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Coinbase Received 1,800+ Criminal Info Requests in 2020

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Coinbase received more than 1,800 request for information from law enforcement in the first half of 2020, largely in the form of subpoenas, the company announced Friday in a new transparency report.

The San Francisco-based cryptocurrency exchange released the information in its first-ever transparency report. Earlier this year, digital rights advocacy group Electronic Frontier Foundation (EFF) requested the exchange be more transparent in how it handles authorities’ requests for users’ private financial data.

In addition to the criminal information requests, Coinbase received a number of civil or administrative requests from government agencies, for a total of over 1,900 requests.

More than 1,100 of the requests came from agencies in the United States and 441 came from the United Kingdom. The majority of the requests came from the U.S. Federal Bureau of Investigation (FBI).

“As a financial institution with a duty to detect and prevent prohibited activity on its platform, we respect the legitimate interests of government authorities in pursuing bad actors who abuse others and our platform,” the company wrote in a blog post. “Yet we do not hesitate to push back where appropriate, even when it is inconvenient or costly to do so. That’s why each request we receive is handled by a team of experienced specialists in accordance with set procedures to confirm the validity of the request and narrow or object to requests that are overly broad.”

The move comes a month and a half after the Electronic Frontier Foundation, a digital rights nonprofit organization, called on the leading U.S. exchange to be more transparent about how it handles private user financial data.

The EFF said Coinbase should detail the number of requests it receives as well as how it approaches these requests through the use of transparency reports.



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Yearn Merges With Cover, DeFi Protocol’s 4th Deal in a Week

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Yearn is “joining forces” with market coverage provider Cover, capping a busy week for the decentralized finance (DeFi) protocol.,



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What Janet Yellen Means for Bitcoin and Markets

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NLW looks at price action in crypto, the ETH 2.0 Beacon chain launching Dec 1, the Dow at 30,000 and Janet Yellen’s nomination as Treasury secretary.

On this edition of The Breakdown weekly recap, NLW looks at what was an absolutely action-packed holiday week, discussing:



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2020 Black Friday Online Shopping to Hit Record Sales as Shoppers Skip Stores

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The stricter social distancing norms and COVID-19 restrictions have pushed shoppers to turn online this holiday season. Adobe is expecting the biggest single-day sales ever in history during Cyber Monday.

The coronavirus pandemic has changed consumer behavior and online retailers have benefitted the most from it. The latest data from Adobe Analytics shows that the 2020 Black Friday online sales will hit record highs this year. Shoppers have been avoiding store visits amid the rising COVID-19 cases.

The Adobe data shows that online sales can see a jump anywhere between 20-29% compared to the previous year. The total amount clocked by online purchases on Black Friday 2020 could be anywhere between $8.9 billion to $9.6 billion. Nearly, 42% of the total online sales by 4 PM on Friday came through smartphones. As per Adobe, US consumers spent around $6.2 million per minute during the 2020 holiday sales.

Adobe data shows that online sales also hit a record high a day before the 2020 Thanksgiving on Thursday, November 26. The sales jumped nearly 21.5% hitting a record high of $5.1 billion. Adobe gathered this data by tracking website transactions from 80 of the top 100 US online retailers. The analytics firm also noted that companies who offered faster delivery alternatives had 31% higher chances of traffic conversion on the website.

Interestingly, Adobe also anticipates that Cyber Monday shall be the largest online sales day in history. The company estimates online sales to touch anywhere between $11.2 billion and $13 billion, a whopping 19-38% jump year-over-year. Taylor Schreiner, director of Adobe Digital Insights said:

“While yesterday was a record-breaking Thanksgiving Day with over $5 billion spent online, it didn’t come with the kind of aggressive growth rate we’ve seen with the start of the pandemic. Heavy discounts and aggressive promotions starting in early November succeeded in getting consumers to open their wallets earlier. While COVID-19, the elections and uncertainty around stimulus packages and made this an unprecedented year in e-commerce”.

Black Friday 2020: Brick and Mortar Stores Turn Online

The physical brick-and-mortar stores have faced the massive heat of the COVID-19 pandemic and the government lockdowns. The store footfalls and business have hit a multi-year low. Adobe notes that 9% of all sales generated this week are though “net new customers as traditional brick-and-mortar shoppers turn online to complete transactions in light of shop closures and efforts to avoid virus transmission through in-person contact.”

Canadian e-commerce giant Shopify which tracks activity across one million merchants shared interesting statistics. It noted that the global average cart price was $86.80, and it reached $90.40 in the US specifically.

The surge in the COVID-19 cases with the second wave hitting has pushed Americans to stay indoors. There are even more restrictions concerning social distancing as people prefer to stay at home. Schreiner said:

“Families have many traditions during the holidays. Travel restrictions, stay-at-home orders and fear of spreading the virus are, however, preventing Americans from enjoying so many of them. Shopping online is one festive habit that can be maintained online and sales figures are showcasing that gifting remains a much beloved tradition this year.”

Adobe noted that toys and personal care products remained the top shopping category during the holiday season. The toys category recorded a 294% surge in online shopping while the personal care products registered 278%.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



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