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Coinbase shifts Focus towards ‘Coinbase Earn’ as it’s high fees still trouble traders

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Coinbase is one of the biggest cryptocurrency businesses within the crypto industry. The exchange has made a name for it and is the most popular exchange for, American users. Over the years it has spread its roots across 30+ countries which include Austria, Belgium, Croatia, Netherlands e.t.c, the latest development, further strengthens its foothold in Europe.

Coinbase has also teamed up with other exchanges like Kraken to launch a Joint Crypto Ratings Council. The council will provide clarification on which tokens will be tradable without the intervention of US Federal Laws.

Recent reports state that the exchange is now shutting down its crypto learning platform Earn.com to further boost the project of their very own making, Coinbase Earn.

Last year, Coinbase acquired Earn.com, the U.S. startup that uses the blockchain for its paid-email service, for a whopping $120 million. Founded as a secretive bitcoin mining operation dubbed “21E6” in 2013, Earn.com quickly raised more than $100 million but struggled as the price of bitcoin fell and expensive operational costs weighed it down.

According to the news outlet The Block, Coinbase announced in an email to its customer that the exchange now plans to shift their focus to Coinbase Earn and will be “sunsetting Earn.com.”

Coinbase Earn allows users to earn cryptocurrencies by completing educational tasks. Their tutorials include how to open MakerDAO CDPs, how to use the Brave browser, and how various blockchain platforms work. According to Coinbase, the Coinbase Earn product “has allowed nearly a million unique users in 115+ countries to earn their share of hundreds of millions of dollars in crypto.”

Earn.com users will now have to withdraw all balances within February 2020. About the future of Coinbase Earn, the company states that they plan on “scaling Coinbase Earn even further by adding more campaigns to the platform, to connect more blockchain networks with engaged crypto users.” 

Back in October, Coinbase made an announcement describing its updated fee structure; the exchange’s “Pro” arm announced that its maker and taker fees would be rising from next week. The ones most affected by this fee increase were the small-time traders.Compared to other exchanges on the scene, Coinbase has become a lot more costly. The maker fees were up by 233 per cent and this drastic fee increase faced a heavy backlash from the crypto community. While Coinbase is making crypto education more appealing to newcomers, it has been a nuisance for traders.

Anna Larsen
Anna Larsen has been a Crypto enthusiast since 2016. Fascinated by the technology and its usecases she decided to pursue a career in content creation related to this space. The journey has been exciting ever since.

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