In an effort to use digital money to reinvent finance, cryptocurrency exchange Coinbase is trying to legitimize itself by convincing big money managers to it enough to on its exchange. They need to “reassure regulators that bitcoin isn’t a silk road for hackers, money launderers and tax evaders,” reports . From the report: Despite the table tennis, Coinbase shows glimmers of . More than customers have used the company since it began, though it recently quit updating the tally on its website. About $57 of digital currency has traded on the exchange so far this year. It doubled its staff in that time and expects to do so again in 2018. Ultimately, Coinbase plans to go public. The firm said it’s prevailed against security threats, helping it avoid the fate of Mt. Gox, the world’s biggest bitcoin exchange before shutting its doors in 2014 after $480 million of customer funds went bye-bye. Coinbase stores 98 percent of users’ digital currencies in offline safe-deposit boxes. The remaining 2 percent, which is vulnerable because it’s online, is covered by insurance. The company holds more than $10 in digital assets. Developing ties with banks is one of the biggest challenges. Coinbase doesn’t publicly disclose its banking relationships, but a person familiar with the matter said the company is partnering with Cross River Bank, Metropolitan Bank and Silvergate Bank in the U.S.


Share on Google+

Read more of this story at Slashdot.

Related posts: