Coinbase to Launch Venture Fund

Coinbase will provide financing to promising companies which promote great and inspirational ideas
07 April 2018   1847

On April 5, Emilie Choi, Head of Corp at Coinbase, has announced the formation of Coinbase Ventures. Coinbase will provide financing to promising companies which have really great and inspirational ideas. The goal of Coinbase Venture fund is to help the most compelling companies to flourish. Its focus is on building strong relationships and helping to spur on the development of the ecosystem.

We also have a strong Coinbase alumni network, which we’re very proud of. People who have worked at Coinbase are encouraged to think entrepreneurially, and you can expect that we’ll enthusiastically invest in ideas from our own alumni network.
 

Emilie Choi

Head of Corp, Coinbase

Coinbase reported that it may invest in companies that are potentially competitive, because it’s in everyone’s interest to see the ecosystem innovate, and it takes a long term view of the space, and it believes that multiple approaches are healthy and good.

Previously we have reported that Coinbase announced that in the coming months it will provide its users with the opportunity to withdraw coins that appeared as a result of the forks of the Bitcoin network.

Coinbase to Appear in San Francisco District Court

Exchange representatives must appear in court due to issues related to BCH trading launch in 2017
07 August 2019   129

San Francisco District Court judge Vince Chhabria ruled that the latter showed negligence and “clear incompetence generated by haste” when it started trading in Bitcoin Cash (BCH) on Coinbase. Now Coinbase, apparently, will be forced to stand trial, Bloomberg reports.

So, at the end of 2017, the exchange opened BCH trading, but was forced to suspend operations after 2 minutes due to high volatility and suspicious price increases - the coin began to grow rapidly several hours before the announcement of Coinbase.

Then the company was accused of insider trading, later crypto enthusiasts even began to find confirmation of this.

According to the judge, the users who bought VSN at inflated prices were primarily affected. He noted that the suspension of trading was too hasty and disrupted the normal functioning of the market.

BCH buyers claim that Coinbase could have announced a bid in advance to prevent a price spike, but it did not. The judge agreed with this opinion and noted that shortly before the launch of BCH trading on Coinbase, the Chicago Mercantile Exchange opened trading in bitcoin futures, which could become a factor of too much market participants' recovery.

According to the publication, Coinbase has not yet commented on the court decision.

Recall that in March 2018, a class action lawsuit was filed against the company, in which Coinbase was accused of “artificially overpricing” Bitcoin Cash through trading based on insider data.