A Closer Look Into Coinbase
We take a look into Coinbase, a leading digital currency exchange company, who was featured in our list of the top ten technology startups, in this month's magazine.
Founded in June of 2012, Coinbase is a digital currency wallet and platform where merchants and consumers can transact with new digital currencies like bitcoin, ethereum, and litecoin. We're based in San Francisco, California.
Bitcoin is the world's most widely used alternative currency with a total market cap of over $100 billion. The bitcoin network is made up of thousands of computers run by individuals all over the world. Digital currencies are changing how we use and think about money. Coinbase, the most trusted company in the space.
What do they offer?
Coinbase has a variety of features that make it the best place to start trading.
Manage your portfolio: Buy and sell popular digital currencies, keep track of them in the one place.
Recurring buys: Invest in cryptocurrency slowly over time by scheduling buys daily, weekly, or monthly.
Vault protection: For added security, store your funds in a vault with time delayed withdrawals.
Mobile apps: Stay on top of the markets with the Coinbase app for Android or iOS.
What is bitcoin?
Bitcoin is the world’s first widely-adopted cryptocurrency. With Bitcoin, people can securely and directly send each other digital money on the internet.
Bitcoin was created by Satoshi Nakamoto. It’s an appealingly simple concept: bitcoin is digital money that allows for secure peer-to-peer transactions on the internet.
Unlike services like Venmo and PayPal, which rely on the traditional financial system for permission to transfer money and on existing debit/credit accounts, bitcoin is decentralized: any two people, anywhere in the world, can send bitcoin to each other without the involvement of a bank, government, or other institution.
Every transaction involving Bitcoin is tracked on the blockchain, which is similar to a bank’s ledger, or log of customers’ funds going in and out of the bank. In simple terms, it’s a record of every transaction ever made using bitcoin.
Unlike a bank’s ledger, the Bitcoin blockchain is distributed across the entire network. No company, country, or third party is in control of it; and anyone can become part of that network.
There will only ever be 21 million bitcoin. This is digital money that cannot be inflated or manipulated in any way.
It isn’t necessary to buy an entire bitcoin: you can buy just a fraction of one if that’s all you want or need.
Coinbase prides itself on being the most trusted cryptocurrency platform.
- Secure storage: The company stores the vast majority of the digital assets in secure offline storage.
- Protected by insurance: Cryptocurrency stored on the servers is covered by our insurance policy.
- Industry best practices: Coinbase supports a variety of the most popular digital currencies.
Find out more about Coinbase, here.
ServiceNow pumps millions into EU service compliance
ServiceNow, the digital workflow company, has announced a multimillion euro investment to help EU customers meet compliance requirements.
The legal, technical and organisational safeguards will help companies to comply with the the Schrems II judgment and European Data Protection Board (EDPB) Recommendations issued in June 2021.
ServiceNow’s investment means all EU-hosted data will be exclusively handled within the EU, and the cloud-hosted digital workflow provider claims its solution will come “without impact on current delivery and service”.
ServiceNow upgrade: free of charge
There will be no cost for current customers to opt in to the data compliance solution, even though ServiceNow is investing an unspecified multimillion euro sum and hiring more than 80 new staff across the bloc.
Mark Cockerill, vice president legal, EMEA and global head of privacy at ServiceNow, said: “With any regulation change, cloud services companies have a choice. They can adopt a ‘wait and see’ approach or get proactive and help customers and partners innovate. At ServiceNow we are on the front foot, continually investing in our customers, allowing them to operate with the highest level of choice and control over their EU data.
ServiceNow upgrade: ‘peace of mind’
“Our new EU-centric service delivery model will give our current customers and partners peace of mind. For customers and partners operating in highly regulated industries, or in the public sector, or those that have yet to make the switch to the cloud, this model gives them certainty and simplicity when selecting the cloud service that best suits their needs.”
Carla Arend, lead analyst, cloud in europe for IDC, said, “The Schrems II ruling has led European organizations to revisit their cloud-related data protection policies and processes when it comes to international data transfers through cloud services.
“Contractual, privacy, and security safeguards and the assurance that data will be kept and handled in the EU help European organizations to comply with European data protection laws while taking advantage of global cloud platforms. Vendors, such as ServiceNow, that invest to support their customers in response to this ruling are providing essential choice to their customers.”