Coinbase launches spot trading on international exchange, Block introduces BitKey and new FASB rules

3 min read

International exchange Coinbase to launch spot crypto trading

Coinbase said it will begin offering spot crypto trading services on its international exchange on Wednesday as the company expands its base beyond the United States.

Spot trading on the company’s international exchange, which is currently geared toward derivatives trading, will roll out in phases starting with the digital currencies bitcoin and ether against USDC stablecoin on Dec. 14, Coinbase said in a blog post.

The U.S. Securities and Exchange Commission sued Coinbase in June for allegedly selling unregistered securities, which the company denies, part of a broader U.S. crackdown on the industry following some high-profile collapses including FTX.

Source: Reuters

New FASB crypto standard captures fair value, benefits of price gains

The Financial Accounting Standards Board (FASB) has published a “fair value” standard for digital assets that seeks to improve the experiences of businesses that hold these assets on their balance sheets.

Previously, entities holding assets like bitcoin could only value it at the lowest price since it was purchased, reflecting inaccurate and underestimated financial performance and earnings reports for those entities.

By introducing formal fair value standards, the FASB enables entities to measure their crypto holdings at their true value at each reporting period, reflecting more accurate performance of these assets.

Source: TheStreet

Bitkey bitcoin wallet from Block comes to market in more than 95 countries

Jack Dorsey’s fintech company Block (SQ) has unveiled its self-custody bitcoin wallet Bitkey for pre-order in more than 95 countries.

Bitkey consists of a mobile app, hardware device and a set of recovery tools, Block announced last Thursday.

The app allows customers to make bitcoin transactions via their mobile phone, while the hardware device stores their assets offline.

The app and hardware device form two of the three keys used to secure a customer’s bitcoin, with the third stored on Bitkey’s servers. The third key is used to verify transactions made by customers using only their phone (when they don’t have the hardware device to hand) and to recover their wallet if they lose their phone, device or both.

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