Coinbase Pro Accepts Dogecoin Deposits


Coinbase Pro plans to open up to Dogecoin this year as the joke coin has seen a massive 6,000 percent increase in value, CNBC reported.

The process began Tuesday (June 1), and the coin is now available to Pro users for trading, the report stated.

While Dogecoin started off as a joke, its value was boosted from tweets by billionaire and Tesla CEO Elon Musk. Currently it is trading at 32 cents, which represents the aforementioned 6,000 percent boost, according to the report.

Coinbase, which is one of the biggest crypto exchanges, plans to introduce staggered trading on Thursday (June 3) for Dogecoin if there’s enough liquidity after the immediate rollout of accepting inbound transfers, the report stated. The exchange will be launching it in three phases: post-only, limit-only and full trading.

In other, news, financial advisers are feeling the pressure to offer crypto investments to clients, CNBC reported.

A total of 14 percent of advisers are using or recommending the interests. That’s an increase from less than 1 percent in 2019 and 2020, according to the report. About 26 percent of these advisers plan to increase how they use and recommend crypto in the next year.

Additionally, around 49 percent of advisers have said clients are asking more about the digital currencies. That’s up from 17 percent in 2020, the report stated.

Meanwhile, Starling Bank plans to allow cryptocurrency deposits again on June 23 after pausing them earlier in the week, CoinDesk reported.

Starling, which is based in the U.K., paused the payments out of concern for financial crime, which was a suspected issue with some payments in the past, the report stated.

According to Starling Bank Chief Corporate Affairs Officer Alexandra Frean, the issue had not only been with Starling but with all U.K. banks, per the report. She added that users can still make outbound payments to cryptocurrency exchanges via the Starling debit card.

Lastly, an investment shortfall of around 10 billion euros (about $12 billion) could put in jeopardy the efforts of the European Union to gain a foothold in artificial intelligence (AI) and blockchain, a Reuters reported.

The European Investment Bank (EIB) said the U.S. and China, which the EU wants to compete with, account for over 80 percent of the 25 billion euros (about $31 billion) of equity investments in both technologies, while the EU only accounts for 7 percent of the total, the report stated.

According to the EIB, per Reuters, companies and governments should be investing more to help get ahead.

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NEW PYMNTS DATA: CRYPTOCURRENCY PAYMENTS STUDY – MAY 2021

About The Study: U.S. consumers see cryptocurrency as more than just a store of value: 46 million plan say they plan to use it to make payments for everything from financial services to groceries. In the Cryptocurrency Payments Report, PYMNTS surveys 8,008 cryptocurrency users and nonusers in the U.S. to examine the ways in which they plan to use crypto to make purchases, what crypto they plan to use — and how merchant acceptance can influence merchant choice and consumer spend.






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