Coinbase considering commission-free trading service


RIYADH: The Nasdaq-listed cryptocurrency exchange has announced that it has made the shiba inu (SHIB) cryptocurrency available to New York residents, who can now trade, buy, sell and store it on Coinbase.


“It’s official, SHIB is now available to trade, buy, sell and store on Coinbase for NY residents,” Coinbase stated on its official Twitter account.


This announcement follows Coinbase adding some SHIB trading pairs. “SHIB-EUR & SHIB-GBP order books are now in full trading mode. Limit, market and stop orders are all now available.” Coinbase tweeted.


Earnings


Square’s Cash app announced that it generated $1.82 billion in bitcoin revenue in the third quarter, an 11% increase over the same period last year.


Its bitcoin gross profit was $42 million during the time period, a 29% increase year-over-year.


“Cash App generated $1.82 billion of bitcoin revenue and $42 million of bitcoin gross profit during the third quarter of 2021, up 11% and 29% year over year, respectively,” Square stated.


However, the company warned that in future quarters, bitcoin revenue and gross profit may fluctuate as a result of changes in customer demand or the market price of bitcoin.


“As of September 30, 2021, the fair value of our investment in bitcoin was $352 million based on observable market prices, which is $203 million greater than the carrying value of the investment,”  Square said.


Arrest


The Foreign Ministry in Moscow confirmed the arrest of Denis Dubnikov, co-founder of cryptocurrency exchange platforms Coyote Crypto and Eggchange, in Amsterdam on November 1.


According to Sergei Mendeleev, CEO of the DeFi banking platform Indefibank the US seeks the extradition of Dubnikov in relation to a cryptocurrency theft dating from 2018.


It is also believed that a portion of the digital money passed through wallets operated by his crypto exchange business.


“Russian diplomats in the Netherlands provide assistance to a detained Russian citizen, they are in contact with local law enforcement agencies on the issue of observing his rights,” a spokeswoman for the Russian Foreign Ministry, Maria Zakharova said.


Trading


Bitcoin, the leading cryptocurrency in trading internationally, traded higher on Sunday, rising by 1.92 percent to $61,869 at 5:54 p.m Riyadh time.


Ether, the second most traded cryptocurrency, traded at $4,607, up 4,61 percent, according to data from Coindesk.


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