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Coinbase Custody Has $1 Billion of Crypto Under Management

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During an on-stage discussion at Consensus, Brian Armstrong, CEO of major United States cryptocurrency exchange Coinbase, said that its custody service has already received $1 billion in crypto under management. Coindesk reported on Armstrong’s comments on Wednesday, May 15.

Panel moderator and Wall Street Journal reporter Paul Vigna asked Armstrong about the perspectives of institutional investments in the crypto industry. In response, the Coinbase CEO provided an example of his own company, noting that Coinbase Custody managed to get $1 billion in assets under management in just 12 months after its launch. He also mentioned that 70 institutions signed up to the service during that period.

Moreover, Armstrong believes that investments in the sphere will grow rapidly, as institutions want their funds to be active while in custody. The Coinbase CEO stated that institutions want their funds to stake, vote and do governance on-chain.

As for the most popular asset among the institutional investors, Armstrong thinks that bitcoin (BTC) is still at the top of the list. However, the interest in other coins is growing too, which is why Coinbase currently provides 30 altcoins for institutions, he noted.

Finally, Armstrong mentioned that Coinbase Pro — an upgraded trading platform for advanced users — currently has more than 60% of its trading volume coming from institutions. The company is also interested in the idea of a self-custody solution, and is discussing the matter with Israeli-based startup StarkWare.

As Cointelegraph previously reported, Coinbase officially launched its custody for institutional investors last July. Back then, the company revealed that it would enable its new institutional clients “to participate in the crypto ecosystem through proof of stake and distributed governance.”

Just yesterday, the U.S. exchange made a major announcement concerning the expansion of its services to 50 more jurisdictions, such as Brazil, South Africa and Taiwan, among others. Moreover, Coinbase expanded the trade of USD Coin (USDC) to customers in 85 jurisdictions.





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New Zealand Blockchain Group to Request Government Blockchain Strategy

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New Zealand-based blockchain industry group BlockchainNZ announced that it will request a national blockchain strategy from the government next Thursday, according to a press release on May 21.

The executive director of Blockchain NZ, Mark Pascall, will give a presentation to the New Zealand parliament’s economic development, science and innovation select committee hearing on the potential economic advantages of implementing blockchain tech solutions in the country.

The presentation will reportedly serve as an introductory seminar on blockchain, bitcoin, smart contracts, security tokens, and decentralized autonomous organisations.

Pascall commented that Blockchain NZ wants to have its experts work together with the government to formulate this strategy, and also highlighted the financial scope of blockchain in 2019:

“So, we really want government to take blockchain seriously and produce a strategy. We can help them with that so we strike a balance between trying to plan for an unpredictable future and taking some action so we realize huge potential economic benefits for the country.”

Blockchain NZ is a group of various blockchain-oriented business, organizations and experts, that was formed in 2016. In 2018, the organization voted to become part of the not-for-profit New Zealand Tech Alliance.

Various countries have either implemented or are in the process of implementing or have already implemented national blockchain strategies.

In April 2018, Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai, launched the ‘UAE Blockchain Strategy 2021.’ In addition to other benefits, the plan will purportedly reduce government expenditures on documentation.

In February, the German government announced it would form such a strategy by mid-2019. Some parliamentarians of the Bundestag stated that the strategy should also include a framework for trading cryptocurrencies.

In March, Australia revealed a national blockchain roadmap and a funding boost to support the technology’s development. The new plan aims to make Australia a national leader in the blockchain industry.





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Central Bank of Laos Issues Warning Against Using Cryptocurrency

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The central bank of Laos has warned the public against the use, purchase or sale of digital currencies, local news outlet Vientiane Times reported on May 21.

The Bank of the Lao PDR has issued a warning to financial market participants and the public against cryptocurrency transactions as they are considered illegal in the country. The bank previously banned financial institutions from conducting any operations with cryptocurrencies, as well as making investments in such an asset.

The bank is purportedly concerned about the anonymity of the sender and receiver in a cryptocurrency transaction, which it worries increases the risk of digital assets’ use in money laundering. A source familiar with the matter told Vientiane Times that authorities do not have a relevant security system to protect cryptocurrency owners.

While some countries like, Canada, Malta and Switzerland have embraced the new asset class to varying degrees, officials around the globe are still expressing skepticism toward crypto, while some hardliners call for outright bans.

In the United States, where the legal status of crypto can vary state-to-state, California Congressman Brad Sherman recently called for a full ban on cryptocurrencies. Sherman claimed that crypto presents a threat to the power of the U.S. dollar to affect world economic developments.

In April, Cointelegraph reported that the Indian government was considering a complete ban of cryptocurrencies under the Prevention of Money Laundering Act since it could purportedly be used for money laundering. The Ministry of Corporate Affairs reportedly stated that cryptocurrencies are used in fraudulent schemes to “defraud gullible investors”.

That same month, news broke that Pakistan — which banned cryptocurrency trading last April — is implementing new cryptocurrency regulations in an effort to improve its track record in fighting financial crime. The move was reportedly in part a reaction to demands from international monitoring body the Finance Action Task Force, which has repeatedly voiced concerns about cryptocurrencies’ role in terrorist financing.





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Firefox Quantum Offers Anti-Cryptojacking Feature

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Firefox Quantum, the latest version of open-source internet browser Firefox, has a new privacy toggle that protects against cryptojacking, according to a blog post by Mozilla on May 21.

Mozilla previously warned official blog post that websites can deploy scripts that launch a crypto miner on a user’s machine without them being aware — a practice known as cryptojacking.

To combat these exploitative practices, Mozilla partnered with online privacy company Disconnect to create a crypto mining blocker for their browser. Users can now toggle an opt-in feature, that purportedly blocks would-be cryptojackers from taking advantage of spare computing power to mine cryptocurrencies.

Mozilla initially announced that it would block cryptojacking in new browser releases in August 2018. As per a report by Cointelegraph, Firefox featured cryptojacking protection in its Firefox Nightly 68 and Beta 67 versions this April, just prior to the launch of Quantum.

Firefox Quantum also aims to mitigate the practice of so-called “fingerprinting,” which makes a sort of digital fingerprint of a user that is employed to monitor their activities on the internet.

Cryptojacking at the consumer level was called “essentially extinct” by cybersecurity company MalwareBytes on April 23. According to the report:

“Marked by the popular drive-by mining company CoinHive shutting down operations in early March, consumer cryptomining seems to have gone the way of the dodo. Detections of consumer-focused bitcoin miners have dropped significantly over the last year and even from last quarter, while business-focused miners have increased from the previous quarter, especially in the APAC region.”

According to the report, consumer malware detections have gone down by approximately 40%. Businesses, however, are being targeted more heavily by cryptojacking attempts, with

Business detections increasing by about 7% during the first quarter of 2019.





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