Having launched GiveCrypto.org earlier this year to make direct cryptocurrency transfers to people living in poverty, Brian Armstrong — CEO of US crypto exchange giant Coinbase — has now promised to give a huge chunk of his fortune away to charitable causes.

“This year, I started my first philanthropic effort, GiveCrypto.org, which makes direct cash transfers to people living in poverty. I’m excited about the potential for this organization to help people, but I’m still early on my journey of discovering how to have the most impact via philanthropy.”

Per a report on CNBC, Armstrong signed the Giving Pledge, becoming the first cryptocurrency entrepreneur to pledge to donate the majority of his wealth for the greater good.

The Giving Pledge is a campaign started in 2010 by billionaires Bill Gates and Warren Buffett, which seeks to encourage the world’s wealthiest to use their fortune to help make the world a better place. According to a Wealth-X report published on Business Insider, the total value of pledges made to the charity could be worth as much as $600 billion by 2022.

He joins other billionaires including Tesla’s Elon Musk, businessman Michael Bloomberg, and Facebook creator Mark Zuckerberg, all of whom have dedicated the majority of their wealth to giving back. Zuckerberg, who joined the pledge when it was launched, promised to give away 99% of his Facebook shares during his lifetime.

Armstrong runs Coinbase, one of the largest cryptocurrency exchange whose valuation was recently placed at $8 billion after the completion of its last investment round. According to Forbes, Armstrong is worth $1.3 billion as a co-founder. The recent downturn in the market, which saw trading volumes drop on most trading platforms, will see Armstrong’s net worth dip, but he still can’t be far off the $900 million to the $1 billion range.

“Once a certain level of wealth is reached, there is little additional utility from spending more on yourself. One’s ambition begins to move outwards. I’ve always admired founders and leaders whose ambition to improve the world supersedes any goal related to personal wealth,” Armstrong explained on the Giving Pledge website.

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Major cryptocurrency exchange and wallet Coinbase recently made what it claims is the largest transfer of crypto on record, a company blog post reports Dec. 19.

According to the post, 5 percent of all Bitcoin (BTC), 8 percent of all Ethereum (ETH), and 25 percent of all Litecoin (LTC), along with “many other assets” were moved to new cold storage infrastructure in what the firm “believe[s] is the largest crypto migration on record.”

Coinbase reports that last week, the firm “completed an on-blockchain migration of approximately $5 Billion (as valued the week ending Dec. 7, 2018) of cryptocurrency from Generation Three to Generation Four of our cold storage infrastructure.”

The latest storage system — which the company reportedly uses for all its cold storage — begins with a “highly controlled and audited key generation process and continue[s] with a globally distributed key storage and transaction approval system.”

According to Coinbase, this system was originally in place for its custody service, which launched in July, as Cointelegraph reported.

Today, Cointelegraph reported that Coinbase has launched an educational project that lets users earn cryptocurrency as they learn about it.

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Major American cryptocurrency exchange and wallet provider Coinbase has launched support for Zcash (ZEC) at Coinbase.com and the exchange’s Android and iOS apps, according to a blog post published Dec. 5.

Per today’s announcement, Coinbase customers can now purchase, sell, send, receive, and store ZEC. The coin will be available for customers in most jurisdictions, but initially customers from the United Kingdom and the state of New York will not be able to use the service. Coinbase further notes that additional jurisdictions may be introduced later.

Since Zcash is a digital currency based on a decentralized blockchain and designed with the goal of making transactions more private than they are on the Bitcoin blockchain, it deploys specific features of cryptography to protect the privacy of its users. Coinbase therefore outlines in the post:

“Initially, customers can send ZEC to Coinbase from both transparent and shielded addresses, but only send off Coinbase to transparent addresses. In the future, we’ll explore support for sending ZEC to shielded addresses in locations where it complies with local laws.”

The move follows the introduction of ZEC on the Coinbase Pro platform in late November. The exchange then noted that trading on the ZEC/U.S. dollar order book would begin only after sufficient liquidity is established.

Zcash has not responded to Coinbase’s announcement, showing a slump by almost 10 percent on the day, according to CoinMarketCap. The coin is trading at around $66.64 at press time, down from yesterday’s high point of $77.73. The altcoin’s market capitalization is around $358.9 million, while its daily trading volume is around $155 million.

Zcash daily trading chart. Source: CoinMarketCap

Zcash daily trading chart. Source: CoinMarketCap

As Cointelegraph reported last week, Coinbase has launched over-the-counter (OTC) trading for institutional customers, purportedly following an increased demand for OTC crypto trading from institutional players.

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Major U.S. crypto exchange and wallet provider Coinbase has launched over-the-counter (OTC) trading for institutional customers, New York-based live streaming financial news network Cheddar reported yesterday, Nov. 27.

Opposed to trading through a crypto exchange itself, over-the-counter crypto trading will allow institutional investors to conduct direct trades between each other.

Christine Sandler, head of sales at Coinbase, commented that the move is taking place in conjunction with an increased demand for OTC crypto trading from institutional players, considering leveraging both exchange and OTC business as a “huge benefit” to their customers. Sandler noted:

“We launched our OTC business as a complement to our exchange business because we found a lot of institutions were using OTC as an on-ramp for crypto trading.”

Sandler also revealed that the OTC service is likely to be combined with Coinbase Custody, a service crypto custodian tool for institutional investors launched on July 2, 2018.

According to Cheddar, Coinbase has also started allowing its clients to trade any asset that is available on institutional investing platform Coinbase Prime, as well as launched more order books options, including web interface, Skype, Bloomberg IB, email, or phone.

On June 6, Coinbase began the process to become a fully regulated broker dealer by the U.S. Securities and Exchange Commission (SEC) in order to offer a number of crypto-related services such as OTC, margin and crypto securities trading, and new market data products. To this end, Coinbase acquired securities dealer Keystone Capital Corp. in addition to Venovate Marketplace, Inc., and Digital Wealth LLC in June.

According to Business Insider, Coinbase first revealed they planned to introduce block trades in May this year.

Circle, a crypto-focused financial services firm funded by major U.S. investment bank Goldman Sachs, has a similar OTC service dubbed Circle Trade. According to Cheddar, the product was introduced in February, 2018 via acquisition of the Poloniex exchange.

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