Coinbase Warns Users of Card Issuers Changing MCC Code

Coinbase stated that the changes to the MCC code for cryptocurrency purchases can result in credit companies charging higher fees for transactions
01 February 2018   204

As it is reported by Techvoid, on January 1 Coinbase cryptocurrency exchange sent emails to its users this morning warning them about credit card companies which are changing MCC code. MCC code is ususally used to classify the business by the type of goods or services it provides.

Coinbase email
Coinbase email regarding MCC code

Coinbase stated that the changes may affect the cost of purchasing cryptocurrency with credit cards, setting it higher than it used to be. The number of major credit card issuers has changed the MCC code, which will increase the fees, and Coinbase warned users that those fees are not collected by Coinbase itself.

Moreover, Coinbase recommended its users to switch to the bank account or debit card so as to avoid the high fees for transactions.

Coinbase Implemented SegWit

One of the largest cryptocurrency exchange now supports SegWit protocol
21 February 2018   160

The leading crypto exchange of digital assets Coinbase announced the imminent launch of Segmental Witness (SegWit) protocol.

The SegWit protocol was activated in the bitcoin network in August 2017, but even after six months a number of large companies still did not support it. Coinbase turned out to be under a separate wave of criticism - a few months ago the company expressed support for some dubious decisions that could potentially increase its profits, but would hardly contribute to the healthy development of bitcoin as a whole.

It is important that Coinbase has one of the largest user bases in the bitcoin industry, and SegWit support will surely have a positive impact on both the total number of SegWit transactions on the network and the reduction of commissions.