The Daily: Coinbase Forms Political Action Committee, EY Acquires Crypto Patents
In The Daily on Saturday, crypto exchange Coinbase has formed a political action committee to raise funds for US elections. Also, Ernst & Young has announced the acquisition of crypto technology and patents, and Indonesian crypto POS terminal maker Pundi X is looking to expand in South Korea with a new partnership.
Also read: Minsk Mulls Rules for Exchanges, Qiwi Awards Employees with Tokens
Coinbase to Raise Money for Elections
California-based crypto exchange Coinbase has formed a political action committee in order to raise money that can be spent on US elections, Reuters reported quoting the company. The filing was announced on Friday, July 20. According to the report, the political action committee has not raised any funds yet.
Coinbase is an important player in the crypto sector. A couple of months ago, the exchange said it would revamp its trading technology to create and offer a new suite of services to attract more institutional investors, including hedge funds and high-frequency trading firms. Its new institutional offering, Coinbase Custody, is already open for business. The company also launched its Coinbase Pro platform.
In May, it was revealed that Coinbase’s representatives had met with US regulators to talk about the possibility to apply for a banking license. The trading platform reportedly contacted officials from the US Office of the Comptroller of Currency earlier this year to discuss the matter. Reports that Coinbase had been approved to list securities were later corrected by the company.
Coinbase’s decisions and moves often influence crypto markets, as was the case with the recent announcement that the exchange is considering adding five new cryptocurrencies – ADA, BAT, XLM, ZEC, and ZRX. The news quickly raised the prices of these coins by up to 20 percent.
Leading Exchanges List New Coins
Speaking of new listings, Chinese-run Okex, one of the largest cryptocurrency exchanges, has added the cardano (ADA) cryptocurrency to its platform with trading starting on July 23. The company announced the addition on Twitter, this past Friday. It has also added a new token, hycon (HYC), whose spot trading is scheduled to begin on the 24th. According to Coinmarketcap, cardano is currently 8th among the tracked cryptos, with a market capitalization of over $4.2 billion USD.
Another leading exchange, Singapore-headquartered Huobi, announced this week it is adding digibyte (DGB) to its trading options. The coin has been offered since Friday, in pairs with bitcoin (BTC) and ethereum (ETH). Withdrawals will be available on Sunday, July 22. After the announcement, the price of DGB surged by about 17 percent. At the time of writing, digibyte ranks 32nd, according to Coinmarketcap, with a market capitalization of over $460 million.
Ernst & Young Acquires Crypto Technology
While major players from the crypto space are looking to diversify elsewhere, established financial companies have been exploring possibilities in the fintech sector. Ernst & Young, one of the major global accounting firms, announced this month the acquisition of technology assets and related patents from Elevated Consciousness. The San Francisco-based startup specializes in developing solutions for the crypto-asset ecosystem like the Andy Crypto-Asset Accounting and Tax tool (CAAT) which connects with multiple crypto exchanges and wallets, allowing for better visibility into transactions and inventory.
The acquisition is part of EY’s strategy to expand blockchain-related capabilities and services worldwide, according to a press release published by PRNewswire. “Cryptocurrencies and blockchain are transformational forces with a strong potential to fundamentally change the way business is done,” said Kate Barton, EY Global Vice Chair – Tax Services. “CAAT positions us as a leader in serving a variety of companies adopting crypto-assets in an evolving regulatory environment,” she added, quoted in the corporate announcement.
Pundi X with New Partnership in South Korea
Following news that it’s working to build a network of 5,500 POS terminals for crypto payments in Hong Kong, it’s been reported that Pundi X is now eyeing the South Korean market. The Indonesian company revealed in a statement that it has signed a Memorandum of Understanding with the local smart card manufacturer Ubivelox. The partnership aims to support the deployment of Pundi X devices in South Korea.
The Pundi XPOS terminals offer payments in multiple cryptocurrencies and support transactions through other wallets like Alipay and Wechat Pay. These devices accept also payment cards as well as Pundi X’s own XPASS card. The latter allows users to buy, sell and trade different cryptos and make online purchases. The two companies plan to distribute the XPASS cards and develop together a mobile crypto payment system.
The latest announcement is part of Pundi X’s planned expansion in the region. The company intends to introduce up to 100,000 of its crypto POS terminals in Southeast Asia by 2021. The Indonesian firm also claims that a number of businesses from Japan, Singapore, South Korea, and Switzerland have already ordered a total of 25,000 of its terminals.
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