United States Exchange Coinbase has launched Rosetta, an open-source tool that makes integration with blockchains easy, faster, and reliable. In an announcement today, Coinbase says it took the decision in its bid to fulfill the vision of bringing about more economic freedom for the whole universe and support open source ecosystem.
Coinbase says it designed and developed Rosetta to serve as a middleware deployed in the integration blockchains on its exchange. Rosetta has been a source of secure and painless crypto integration, and now the exchange decided to unveil the technology to the world to bring about cryptocurrency adoption and ease the hardship encountered during the course of integration with blockchains.
Coinbase says it hopes Rosetta can reduce the time used in integrating and developing technology by both crypto developers and firms. Coinbase says, the new platform was designed to remove all forms of burdens encountered as the number of blockchains continues to increase.
Developers, Coinbase submits, will find the Rosetta interface friendly and easy to navigate while also enabling customer funds are protected, provided some security rules are followed. Through Rosetta, developers find it easy to build cross-blockchain applications like wallet, block explorer, and dapps. The likes of Coda, Handshake, Ontology, Filecoin, Celo, and some other blockchains are already making contributions to Rosetta.
Coinbase says it hopes to integrate more blockchains and some other tools and resources on the Rosetta, this will ease crypto adoptions and integrations.
Like Binance, Coinbase, and some other notable exchanges and relentlessly working on the adoption of cryptocurrency. Coinbase Ventures has invested in over 50 startups in recent times. Of the investments are blockchain platform, analytics sites, security platforms, and some others.
Recently, Coinbase alongside some other firms invested $2.5 million in an Indian-based cryptocurrency exchange, increase the its reach into Asia.
The creation of a seamless solution for integrating cryptocurrencies is a good way to strengthen the usage of crypto assets worldwide.
Users Exiting Coinbase Due to Privacy Concern
Meanwhile, Coinbase has also announced its readiness to grant the Drug Enforcement Administration (DEA) and the Internal Revenue Service (IRS) access to its analytic platform. However, users of the cryptocurrency exchange, in response to the move, are beginning to pull out their funds owing to privacy concerns.
The decision to license Coinbase Analytics to the government agencies comes a year after Coinbase acquired Neutrino, and IRS has specifically mentioned in a document that it is purchasing a 12 months access to the platform.
Nothing less than $200 million in Bitcoin have been suddenly moved out of the exchange by users due to privacy concern. Millions of dollars seem to be leaving Coinbase as we speak.
Observers say the reason behind the sudden fund movement is Coinbase’s decision to offer “streamlined access to publicly-available data”.
— Matt Odell (@matt_odell) June 9, 2020
Although, Coinbase says IRS and DEA won’t have access to Coinbase customer data, however, customers are still skeptical of the statement.
Millions of dollars seem to be leaving Coinbase as we speak
Investors & Traders are no longer limited to Coinbase or Bitmex
If you screw over customers, take part in shady deals or don't improve product, customers can now go elsewhere to trade/invest https://t.co/18AHTC7NNC
— Josh Rager 📈 (@Josh_Rager) June 5, 2020