May 16, 2020

Cryptocurrency Focus: Coinbase - the Global Digital Wallet

Coinbase
crypto
Cryptocurrency
Data Protction
Amber Donovan-Stevens
2 min


Coinbase, the San Francisco based Cryptocurrency exchange, is a secure platform that makes it easy to buy, sell and store Cryptocurrencies.

Coinbase...

Coinbase was founded in 2012 by Brian Armstrong Fred Ehrsam

Coinbase, the San Francisco based Cryptocurrency exchange, is a secure platform that makes it easy to buy, sell and store Cryptocurrencies.

Coinbase was founded in 2012 by Brian Armstrong and Fred Ehrsam in California. The company specialises in brokering a large variety of currencies, including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin with fiat currencies across 32 countries. 

To date, Coinbase has exchanged $150bn+ of Cryptocurrency, supports 102 countries worldwide and has served upwards of 30 million customers. It dubs itself the “most trusted cryptocurrency platform.”

Cryptocurrencies are a turbulent product to say the least. So far this year, we have seen a drastic rise in Bitcoin’s value, and skepticism over the legalities of Facebook’s Project Libra which continues to divide businesses over the sustainability of cryptocurrencies and its adoption into businesses. Yet despite this, crypto has the potential to be lucrative to investors, and is continuing to alter the concept of currency. 

To ensure maximum security when using cryptocurrencies, investors often use brokers such as Coinbase to protect their assets. Indeed, the business sees its security as its key selling point. Below we list the five key security features at Coinbase: 
 

  1. Data Protection According to Coinbase, 98% of customer funds are stored in a vault, offline. Sensitive information is stored on an off-line server which has no connection to the internet. Data is then split, AES-256 encrypted, and copied to FIPS-140 USB drives and hard copies. These drives and hard copies are then distributed geographically in safe deposit boxes and vaults across the world.

  2. Insurance Though Coinbase holds less than 2% of customers' funds online, all of the currencies held by Coinbase are insured, should there be a breach on its online storage.

  3. Employee Screening All employees undergo a criminal background check before joining the company. All employees are required to encrypt their hard drives, and take exceptional care when creating strong passwords and locking screens in use.

SEE MORE: 

 

  1. Security and Control via app The Coinbase app has two layers of security: Username and password; and a single-use, generated code sent to the users phone. 

  2. The Bug Bounty Program Coinbase Also known as the Vulnerability Rewards Program (VRP), Bug Bounty Program is an incentive program that invites individuals to identify and report vulnerabilities within the system for a  financial reward. 

Did you know? As of August 2018, there were a reported 1,600 different cryptocurrencies across the world. 

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Jul 22, 2021

Upgrade launch new credit card with bitcoin rewards

Fintech
upgrade
Bitcoin
card
2 min
Upgrade has announced their new bitcoin rewards card that offers unlimited 1.5% BTC back on every purchase paid

Upgrade, a fintech company focused on providing credit for mainstream consumers, has launched the Upgrade Bitcoin Rewards Card a new version of its Upgrade Card featuring bitcoin rewards. Under the new programme, users earn unlimited 1.5% bitcoin rewards on every purchase as they make payments.  

The custody and trading platform for holding and selling bitcoin is provided by NYDIG and the card is a Visa Signature card, which includes benefits such as trip and baggage insurance, purchase protection, and extended warranty coverage.

The company offers credit lines from $500 to $25,000 with the Upgrade Bitcoin Rewards Card depending on your credit score. It works with Apple Pay and Google Pay. Like other Upgrade credit cards, there are no monthly fees, late fees, or returned payment fees.

"Upgrade Card is already delivering over $3 billion in annualised credit to consumers," said Renaud Laplanche, co-founder and CEO at Upgrade. "Starting today, anyone can apply for an Upgrade Bitcoin Rewards Card and enjoy the same affordable and responsible credit as with any Upgrade Card, plus the potential upside and fun of owning bitcoin."

 

 

(Image: Upgrade)

Participating in the crypto economy 

 

Upgrade isn’t the first company to announce a credit card with bitcoin rewards, but it’s the first one that is generally available. Anyone can apply with no waitlist, and start using their virtual card immediately until they get their physical card in the mail. 

"Crypto rewards introduce cardholders to a new asset class that is increasingly part of a consumer's financial portfolio," said Terry Angelos, SVP and Global Head of Fintech at Visa. "Whether you're a crypto enthusiast or just getting started, programmes like the Upgrade Bitcoin Rewards Card offer an engaging and low-risk way to participate in the crypto economy."

At the moment, you can’t do much with your bitcoins. You can choose to hold them or sell them. There’s no way to transfer your bitcoins to another wallet for instance. If you choose to sell your rewards, there’s a 1.5% transaction fee.

This card is not currently available in all 50 states. Customers in Hawaii, Indiana, Iowa, Louisiana, Nebraska, Nevada, New Hampshire, North Carolina, Washington, West Virginia, Wisconsin, and the District of Columbia can’t order an Upgrade Bitcoin Rewards Card at the moment.

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