🔴 Coinbase Buys $500M in Crypto | This Week in Crypto – Aug 23, 2021

Coinbase invests directly in crypto, Facebook’s digital wallet
is ready to launch and the US offers crypto rewards
for catching hackers. These stories and more
this week in crypto. Hi, I’m Nate Martin
from 99Bitcoins.com, and here’s what’s happened
this week in crypto. NASDAQ listed Coinbase
has revealed plans to add half a billion dollars worth of crypto
to its balance sheet. CEO Brian Armstrong announced
that the company’s board had approved the crypto spending spree, adding that Coinbase also plans to invest
10% of all profits generated into digital assets moving forward which might even increase in the future. Facebook is prepared to launch
the Novi digital wallet tied to its blockchain-based
payment system, Diem. The launch is now waiting
for necessary regulatory clearances.

According to the project’s leader Novi could play an instrumental role
in fixing the global payments system that he said is, among other things,
too slow and too costly. Binance has made ID verification
compulsory for all users effective immediately, just weeks after increasing the limit
for unverified users significantly. The verification involves users submitting
their government-issued ID cards and passing facial verification. Binance revealed that these changes
are a result of ongoing reviews of its products and services as the regulatory environment
continues to evolve rapidly. Banking giant Wells Fargo registered
a private bitcoin fund with U.S. regulators, becoming the latest mega-bank
with an indirect crypto investment vehicle. NYDIG and FS Investments
are partnering with Wells Fargo on offering a passive bitcoin fund that will be available
for the bank’s wealthiest clients. Mortgage and lending company
United Wholesale Mortgage has announced that customers will soon
be able to make payments on their houses with crypto.

Initially, the firm is only set
to permit bitcoin payments, though the CEO hinted
that should things go well, the company will also say yes
to payments made with Ether and other assorted altcoins. The Chinese multinational technology
giant, Alibaba Group, has launched a non-fungible token (NFT)
marketplace. The Alibaba NFT platform
will provide customers with the ability to purchase and sell NFTs, and will also allow people to license
and sell intellectual property (IP), as it is copyrighted by blockchain technology. Retail giant Walmart
has posted a job opening looking for a crypto product lead.

The Arkansas based company is working
to build its blockchain team and needs someone to lead it
in a digital direction. The retailer's move comes days
after its competitor Amazon announced its own search
for a cryptocurrency lead. Cell phone provider T-Mobile
has been compromised. Hackers gained access to the private data
of more than 100 million users and are now looking to sell that data
on the dark web in exchange for bitcoin
and other cryptocurrencies. The information in question includes
social security numbers, birthdates, and even physical addresses
of several T-Mobile customers. The U.S. state department is offering
crypto rewards of up to $10 million to individuals that can potentially
help identify malicious hackers. Members of the department claim
that several hackers have targeted power, transportation and water systems
throughout the country, and regulators will pay handsomely for any information that leads
to their identification and capture. That’s what’s happened
this week in crypto, see you next week. If you've enjoyed this video,
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