Migration and Development Brief, the cost of sending funds to the Sub-Saharan Africa region is currently the highest globally.

Direct deposits to the account

of the recipient

Strike has partnered up with Bitnob, an African payment platform, to overcome the cost and other difficulties associated with sending money across borders. Jack Mallers, founder and CEO of Strike, argued the case for the feature while he was still at it.

High fees, slow settlement, and lack of innovation in cross-border payments have negatively impacted the developing world. Payment companies in Africa are finding it difficult to do business. People cannot send money home because they can’t pay exorbitant fees for money transfers in and out Africa.

Mallers stated that users who wish to transfer funds to any one of these countries through Strike now have the option to “transfer their US dollars easily, instantly, across borders” via the new feature. Payments to any country are instantly converted into the appropriate currency and transferred to the recipient’s bank account or mobile money account.

The statement stated that Strike will continue to grow its payment service in Africa through integrations and partnerships, including with cross-border payment providers such as Chipper Cash.

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What are your thoughts on this story? Please comment below to let us know your thoughts.

Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, author, and writer has been awarded the Zimbabwe Journalism Award. He has written extensively on the economic problems of certain African countries and how digital currencies can offer an escape route for Africans.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services in this article.

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Back to basics as Dogecoin retraces to 78.6% Fib level. Here is the potential price action

Dogecoin (DOGE/USD) trades at $0.085. Just a week ago, the cryptocurrency had tapped the $0.15 level. The losses underline the meme tag associated with Dogecoin. The cryptocurrency remains under the mercy of bears if the price fails to overcome a key level. Dogecoin’s recent recovery has largely been pegged to Elon Musk’s acquisition of Twitter.…


Dogecoin (DOGE/USD) trades at $0.085. Just a week ago, the cryptocurrency had tapped the $0.15 level. The losses underline the meme tag associated with Dogecoin. The cryptocurrency remains under the mercy of bears if the price fails to overcome a key level.

Dogecoin’s recent recovery has largely been pegged to Elon Musk’s acquisition of Twitter. Had you bought DOGE before October 27, when he finalised the acquisition, you would have tripled your investment. That is if you exited your position on August 31. Now, days after sealing the deal, the excitement has subsided, and DOGE may need a fresh price catalyst.

Musk has kept mum over whether DOGE would be accepted as payment for the social media giant. The billionaire had in the past supported DOGE and hinted at its use in Twitter payments. So the probability remains, but the lack of open announcements has been slowing DOGE. Consequently, the token has lost the mojo it had started late last month. Consequently, we could see the price remain subdued even longer if positive developments fail to come by.

DOGE struggles to clear $0.09 after attempting recovery at 78.6% Fib. level

Source – TradingView

Turning to the technical side, Dogecoin has found little bullish footing since sliding to $0.07. The level is slightly below the 78.6% Fibonacci retracement zone. However, recovery has been muted by key resistance at $0.09, and DOGE is taking another dip.

Should you buy DOGE?

Dogecoin is a very surprising cryptocurrency. The smallest of news can make the buyers go crazy. Taking advantage of such moves can generate huge returns, irrespective of what the technical indicators show.

Nonetheless, the current sentiment is not only bad for DOGE but all cryptocurrencies. DOGE also suffers from the lack of positive mentions, such as the speculated use in Twitter payment. With this in mind, a bear market could be inevitable.

A technical outlook shows that $0.09 is a key zone for DOGE to break to go higher. To a technical reader, the meme cryptocurrency is not an attractive buy.

Where to buy DOGE

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


Buy DOGE with eToro today


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Bitcoin Cash negates potential bullish reversal zones. Are buyers to be optimistic?

If you have been eyeing Bitcoin Cash at $110, you may have to wait a little longer. A contagion of risks brewing in the market forced a sharp selloff, pushing Bitcoin Cash to below $110. This level provided crucial support and the token formed multiple bottoms. BCH tested a lower level at $87 but has…


If you have been eyeing Bitcoin Cash at $110, you may have to wait a little longer. A contagion of risks brewing in the market forced a sharp selloff, pushing Bitcoin Cash to below $110. This level provided crucial support and the token formed multiple bottoms. BCH tested a lower level at $87 but has since recovered to above $100. Do you need to be optimistic?

Cryptocurrencies are known for sudden moves in the market. Just as the slip below $110 happened unexpectedly for BCH, a recovery above the level can too. Buyers should remain optimistic and be prepared to purchase once this happens. However, this should not be taken lightly.

Crypto winter seems far from over as this week’s selloff shows. Recent headlines have been about macro issues. Investors have been able to build a thick skin against any macro forces, such as tighter economies. For that reason, most cryptocurrencies have been consolidating – an example of BCH at $110. The liquidity status of crypto firms seems to be a crucial factor that markets have lost sight of.

The collapse of FTX brought a new perspective on crypto markets – the financial well-being of exchanges and crypto firms. How many people will be able to survive the next bull market as recession bells ring? This fear will continue to ring and long-term recoveries will be limited. Do you want to snap BCH?

BCH regains – heading back to above $110?

Source – TradingView

A sharp sell-off made BCH invalidate bullish reversal signs already forming at $110. The MACD indicator is still in the bearish zone. However, the weak momentum has improved slightly. $110 is the level to watch.

Should you buy BCH?

If you’re a “buy now, buy tomorrow” type, it is better to stay away from BCH right now. The token’s momentum is weak and it will not generate any returns.

However, long-term buyers should consider BCH on their waitlist. BCH’s safety from a potential further slump will be confirmed if the token recovers above $110.

Where to buy BCH

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users have the ability to connect with, learn, copy, or get copied from other users.


Get BCH today
with eToro

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

Bitstamp, which is fully regulated, offers users an intuitive interface and high levels of security for digital assets. It also provides excellent customer support.


Bitstamp – Buy BCH Today


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