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Coinbase NBA Partnership

Coinbase announces multiyear partnership with NBA and WNBA

The deal comes as the NBA prepares to start its 2021–2022 season, marking the association’s 75th anniversary.


Image courtesy of CoinTelegraph

            OCTOBER 19, 2021

Major cryptocurrency exchange Coinbase has inked a deal with the National Basketball Association, giving the platform the opportunity to educate basketball fans on crypto.

In a Tuesday announcement, Coinbase said it would become the exclusive cryptocurrency platform partner of the National Basketball Association, or NBA, Women’s National Basketball Association, NBA G League, NBA 2K League and USA Basketball as part of a multiyear sponsorship deal. According to the NBA, Coinbase will create “unique content, innovations, activations and experiences” for basketball fans to learn about the crypto space, as well as be a partner of the WNBA Commissioner’s Cup, the USA Basketball men’s and women’s national team exhibition tours and the NBA G League Ignite.

Coinbase chief marketing officer Kate Rouch said the partnership would involve “interactive experiences to engage with the NBA and WNBA’s incredible community and athletes around the world.” The announcement comes as the NBA prepares to start its 2021–2022 season, marking the association’s 75th anniversary.

Related: Fan tokens: Day trading your favorite sports team

According to data from Statista, an average of 1.6 million people watched NBA regular-season games across major networks during the 2019–2020 season. Coinbase said it would be featured during nationally televised NBA games.

Many crypto companies and platforms have formed partnerships with sports organizations across the globe as the space expands and seemingly becomes more profitable as a sponsor. Crypto derivatives exchange FTX announced it had become the official sponsor of Major League Baseball in June and previously struck a deal to name the Miami Heat’s home stadium the FTX Arena until 2040.

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Original article posted on the CoinTelegraph.com site, by Turner Wright.

Article re-posted on Markethive by Jeffrey Sloe

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Will Coinbase Be Acquired By Big Bank?

Coinbase To Be Acquired By A Big Traditional Bank In The Future, SkyBridge’s Scaramucci Predicts

By Olivia Brooke – September 30, 2021

The head of the New York-based investment firm SkyBridge Capital has said that in the future, traditional banks may be eyeing the leading cryptocurrency exchange firm Coinbase.

Scaramucci believes traditional firms will take interest in Coinbase-like ventures

Anthony Scaramucci made this known in an interview with Bloomberg, in which he predicted that one of the leading banks will eventually buy the exchange giant. If not that, he follows up with the fact that it might be a crypto-related venture. He believes that their motive will be tailored around wanting to make a transformation and that it would happen faster than he had initially expected it to happen.

He added that investors are beginning to consider multiple options in terms of their directive, as hedge funds are now testing the private equity and venture capital ecosystem.

Like Scaramucci, the managing partner at Architect Partners Eric Risley has echoed the exact same sentiment. Banks and investment banks will race for big crypto firms, although this is a long-term prediction. In the near term, Risley maintains that the biggest acquisition moves may not be recorded.

“It’s probably more like three years than three months if you’re looking at it from an investor perspective and you believe crypto assets are an asset class, why wouldn’t a Goldman Sachs or Morgan Stanley be in that business?” he said in an interview with Blockworks.

 

Going forward, he addressed the state of regulation with cryptocurrency and how it could hinder traditional firms from acquiring crypto firms and cause them to lose more in the future.

“There’s always tension with regard to valuation. If you’re buying a business that has a certain amount of cash flow or revenue, and you have to pay a much higher multiple than what you’re being valued at in the market, is that something you should do? In today’s market, that is an issue.”

Notably, Bitcoin proponent Anthony Pompliano is expressing a different take.

“My thought process right now is over the next five years many legacy institutions are going to be putting themselves up for sale.” He said.

He added that the traditional firms are likely to see a lot of innovation that will likely disrupt their businesses.

“…they’re basically going to try to extract whatever value they feel like they have left. The natural buyer of those organizations would be the crypto companies.”

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DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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Coinbase CEO Speaks On SEC’s Refusal to Comply With Crypto Exchanges

Coinbase CEO Speaks On SEC’s Refusal to Comply With Crypto Exchanges, DAO Implementation

By Adrian Klent– September 26, 2021

Key takeaways

  • Coinbase’s CEO Brian Armstrong is taking a glance at Coinbase as a DAO.
  • Armstrong is currently experimenting ideas with Research Hub, another of his start-ups.
  • Armstrong also revealed that the SEC remains the only regulator unwilling to talk to the exchange.

CEO of Coinbase, Brian Armstrong has said that a future in which the cryptocurrency exchange becomes a decentralized autonomous organization (DAO) is not being ruled out by him.

Making Coinbase a DAO would mean that the exchange would have no central leadership and would be governed by the community based on a set of rules enforced on a blockchain. How making the exchange collectively owned and managed by its users would help the exchange is unclear but it is being given serious consideration at the moment.

In fact, Armstrong, who first got into cryptocurrencies as a way to create more economic freedom in the world, is seriously considering it and has a project going on that is experimenting on how the DAO business model can be implemented. He revealed this during the latest episode of Anthony Pompliano’s ‘The Best Business Show’ where he talked about the future of Coinbase.

When asked a question on whether if given the chance to start Coinbase in current times, he would do it as a centralized or as a decentralized effort, Armstrong stated that he would go remote first and lean more into some form of decentralization.

The decentralized model however would, of necessity, still incorporate some centralized features that would be controlled by the DAO. At this point, he went on to reveal that a start-up he was currently helping to get off the ground – Research Hub – was already experimenting with being decentralized.

Research Hub is a scientific research site modeled on the GitHub code repository, as a way of making research papers available to the public to accelerate science and make it more like open-source software. The project was founded and self-funded by Armstrong. He stated during the interview that it was his experiment ground for the future of Coinbase. However, the current frustration with the project was that it had no precedent and so was costing a lot in legal fees as the lawyers were just going by trial and error in suggesting what would work. Armstrong however hopes that the beta testing would yield a “projectized” template that can be replicated at Coinbase down the line.

While this is speculated to happen in the future, in the meantime, the cryptocurrency exchange still has challenges facing it especially in the form of looming regulatory scrutiny from the SEC. During the interview, Armstrong also revealed that in his ongoing efforts to push for better regulatory clarity with U.S. regulators for the cryptocurrency industry, the SEC was the only regulator unwilling to talk with him.

Coinbase recently had to walk back its proposed crypto lending offer that would see users earn 4% APY on lending out their USD Coin on the platform following a threat of legal action from the SEC.

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DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Adrian Klent and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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Coinbase’s Q2 Profits Hit 223 Billion

Thanks To Ethereum Thumping Bitcoin, Coinbase’s Q2 Profits Hit $2.23 Billion

By Olivia Brooke – August 11, 2021

Analysts had written Coinbase off a while back, opining strongly that the company’s shares would underperform. In a surprising turn of events, Coinbase shares outperformed the market’s expectations as shown in the company’s second-quarter revenue record.

Coinbase earnings report beats bearish market forecasts

On the 10th of August, Coinbase rolled out its Q2 earnings report, and the records were as surprising as they were commendable. The company recorded a $1.6 billion upsurge in net profit, which is an estimated 4,900% increase from its revenue this time last year.

Total revenue sat at an attractive $2.03 billion, significantly higher than the $1.821 billion predictions that market players called, while shares surged to $6.42, again higher than the $2.32 predictions analysts’ made in the past.

Coinbase, which is currently the largest cryptocurrency exchange in the United States, has been the middleman between cryptocurrencies and large institutions seeking a low-risk entry method into the crypto market.

For the first time in nine years, Ether outperforms BTC on the exchange platform

Recall that Glassnode postulated that Ether had been outperforming Bitcoin for the last two years. The “Ethereum takeover” seems to be resounding its dominance once again, as trading volume on Coinbase unseats Bitcoin’s.


ETHUSD Chart by TradingView (Click image for larger view)

For the first time since Coinbase’s inception, Bitcoin had raked in the highest trading volume for the company. But this time the opposite was the case, as BTC’s trading volume dropped by 39% while Ether surged by 23%.

Coinbase noted the rise of NFTs, DeFi, and Eth 2.0 played a huge role in the performance of Ether’s trading volume, as demands continue to explode to unprecedented highs.

It seems to be all up from here for Coinbase, which had previously seen its IPO shares prices rise significantly. Having built enough momentum to flush out the downtrend, Blue Line Capital founder and President Bill Baruch is now telling CNBC that bears have been flushed out. He further adds that user adoption will outperform in the future. 

“I think their user growth is going to exceed verified users of 60 million, and I think that’s going to be sort of a benchmark that they’re going to continue to feed on. Trading activities where they get paid as well. I think that’s going to pick up even if major crypto assets such as bitcoin or ethereum struggle.” Baruch reckoned.

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DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Coinbase Becomes First US Crypto Exchange To Go Public

Coinbase Becomes First US Crypto Exchange To Go Public

By RTTNews Staff Writer | Published: 4/15/2021 9:09 AM ET

U.S.-based cryptocurrency exchange Coinbase Global became the first cryptocurrency exchange in the U.S. to become a publicly-traded company. Its Class A common stock began trading on the Nasdaq Global Select Market under the ticker symbol "COIN" on Wednesday.

The largest US cryptocurrency exchange made its debut in the stock market by opening trading at $381, immediately valuing the exchange at nearly $100 billion, which is over twelve-fold of its last valuation as a private company. It had raised more than $500 million from venture capital investors, who had valued Coinbase at $8 billion.

The stock closed trading on Wednesday at $328.28, after trading in the range of $310.00 to $429.54 in a violate trading day as it was an unpredictable entity. The stock is up $25.89 or 7.89 percent to $354.17 in Thursday's pre-market trade.

The Nasdaq had set the reference price for COIN at $250 per share on Tuesday night. Though it was not the actual price for investors to buy and not an indicator of the company's market cap, it just served as a benchmark price. The opening public price is determined based on buy and sell orders in the opening auction on Nasdaq.

The company began operations in 2012 with the radical idea that anyone, anywhere, should be able to easily and securely send and receive Bitcoin. Coinbase is in the process of building the cryptoeconomy. It has over 43 million users worldwide and has transacted more than $456 billion to date, according to the latest filing by the company with the SEC.

Coinbase's direct listing on the Nasdaq was closely watched by investors and was described as a "watershed moment" for the industry. The market debut will be a big boost to the cryptoeconomy as it lends legitimacy to digital currencies. It will also greatly boost the acceptance from the mainstream financial services industry, including investors, regulators, and the general public.

San Francisco-based Coinbase had previously announced in mid-December that it had confidentially submitted a draft registration statement on Form S-1 with the SEC to pursue a proposed direct listing of its Class A common stock. The filing for the proposed public direct listing of its Class A common stock was declared effective by the SEC on April 1, 2021.

Coinbase, which was looking for a listing in March, decided to postpone the listing by a month after it was ordered by the Commodity Futures Trading Commission (CFTC) to pay a civil penalty of $6.5 million in mid-March to settle charges of reckless, false, misleading, or inaccurate reporting.

Unlike the traditional Initial Public Offering (IPO), the direct listing process (DLP) option to go public involves selling of existing shares by investors of the company directly to new investors instead of offering new shares in the company. No shares are sold in advance like in an IPO. A reference trading price will be fixed by the company a night ahead of the listing.

The DLP has become much more attractive than an IPO in recent times as it makes existing stock owned by employees and/or investors available for the public to buy and does not require underwriters or a lock-up period. It also increases liquidity for existing shareholders and is usually cheaper than an IPO.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

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This 17 Billion Hedge Fund Is Holding Bitcoin With Coinbase

This $17 Billion Hedge Fund Is Holding Bitcoin With Coinbase

By Steven Msoh – April 10, 2021

New York-based hedge fund Third Point Management is the latest multi-billion dollar firm to reveal it has delved into the cryptocurrency industry. According to its latest filings with the securities regulator, it holds a significant amount of crypto on Coinbase.

Founded by billionaire investor Daniel Loeb, Third Point currently holds crypto from five of its investment funds with Coinbase, regulatory documents filed with the SEC show. Some of these funds hold billions of dollars in assets. However, the documents don’t reveal how much of this is in crypto, which coins it has invested in, or for how long it has held them.

The documents further reveal that Third Point invests in crypto both directly and indirectly and even considers staking.

“The Accounts may invest in virtual or cryptocurrencies and related digital asset transactions. The Accounts’ cryptocurrency transactions may include, but are not limited to, direct investment on a spot basis, indirect investment involving derivative contracts referencing cryptocurrencies (including but not limited to cryptocurrency futures), and income generated through, activities such as staking and lending.”

Third Point acknowledged that investing in crypto is risky. With the industry being rather nascent, “new risks may emerge at any time.” In addition, they are very volatile as their value “depends partially on the growth and acceptance of distributed ledger technology by investors, market participants and regulatory authorities more broadly.” The crypto market is also opaque and subject to the risk of fraud and manipulation, the hedge fund stated.

Daniel Loeb, the Latest Billionaire Interested In Bitcoin

The public disclosures on Third Point’s crypto interest come just a month after its founder expressed an interest in crypto. Loeb made his first public comments on crypto last month on Twitter. “I’ve been doing a deep dive into crypto lately. It is a real test of being intellectually open to new and controversial ideas,” he stated.

Loeb advocated for “healthy skepticism” while deepening one’s understanding of crypto. He further revealed that for him, one of the greater conflicts in determining the timing of his entry into the crypto industry.

He explained, “Another conflict to overcome is the idea that being late to the crypto party will inevitably lead to one taking the sucker seat at a high stakes poker table versus this still being early days in what is just now being adopted in the mainstream.”

Loeb, who is worth $3.5 billion, is the latest billionaire to dive into crypto. He joins some of the world’s most elite investors and innovators who have continually warmed up to Bitcoin. Elon Musk, the world’s second-richest man, is among crypto’s biggest advocates. The Tesla CEO has been vocal about not just Bitcoin, but also Dogecoin, DeFi, and NFTs. His company showed great belief in Bitcoin by purchasing $1.5 billion worth of Bitcoin. It also accepts payments in BTC for its electric cars.

Mark Cuban, the billionaire Dallas Mavericks owner, is also a big fan of Bitcoin as a store of value. He has, however, criticized BTC as a currency, claiming Ether is closer to a currency than Bitcoin. The Shark Tank star owns BTC, SushiSwap, Aave, and Ether.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Steven Msoh and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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Coinbase To Become First US Crypto Exchange To Go Public On April 14

Coinbase To Become First US Crypto Exchange To Go Public On April 14

By RTTNews Staff Writer | Published: 4/5/2021 10:31 AM ET

U.S.-based cryptocurrency exchange Coinbase Global, Inc. is set to become the first cryptocurrency exchange in the U.S. to become a publicly-traded company next week. Its Class A common stock is expected to begin trading on the Nasdaq Global Select Market under the ticker symbol "COIN" on April 14, 2021.

In a blog post, Coinbase announced that its registration statement on Form S-1, as filed with the U.S. Securities and Exchange Commission (SEC), relating to a proposed public direct listing of its Class A common stock was declared effective by the SEC on April 1, 2021.

The move by the SEC to declare the listing of Coinbase effective will be a big boost to the cryptoeconomy as it lends legitimacy to digital currencies. It will also greatly boost the acceptance from the mainstream financial services industry, including investors, regulators, and the general public.

San Francisco-based Coinbase, one of the world's largest cryptocurrency exchanges, had previously announced in mid-December that it had confidentially submitted a draft registration statement on Form S-1 with the SEC. It is pursuing a proposed direct listing of its Class A common stock.

Coinbase, which was looking for a listing in March, decided to postpone the listing by a month after it was ordered by the Commodity Futures Trading Commission (CFTC) to pay a civil penalty of $6.5 million in mid-March to settle charges of reckless, false, misleading, or inaccurate reporting.

Unlike the traditional Initial Public Offering (IPO), the direct listing process (DLP) to go public involves selling of existing shares by investors of the company directly to new investors instead of offering new shares in the company. No shares are sold in advance like in an IPO. A reference trading price will be fixed by the company a night ahead of the listing.

The DLP has become much more attractive than an IPO in recent times as it makes existing stock owned by employees and/or investors available for the public to buy and does not require underwriters or a lock-up period. It also increases liquidity for existing shareholders and is usually cheaper than an IPO.

IPOs and direct listings are two methods for a company to raise capital by listing shares on a public exchange. On December 22, 2020, the SEC had announced that it will allow companies to raise capital through direct listings based on a proposal floated by the New York Stock Exchange.

The company started in 2012 with the radical idea that anyone, anywhere, should be able to easily and securely send and receive Bitcoin. Coinbase is in the process of building the cryptoeconomy. It has over 43 million users worldwide and has transacted more than $456 billion to date, according to the latest filing by the company with the SEC.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

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Coinbase expects direct listing on April 14

Coinbase expects direct listing on April 14

The San Francisco-based company could be the first crypto exchange to go public in the United States.


Image courtesy of CoinTelegraph

            APR 01, 2021

U.S.-based crypto exchange Coinbase says it anticipates going public with a direct stock listing in two weeks.

According to a Coinbase blog today, the U.S. Securities and Exchange Commission, or SEC, has declared the crypto exchange's S-1 registration for a public offering effective. Coinbase's Class A common stock is expected to trade on the Nasdaq Global Select Market under the ticker symbol "COIN" on April 14.

The crypto exchange had previously been expected to go public in March, but reportedly delayed its plans after paying a $6.5 million fee as part of a settlement with the Community Futures Trading Commission, or CFTC.

Coinbase sent its draft registration for a public offering to the SEC in December, though the crypto exchange disclosed plans to pursue a direct listing through Nasdaq in early 2021. The firm may have a $100 billion valuation at the time of its initial public offering, as suggested by the exchange’s shares reportedly selling for up to $375 each in a private auction last month.

First launched in 2012, Coinbase is one of the largest cryptocurrency exchanges in the United States, with Coinbase Pro handling more than $3 billion in daily transactions according to CoinMarketCap. Crypto exchange Kraken, also based in California, has not yet confirmed that it will follow in Coinbase's footsteps by going public, but said it would do so through a direct listing rather than a special-purpose acquisition company.

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Original article posted on the CoinTelegraph.com site, by Turner Wright.

Article re-posted on Markethive by Jeffrey Sloe

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Crypto-exchange Coinbase Mulling India Office Despite Impending Ban

Crypto-exchange Coinbase Mulling India Office Despite Impending Ban

By RTTNews Staff Writer | Published: 3/25/2021 10:39 AM ET

U.S.-based cryptocurrency exchange Coinbase is looking to set up operations in India despite the impending ban in the country. Coinbase announced in a blog post that it is establishing a business presence in India, with a physical office initially in Hyderabad.

However, the company is currently looking to house some of its IT services, including engineering, software development and customer support operations in India to benefit from its huge pool of world-class engineering talent.

Coinbase said it is looking forward to finding world-class talent to help the Coinbase group develop new ways for its customers to interact with the cryptoeconomy.

Though the new hires in India will have the option to work across various locations in the country, Coinbase expects to open a physical office, initially in Hyderabad, for Indian employees as COVID-related conditions allow.

In early February, the Government of India was in the process of taking the ordinance route to quickly impose a ban on the operation of private cryptocurrencies such as Bitcoin, in the country. The cabinet cleared the proposal to introduce the "Cryptocurrency and Regulation of Official Digital Currency Bill" via the ordinance route.

The government is fast tracking the bill and is looking to introduce the law within a month of passing the ordinance. The bill seeks to ban private cryptocurrencies while creating a framework for the official digital currency to be issued by Indian central bank, the Reserve Bank of India (RBI).

In India, the regulators and governments have been skeptical and are apprehensive about the risks associated with the ever popular private digital currencies, virtual currencies and cryptocurrencies.

Investors, crypto-exchanges and other entities had began dealing in the digital asset after India's Supreme Court in early March 2019 struck down the RBI's curbs on financial institutions under its preview to deal with cryptocurrencies. The RBI had imposed the ban in April, 2018, but it was effective from July 2018.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

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Coinbase To Acquire Institutional Crypto Brokerage Tagomi

Coinbase To Acquire Institutional Crypto Brokerage Tagomi

By RTTNews Staff Writer | Published: 5/27/2020 11:37 AM ET

US-based cryptocurrency exchange Coinbase agreed to acquire New York-based institutional-grade crypto prime brokerage Tagomi as part of its strong institutional focus to cater to the ever increasing number of institutional investors venturing into cryptocurrencies such as Bitcoin.

The proposed acquisition comes at a time when the world’s most recognized hedge fund and macro investors are entering the crypto space and searching for the right infrastructure. This has driven tremendous growth in Coinbase Custody offering and increased volumes on Coinbase trading platforms.

The acquisition will bolster Coinbase’s offerings for advanced traders and the most sophisticated crypto investors.

Coinbase has already been rolling out offerings for these institutional clients, with the addition of advanced features such as margin trading for institutional investors and new tools to help investors segregate their trading strategies.

The crypto exchange said it has also recently expanded Coverage for larger clients by adding Brett Tejpaul as Head of Institutional Coverage to its leadership team.

According to Coinbase, the addition of Tagomi will round out its product suite for the fast-growing institutional trading market. It will enable integrated offerings such as custody, professional trading features, and prime brokerage services on one platform.

This will give the sophisticated institutional investors a seamless, powerful trading experience they have come to expect in equities and FX markets.

Since its launch in late 2018, Peter Thiel-backed Tagomi has become the platform of choice for many advanced traders, hedge funds, and family offices, including well-known names such as Paradigm, Pantera, Bitwise, Multicoin, and many more.

The company has also built out an executive team with a rare blend of traditional financial services and crypto experience, with the team bringing in experience from leading firms such as Goldman Sachs, Citadel, KCG, Tower Research, and USV.

The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close later this year.

For comments and feedback contact: editorial@rttnews.com

Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

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