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Facebook Restores Coinbase Cryptocurrency Ads

After a careful review of its policies, Facebook has decided to allow the exhibition of specific crypto related ads from now on. Coinbase, the biggest cryptocurrency exchange in the United States got the first green light to promote itself on this social network.

Brian Armstrong, CEO of Coinbase, announced the decision in a tweet a few hours ago in which he expressed his pride and enthusiasm for being able to contribute to the massification of what he described as an “Open Financial system”:

A Great Oportunity for Coinbase

With this move, Coinbase gains a significant advantage over its competitors. The possibility of reaching the userbase of over 2 billion users per month that Facebook manages, represents an incredible potential to expand the potential of this exchange.

It is also important to note that this decision comes at a perfect time as Coinbase is currently expanding its business. Previously, the Coinbase team had announced that they were studying the possibility of adding more cryptos to their database (a little scarce compared to other exchanges).

The Coinbase team is also working hard to renew its image. They announced changes within their board of directors and Gdax, their trading platform, was rebranded to Coinbase Pro.

In addition to the previous announcements, Coinbase is actively promoting its Coinbase Index Fund as well as the Coinbase Custody platform especially oriented to institutional investments.

A Good Move

Facebook’s decision is particularly important because it is a recognition of the legitimacy of cryptocurrencies as a genuine means of financial intermediation, and although there may be scams, the benefit to society is far greater than the risks associated with unlawful practices.

Very probably, Coinbase will start to invest heavily in its Facebook advertisement campaigns, trying to take advantage of the privileged position in which it currently stands, with no competition whatsoever.

The decision to ban crypto-related ads was made a few months ago as part of a joint effort by several technology giants such as Facebook, Twitter, and Google to avoid the scams and illegal practices that were being promoted through these platforms.

It is not yet known whether Facebook will reopen the possibility of paying for crypto-related ads, but the decision regarding Coinbase is a step in the right direction. Probably, in case of a reconsideration, the controls to obtain a permit from Facebook will be careful enough to avoid scammy projects that defraud the users.

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Facebook To Compete With Ripple (XRP) On Cross Border Payment

It appears Facebook is planning to compete with Ripple in cross-border payment. The social media giant is researching on creating its cryptocurrency which will give its billions of users around the word opportunities to achieve hassle free cross-border transaction and settlements.

Ripple and other cryptocurrencies who are working assiduously to get the world seamless cross-border remittance may receive a life-threatening competition from Facebook anytime soon.

A Facebook official who pleaded anonymity disclosed to Cheddar that “They are very serious about it.”

Another Facebook executive said Facebook will possibly need to make “acquisitions in the blockchain and cryptocurrency space to develop its own virtual currency”.

The journey into blockchain started early this year when Zuckerberg, CEO at Facebook announced that it recognised cryptocurrency, which takes “power from centralized systems and put it back into people’s hands.”

However, he intends looking into the “risk of (cryptocurrency) being harder to control.” “I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services.”

Then to the recent announcement by David Marcus, head of Messenger, an ex PayPal president and Coinbase board member, who has been working for Facebook for four years.

Marcus is now in charge of everything blockchain in the firm. He’s to set up a group of who will explore blockchain opportunities across Facebook.

“After nearly four unbelievably rewarding years leading Messenger, I have decided it was time for me to take on a new challenge. I’m setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch,” Marcus said in a Facebook post.

Marcus’s now to lead a team of Facebook employees researching on blockchain technology. He knows much about cryptocurrency for the fact that he’s an early Bitcoin investor, and to cap it all, in December, 2017, he joined the board of Coinbase.

Earlier this week, a Facebook Spokesperson told Cheddar that “Like many other companies Facebook is exploring ways to leverage the power of blockchain technology.”

“This new small team will be exploring many different applications. We don’t have anything further to share.”

Clamp Down On ICO

Not long after Zuckerberg revealed its new-year resolution, Facebook began removing crypto related ads, saying the platform is working on securing unsuspecting users who may be defrauded by fake Initial Coin Offerings (ICOs).

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Google Ban Thickens, Removes Crypto Mining Scripts From Chrome Store

Google has revealed it is banning all forms of mining extensions from the Chrome Web Store, saying it has it has already blocked 90% of Chrome browser cryptocurrency mining extensions due to their non-compliance to Google policy. The move, according to observer is to guard against cryptojacking.

Google’s recent announcement is coming after Facebook, Twitter and Mailchimp maintained their ban on Crypto-related advertisement saying they all aim at regulating the cyberspace from fraudulent ads.

On April 2nd, 2018, Google declared there will be no new cryptocurrency mining extensions on the Chrome Store.

“As the extensions ecosystem continues to evolve, we remain focused on empowering developers to build innovative experiences while keeping our users as safe as possible.”

The statement added that any remaining extension will be removed from the store in June. Google says it noticed increasing malicious extension with people thinking they are useful, not knowing they usurp a great amount of CPU resources, thereby lowering the functions and performance of the system without the user knowing.

“Over the past few months, there has been a rise in malicious extensions that appear to provide useful functionality on the surface, while embedding hidden cryptocurrency mining scripts that run in the background without the user’s consent.”

Google had in the past agreed that designer upload mining extension on Chrome Store only if users of the extension were informed of the activities and if the apps were used for mining alone. However, most of the applications fall below the stipulated policy of Google.

According to the Chromium post, “90% of all extensions with mining scripts that developers have attempted to upload to Chrome Web Store have failed to comply with these policies, and have been either rejected or removed from the store.”

The new policy, according to Google will give opportunity to users to use the store without exposing themselves to risks.

“This policy is another step forward in ensuring that Chrome users can enjoy the benefits of extensions without exposing themselves to hidden risks.”

There seems to be a complete clamp down on cryptocurrencies and ICO, especially with big advertisement companies, claiming through body languages, that they pose more threat to users.

Many a number of observers are of the opinion that cryptocurrencies needs regulations to make them reliably acceptable without the need for fear.