Coinbase Just Moved $5 Billion for Altcoin Expansion


Coinbase has been extremely active with its ’12 Days of Coinbase’ marketing initiative. The cryptocurrency exchange has been releasing daily updates on its company for the last ten days. Yesterday’s announcement was the biggest yet.

Coinbase Moves $5 Billion

On day one, the cryptocurrency exchange announced that its users could buy e-gift cards from a wallet on its platform through WeGift. Vendors supported on WeGift include Uber, Nike, and many others.

On day five, Coinbase announced that it had teamed up with PayPal, and the platform now offers PayPal withdrawals in the US. The announcements just keep getting bigger and bigger. It will be interesting to see what day 12 will hold!

Yesterday, on Day 10, Coinbase announced that it took on what it believes to be the biggest cryptocurrency transfer on record. The cryptocurrency exchange recently moved 5% of all Bitcoin, 8% of all Ethereum (ETH), and 25% of all Litecoin (LTC) in circulation. The reason for doing so was to move the funds to its new evolution of a cold storage wallet.

The announcement reads:

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“We began planning months before the actual move date and involved almost every team at Coinbase in the process. We conducted risk assessments, honed monitoring plans and conducted test migrations until we were positive that the live migration would go off without a hitch.”

The migration went without complication. This new cold storage system is a core part of the company’s strategy to expand its asset offerings.

>> Western Union: Testing Ripple’s Blockchain, Will It Take on Crypto Next?

Day 11

Today, Coinbase announced it has expanded to six additional European countries. Starting today, the cryptocurrency exchange will be available in Lithuania, Iceland, Isle of Man, Guernsey, Gibraltar, and Andorra. The company was already operational in 33 countries before today’s announcement.

“Next year we will continue expanding rapidly into new regions and adding assets to the Coinbase platform to meet customer demand,” the announcement concludes.

Featured Image: Depositphotos/sharafmaksumov

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