Coinbase Launches Price Feed to Help Secure $1 Billion DeFi Economy
Cryptocurrency exchange Coinbase has released a price oracle that allows anyone to publish price data on-chain. The Coinbase Oracle, a signed price feed, grants users free access to data for BTC-USD and ETH-USD markets, the company announced Thursday. The idea is to make decentralized finance more secure.
The price feed is sourced from Coinbase Pro and is updated every minute, the company explained. An oracle is a real-time price feed provided by a third party to decentralized financial networks (DeFi). The most widely used oracles are those of Uniswap and Kyber. Decentralized networks use oracles to provide services that include derivatives, collatedal liquidations, and margin trading.
However, existing price feeds, which anchor a $1 billion DeFi economy, have been criticized for a lack of security and a failure to provide accurate prices. There are instances of attacks. Crypto lender Bzx lost more than $645,000 worth of ETH in an oracle attack in February — the second such violation it has endured.
With its oracle, Coinbase is promising more safety. In a statement, the exchange detailed:
"Anyone can publish the prices on-chain and since the data is already signed by Coinbase’s private key, there is no need to trust the publisher. Using the Coinbase price oracle public key, anybody can verify the authenticity of the data."
Coinbase highlighted the risks associated with getting data from off-chain sources. Using off-chain data requires trusting the publisher to post correct prices and keep the signing key safe, it said, adding that “the latter historically has proven to be a difficult problem, especially when stakes are high.”
By comparison, the Coinbase Oracle claims to host a filtering mechanism that rejects data points, which significantly deviates from the expected volatility of each asset while protecting against exchange price manipulation or invalid data.
Coinmama Appoints Unicorn IronSource GM Sagi Bakshi as CEO
Unicorn startup IronSource’s general manager, Sagi Bakshi, has joined cryptocurrency exchange Coinmama as CEO, saying he believes that the future of money is Bitcoin.
Since 2013, Coinmama has been at the forefront of the financial revolution, working to simplify the way the world does crypto. With Bakshi at the helm, the exchange will focus on growing its mission of making cryptocurrency accessible worldwide, with the aim of becoming the go-to on-ramp for the 500 million potential Bitcoin users the next decade will bring.
Coinmama believes that the future of money is open source, borderless, and decentralized; that it’s by the people and for the people, and that economic freedom should be available to all. It provides a simple and friendly way to buy Bitcoin and other cryptocurrencies online with a debit card, credit card, or bank transfer, as well as to sell Bitcoin.
“What’s most exciting to me about Bitcoin is that it’s disruptive. It’s a new financial system, unlike any system we’ve seen before,” says Bakshi. “But in order for Bitcoin to succeed in the long term, it needs to be adopted on a much wider scale. Our goal now at Coinmama is twofold: to continue to make crypto as easy as possible by automating as much of the process as we can and providing the best quality of crypto service available. And in tandem, to use our platform to educate new and potential users about the benefits of cryptocurrency in order to drive mass adoption.”
Coinmama’s community of 2 million users in 188 countries is already expanding to reach territories that it was previously closed to. At the same time, Coinmama is streamlining its onboarding process, adding new payment options, and building partnerships with wallet providers in order to support its mission of simplicity and accessibility of cryptocurrency.
Sagi Bakshi is a computer science engineer with over 20 years of experience in the tech industry and an extensive background in telecommunications, ad-tech, and blockchain technologies. He joins Coinmama from tech unicorn IronSource, which recently raised funds with a $1.6 billion valuation, where he was a member of the founding team and, from 2011-2018, served as General Manager of the company’s biggest division. Bakshi, a longtime crypto enthusiast who is passionate about Bitcoin and participated in the Ethereum DAO token sale, is eager to bring his expertise to Coinmama and help lead the financial revolution.
'Boomer Generation' In for a Rude Awakening - Macro Economist Predicts $1M Bitcoin by 2025
Just recently, a report from Global Macro Investor (GMI) called “The Unfolding” claims that the world is experiencing the biggest economic event that hasn’t been seen in the last 150 years. GMI’s CEO Raoul Pal authored the report and he strongly believes the digital asset bitcoin will go from a $200 billion asset class to a $10 trillion asset class, within the next few years. In fact, Pal’s macro report stresses that the “Baby Boomer” generation is screwed and he expects this generation to sell away their nest eggs.
‘The Biggest Economic Event in the Last 100 Years’ as ‘Baby Boomers Will Sell Every Rally’
A 120-page Global Macro Investor report explains that the world economy is headed for disaster. The coronavirus outbreak has added a lot of fear into our everyday lives, but the economic after-effects are extremely concerning. GMI’s Raoul Pal says that during the next several years, society will experience three phases; panic, hope, and insolvency. Pal remarks that he believes the world is currently in a “panic” phase, where liquidity starts to dry up and there’s a lot of selling. The “hope” phase will be the first big correction, which will lead to the last and final phase called “insolvency.” This period will be a “brutal phase” says Pal and it will change everything, including all beliefs in the system itself.

Pal’s charts and statistics show the economy is dragging downwards with great force, as his findings show China’s falling Purchasing Managers’ Index (PMI) has been falling like a rock. Chinese retail sales continue to plummet, the country’s industrial production is sliding, car sales are bombing, Fixed Assets Investment is dropping significantly, and consumer confidence is imploding.

All of these negative factors are all relatively the same in economically powerful countries like the U.S., Japan, Australia, and various regions in Europe. Moreover, one large piece of evidence that something is horribly wrong is the “worst unemployment data imaginable and the market rallied.” Pal’s report also discusses the similarities between now and the Great Depression that took place years ago. On page 31, Pal explains that he believes the Baby Boomer generation is in for a rude awakening.
“The damage this does to the U.S. pension system is incomprehensible. The Baby Boomers will sell every rally they can to protect their last, rapidly diminishing nest egg,” Pal’s report details. “The Baby Boomers are totally f**ked [and] I have been publicly warning and warning about this.” Pal added:
All of this is going to destroy the velocity of money for a very long time.
‘Bitcoin Is a Call Option On It All — It Is the Future’
Pal’s research says that gold is performing well through all this and it “will continue to do so.” The report notes that a break past $1,800 an ounce, will be the initial trigger and “massively outperform equities.” Pal expects gold to rise by possibly 3-5x in the next few years.

When Pal gets to the subject of Bitcoin, he stresses that the digital asset’s performance will be a “different story.” “I think [bitcoin] can get to $1 million in the same period. I think it can go from a $200 billion asset class to a $10 trillion asset class. Gold as a comparison is around $15 trillion now, including paper gold,” Pal said. “If gold goes up 5x, it becomes a $60 trillion asset, so would it be crazy for bitcoin to have a $10 trillion valuation?” Pal stated further:
[Bitcoin] isn’t just a currency or even a store of value. It is an entire trusted, verified, secure, financial, and accounting system of value that can never be created outside of the cryptographic algorithm. It is nothing short of the future of our entire medium of exchange system, and of money itself and the platform on which it operates.

With all the other crypto projects and blockchains being created, Pal says the entire crypto economy could easily be a $100 trillion market valuation. “Bitcoin is a call option on it all — It is the future,” Pal concluded. He also added that he wholeheartedly believes that bitcoin is the “biggest trade of our lifetimes and just at the time when we need it most.” The report from GMI and its chief executive Raoul Pal follow the recent research by Bloomberg that says: “Bitcoin will be digital gold in 2020.

Additionally, Bank of America (BoA) just published a report that indicates gold may jump 50% from its current price and possibly touch a high of $3K per ounce in the near future. “Beyond traditional gold supply and demand fundamentals, financial repression is back on an extraordinary scale,” the BoA report’s author said.
Bitcoin to Be Digital Gold in 2020, Says Bloomberg Report
Bitcoin will mature into a gold-like store of value this year, according to the latest projections by Bloomberg. The financial magazine’s report, “Bitcoin Maturation Leap,” notes that the cryptocurrency is poised for a bull run, after being temporarily dragged by the coronavirus-induced stock market tailspin.
With its correlation to gold jumping to all-time highs, BTC is poised to transition from a risk-on speculative asset to the crypto market’s version of the metal.
“This year marks a key test for bitcoin’s transition toward a quasi-currency like gold, and we expect it to pass,” the report says. The damage to world economies caused by Covid-19 is prompting governments to dole billions of dollars in stimulus. Bloomberg expects bitcoin to gain amid the circumstances, helped on by mainstream adoption.
Per the report, despite BTC’s annualized volatility that’s averaged about 5x that of the S&P 500 in the past year, the crypto is down 5% in 2020 against 22% for the stock index as at April 2. Bloomberg said:
For more-established assets, this would be considered a sign of divergent strength. For the nascent crypto, it’s also an indication of a transition toward gold-like adoption, maturity and performance.
As digital gold, BTC appeals to the cashless internet economy largely on account of its characteristics that include round-the-clock price transparency, and the lack of limits, interruptions or third-party oversight, notes Bloomberg.
The report shows BTC’s decline this year holding above its 2018 low “which was about an 80% drawdown from the peak.” The stage for a strong comeback is set. It states: “On sounder footing after its previous shakeout, bitcoin is gaining relative fuel as stocks reset, if history is a guide.”
While Covid-19 will witness the enduring decline of cryptocurrencies, BTC, is considered a hedge asset, that will appreciate. “The macroeconomic effects of the coronavirus accelerate bitcoin’s process of gaining value relative to other cryptos.” In the year to April 2, BTC outperformed the Bloomberg Galaxy Crypto Index, surging 40% versus 13% decline in the index.

The Bitcoin futures tamed the BTC bull market, a development Bloomberg interprets in terms of the maturation of the cryptocurrency. “Increasing futures open interest, declining volatility, and relative outperformance despite the stock-market shakeout indicates bitcoin is maturing from a speculative crypto asset toward a digital version of gold,” it added.