Coinbase receives plenty of complaints

LendEDU reports that Coinbase draws the most criticism this year
30 August 2017   2852

Coinbase, a digital asset exchange company headquartered in San Francisco, CA, is believed to draw plenty of criticism this year. 

Thus, an online student loan market LendEDU reports that Coinbase has received 288 complaints in 2017, a figure that represents a dramatic increase from the six complaints the startup received in 2016.

Coinbase complaints chart according to lendedu.comCoinbase complaints chart according to lendedu.com

LendEDU specialists asked Tyson Cross, an attorney with Cross Law and a specialist in Bitcoin tax law and anti-money laundering compliance, about the rise in complaints:

As a whole, the industry is growing and more consumers are creating accounts. At Coinbase, the userbase is growing very rapidly. However, as the industry has grown so to have the restrictions placed on companies like Coinbase by regulators. Regulators have forced exchanges, like Coinbase, to place tight restrictions and limits on users due to anti-money laundering concerns. Coinbase, and other exchanges, now require an in-depth verification process to withdrawal money.
 

Tyson Cross
An attorney with Cross Law and a specialist in Bitcoin tax law and anti-money laundering compliance

As reported, Cross went on to say that he believes the increase in complaints against exchanges is caused by the increasingly strict verification processes.

Concerning the complaints, Coinbase has pledged to use a new funding round to boost its struggling customer service.

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   90

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.

 

Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.