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🏦 Coinbase Launches Wallet-as-a-Service APIs For Scalable And Secure Onchain Wallets
Coinbase, a leading cryptocurrency exchange, has recently announced its new Wallet-as-a-Service (WaaS) offering. This service allows any company to integrate a crypto wallet into its platform, providing users access to various digital assets. This new offering from Coinbase is aimed at businesses of all sizes, from startups to large enterprises. According to Coinbase, WaaS eliminates the need for businesses to invest time and resources in developing their infrastructure for managing cryptocurrencies, which can be complex and time-consuming. The WaaS offering provides a simple and secure solution for businesses to offer their users crypto wallets and related services. Coinbase’s new WaaS offering is also designed to provide an additional layer of security for users’ crypto assets. The company utilizes its advanced security protocols to protect user funds from potential hacks or breaches.
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📣 Mirror Launches ‘Subscribe to Mint’: Revolutionary Way For Creators To Engage Collectors
Mirror, a web3-native publishing platform, has launched Subscribe to Mint, a new feature designed to help creators build engaged communities around their work. By subscribing to a creator’s Mirror publication with their email, collectors can mint their own NFTs and gain access to a communication channel. Subscribe to Mint builds on Mirror’s existing web3-native publishing features, including web3 subscriptions and Writing NFTs, to offer creators a powerful tool to engage with their audience.The free NFT movement has successfully created hype and generated interest in on-chain communities, but it has lacked long-term engagement opportunities. Subscribe to Mint seeks to address this by enabling creators to activate, engage and retain their collectors through newsletter updates and subsequent drops.
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🪙 Polkadot’s Astar Network Partners Tokyo’s Shibuya to Support Web3 Strategy
Astar will host Web3-focused events like hackathons and educational programs to support Shibuya’s Web3 initiative. Polkadot’s leading parachain and innovative hub, Astar Network, has partnered with Tokyo’s special ward Shibuya to support the city’s Web3 initiative. According to a press release sent to CryptoPotato, the partnership will see Astar and Shibuya team up to foster the development of Tokyo’s Web3 strategy. Shibuya, known as a major commercial and financial center, houses two of the world’s busiest railway stations and one of Japan’s best fashion districts. The ward is also the headquarter of the Japanese arm of the multinational technology company Google. Through the partnership, Astar will support Shibuya’s Startup Support activities by hosting Web3-focused events, including educational programs and hackathons. a Japanese blockchain firm and one of Tokyo’s biggest and most densely populated wards.
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💰 Shiba Inu Layer 2 Blockchain Shibarium to Release Beta Version This Week
The much-awaited Shibarium blockchain is all set to release its beta version for the layer 2 network this week, Shiba Inu developers said early on Wednesday. A beta testnet is a blockchain that mimics real-world functioning. Layer 2 refers to a set of off-chain solutions (separate blockchains) built on top of layer 1s. Shiba Inu developers said Shibarium would have a focus on metaverse and gaming applications especially as the NFT sector is expected to heat up in the coming years, apart from Shibarium’s use as a cheap settlement for decentralized applications (dapps) built on the network. The launch could contribute to strong fundamentals for shiba inu, formed in the previous bull market as a Shiba Inu-themed meme coin that has since tried to position itself as a serious project with its own blockchain network and dApp ecosystem. These bundle multiple off-chain transactions into a single layer 1 transaction, which helps reduce the data load and fees.
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🇹🇭 Thailand waives crypto tax for investment tokens: Reuters
Thailand’s cabinet has approved tax waivers for crypto companies that offer investment tokens in the country, according to a statement by Finance Minister Arkhom Termpittayapaisith on Tuesday. This tax waiver will be applicable for both primary and secondary offerings on these investment tokens. Thailand’s new crypto tax policy also extends to investors. Those who invest in these token sales will also be exempted from paying value-added tax. This is the crypto-related value-added tax exemption. Last year, Thailand’s government waived VAT for crypto transfers until 2024. Arkhom stated that that tax waiver could see the government forgo revenue of up to 35 billion baht ($1 billion) in the next two years. This is based on an estimated 128 billion baht revenue ($3.7 billion) from investment token offerings during the period.
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🪙 Fantom Mainnet Gets Major Boost With Go-opera 1.1.2-rc.5 Release
Fantom Mainnet, a high-performance, scalable, and secure smart-contract platform has announced a new release, go-opera version 1.1.2-rc.5. The upgrade brings several significant improvements, including batched genesis blocks processing, configurable DBs management, parallel EVM logs search, and optimizations in P2P protocol. One of the key highlights of the upgrade is the improvement in P2P and events/blocks processing, resulting in an approximately 30% improvement in events/blocks processing time. Additionally, the processing time for genesis file has improved up to three times faster, while each log search should take only 1/5 of the time it took before. The upgrade also includes security improvements for the Opera node, such as stricter conditions for starting LLR and txpool syncing, restricting P2P connections to given IPs, and forbidding unlocking accounts when external RPC is enabled.
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🇸🇻 El Salvador’s Bitcoin Legal Tender Boosts Tourism By 95%, President Says
El Salvador’s President says making Bitcoin legal tender increased tourism by 95%. Cryptocurrency adoption is growing in the country. The adoption of BTC in El Salvador hasn’t been without controversy, with The World Bank rejecting the country’s request to assist its transition to the crypto king due to environmental concerns. El Salvador President Nayib Bukele made headlines last year when he announced that the king of cryptocurrencies would become legal tender in his country. Now, nearly nine months after the implementation of the policy, Bukele claims that BTC adoption has led to a significant increase in tourism. According to Bukele, tourism has increased by 95% since the country adopted Bitcoin. This significant figure highlights the potential benefits of embracing cryptocurrencies as legal tender. El Salvador’s move to accept Bitcoin has generated interest from the global crypto community, with many individuals and companies looking to explore investment opportunities in the country.
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🪙 Ethereum L2 Scroll reaches $1.8 billion valuation in new funding round: Source
Scroll, an Ethereum Layer 2 network that uses zk-rollups technology, raised $50 million in a new funding round. Investors in the round included Polychain Capital, Sequoia China, Bain Capital Crypto, Moore Capital Management, Variant Fund, Newman Capital, IOSG Ventures and Qiming Venture Partners, Scroll said Monday. Scroll declined to comment on the valuation and the structure of the round, but a source with direct knowledge of the matter told The Block that the round brings Scroll's valuation to $1.8 billion. Scroll was founded in 2021 with the vision of scaling Ethereum to a billion users. As a Layer 2 network, Scroll processes transactions off Ethereum on its own network and then ports the transaction data back to Ethereum — helping increase transaction speed and reduce costs. Scroll previously raised $33 million in two funding rounds and hadn't disclosed its valuation then. The new round brings Scroll's total funding to date to $83 million.
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🟠 CZ Reassures Binance Still Supports Voyager Deal Amid Questionable Headlines
Binance’s CEO reassured that the company remains in support of the deal. It is related to recent developments with the SEC motion that opposes the attempt of BinanceUS to acquire Voyager Digital. BinanceUS entered into a deal with Voyager back in December 2022, but the SEC objected in February this year. Recent reports revealed some of the arguments that the US Bankruptcy Judge overseeing the case made in relation to the lack of explanation on behalf of the SEC. CZ, the CEO of Binance, quote-tweeted CryptoPotato’s post, saying, “Maybe we should pull out?” Interestingly enough, the report itself says that a Binance spokesperson disbands the headline, saying that the company “remains committed to the Voyager transaction.” The article was also updated to include CZ’s additional comment. Nowhere has CZ mentioned anything about “US scrutiny.”
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🏦 Coinbase Purchases One River Digital Asset Management
Coinbase acquired One River Digital Asset Management for an undisclosed sum. Coinbase acquired One River Digital Asset Management (an investment manager that provides institutional clients with exposure to cryptocurrencies) without disclosing the terms and the sum of the agreement. The deal comes a few weeks after the two entities rolled out a separately managed account (SMA) platform for wealth management firms. Greg Tusar – Coinbase’s head of institutional product – said the recent acquisition aims to “bring more institutional capital” into the cryptocurrency industry since One River Digital Asset Management focuses on such clients and avoids dealing with retail customers. Following the deal, the acquired company will be renamed Coinbase Asset Management, while Eric Peters will continue serving as CEO and CIO.
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🏦 Coinbase Acquires One River Digital Asset Management To Promote Retail Trading
One River Digital Asset Management (ORDAM) has been acquired by crypto exchange Coinbase, according to an announcement on Friday.Eric will continue to be the CEO/CIO of ORDAM (now CBAM) as well as the CEO/CIO of One River Asset Management, a separate and unaffiliated company. Eric has worked in the asset management profession for over 30 years. One River Digital, a US Securities and Exchange Commission-registered subsidiary of One River Asset Management, will be renamed Coinbase Asset Management and will form the foundation of the exchange’s investment advisory service for institutional clients, according to a blog post published by the exchange on Friday. The deal’s details were not disclosed. One River Asset Management partnered with Coinbase at the beginning of the year to develop a platform for wealth managers to provide crypto exposure to their customers. According to the firm, it will now function as a standalone business.
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📉 Market Cap for Binance Stablecoin BUSD Plummets 43% in 30 Days
Binance’s third-place ranking as the market’s largest stablecoin may soon change. On February 13, Paxos Trust, the stablecoin’s operator, announced that it would stop minting the Binance-branded stablecoin BUSD. The move followed more news that the SEC intended to sue Paxos for violating investor protection laws. Stablecoins are cryptocurrencies pegged to fiat currencies, like the dollar or the euro. It's one of crypto's largest markets, with a cumulative capitalization of more than $136 billion. Coinbase told customers on Monday that it would also suspend trading for Binance USD within the month. The crackdowns and delistings have since seen investors flee BUSD, leading to the asset’s market plummeting from roughly $16 billion on February 13 to roughly $9 billion today, per CoinGecko. And just as they opt out of BUSD, it would appear that investors are turning to an alternative.
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🪙 Uniswap forms six-member crypto bridge assessment committee
Uniswap DAO has created a committee tasked with evaluating crypto bridge providers for future deployments of its decentralized exchange on blockchain networks. The committee will recommend a suitable bridge selection framework for future cross-chain deployments. The new group dubbed Uniswap Bridge Assessment Committee has six members. These include Zellic co-founder Jazzy Bedi, Chaos Labs VP of Business Operations Ben O’Neill and co-authors of the Crosschain Risk Framework Ermyas Abebe and Peter Robinson. Sean Casey, CEO of Enzyme Finance protocol development at Avantgarde and David Hyland-Wood, adjunct associate professor at the University of Queensland School of Engineering, are the other committee members.
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🪙 Ethereum core developers push Shanghai upgrade to early April
Ethereum developers have pushed back the highly-anticipated Shanghai hard fork by approximately two weeks.Initially estimated for late March, the Shanghai upgrade will now likely be deployed sometime within the first two weeks of April. The delay was announced at an Ethereum developer meeting on March 2. During the meeting, core developers came to the consensus that the hard fork would occur about a fortnight after the Goerli testnet launch, which has been slated for March 14. The Goerli testnet will be the final dress rehearsal for the Shanghai hard fork before it is rolled out on the mainnet. Ethereum core developer and project coordinator Tim Beiko said, “For mainnet, we usually want to give people at least two weeks after the announcement,” before adding, “so imagine Goerli happens on the 14th, everything goes well, on the 16th, we agree to move forward with mainnet.
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🪙 Chainlink introduces new developer platform called Functions
Decentralized oracle network Chainlink has launched a new developer platform called Chainlink Functions to help connect decentralized applications (dApps) with traditional web apps in a seamless manner. The platform is now available in beta on the Ethereum Sepolia and Polygon Mumbai testnets. Chainlink's oracle network is designed to enable smart contracts and applications to utilize off-chain data in a secure and decentralized manner. It is the most widely used oracle network in the industry with over 650,000 active users, per data from Dune Analytics. It will allow blockchain developers to connect their dApps or smart contracts with any application programming interface from within the traditional tech space without having to manage additional cloud infrastructure.
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⚪️ Lido Finance Consider Stopping Liquid Staking On Polkadot And Kusama
Lido Finance, the market’s most extensive staking protocol, governs ending liquid staking on the Polkadot and Kusama systems, according to a proposal submitted on the forum on March 8. After MixBytes stopped technical offering assistance for Lido on Polkadot and Kusama as of August 1, 2023, the decision mentioned above was made public. MixBytes is a decentralized finance (DeFi) application developer founded in 2016. This company is a partner to help build Lido Finance’s liquid staking service on Polkadot and Kusama. The announcement said that while both Lido DAO and MixBytes are proud of what has been achieved and are grateful to all users and partners for trusting the solution, the decision was made due to many challenges, including market conditions, protocol growth, limited capacity, and preferred alignment. Today’s proposal could affect about $25 million in assets. Extracting data from DefiLlama.
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🟠 Binance US’s Voyager Acquisition Is Finally Approved By Court, VGX Soars 20%
A US bankruptcy court judge has approved a debt restructuring plan for Voayger, a crypto lender that went bankrupt in mid-2022, including a deal to sell itself to Binance US for $1.02 billion. The plan has been approved by 97% of Voyager’s creditors, predicting it could restore up to 73% of assets to cash-strapped users on the company’s investment platform. Notably, the above deal was opposed by the U.S. Securities and Exchange Commission (SEC) and the New York state government. However, the Court still allowed the transaction to proceed with Binance US acquisition service because it did not provide convincing evidence. Due to the tense legal situation, Binnace wanted to give up the acquisition at one point, but today, according to an official announcement, Binance US is pleased to announce the Court’s decision. Even so, the judge said he could still change his mind if he received new information. In addition, the deal could still fall apart if the federal government intervenes.
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📣 Sui Blockchain Developer Signs Deal With Alibaba Cloud
Mysten Labs, the initial developer of the Sui layer 1 blockchain, signed a memorandum of understanding with Alibaba Cloud, an arm of Chinese tech conglomerate Alibaba Group (BABA), which has a $235 billion market cap. Alibaba Cloud will provide archival node services and secure cloud infrastructure for validators. The two companies will also collaborate on developing sustainable Web3 ecosystems and explore potential opportunities in the e-commerce and payment sectors. Alibaba Cloud offers a suite of cloud computing services, including elastic computing, database, storage, large-scale computing and application services. In December, Alibaba Cloud announced its Blockchain Node Service, which provides Web3 developers with scalable, efficient and secure infrastructure. Sui is an advanced proof-of-stake blockchain that uses the consensus mechanism and novel data structures .
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📣 Crypto derivatives on the CME reach new milestones amid regulatory uncertainty
Bitcoin and ether derivatives trading volumes in dollar terms continued to climb higher in February. Futures and options trading volume for bitcoin rose by about 13%, and ether's volumes rose 2% and 30%, respectively. The increase comes as spot volumes continue to rise amid a hot regulatory backdrop. Bitcoin futures volume came in at $791 billion across all exchanges last month, up from $697 billion in January and rising for the third month in a row, according to The Block's data dashboard. Options rose to about $20 billion from $17.7 billion. Ether options volume on the CME reached its highest level since inception last year. Options on the exchange went live in August of last year. Volumes increased for two months through October before dropping to close out the year. Volumes soared in January with the momentum carrying over into February. Commentators speculated that institutional crypto traders were avoiding unregulated.
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🟠 Binance Reported Its Gopax Acquisition Success To Korean Regulators
According to Korean media outlet Newsis, cryptocurrency exchange Binance has completed the final phase before acquiring Gopax, and Binance has already filed a declaration with the Korean financial authority. Gopax has submitted a virtual asset operator change report to the Financial Intelligence Unit (FIU) of the Korean Financial Services Commission. Under the Specific Financial Information Act, a change report must be filed when a company representative or director changes registration. Gopax also needs to make an effort to convince the FIU as the report may be denied if a violation of the Financial Conduct Act under the Special Financial Transactions Act by altered executives is discovered during the reporting process. Along with the CEO change, a new internal director has also been appointed by Binance. Director Steve Young Kim has been in charge of Binance’s Korean business since last year, and Ji Yu Zhao, director of the Recovery Fund Binance industry leader, has been appointed as internal director.
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🆘 Terraform Labs Faces Legal Action As Singapore Police Launch Fraud Investigation
Singapore police are currently investigating Terraform Labs Pte, the company co-founded by Do Kwon, a crypto fugitive. The police force released a statement on Monday stating that investigations into Terraform Labs are underway, with Kwon currently not present in Singapore, as per Bloomberg. Last month, the US Securities & Exchange Commission accused Kwon and Terraform Labs of fraud. Kwon is also facing charges in South Korea in relation to the $60 billion loss of digital assets he created. Kwon was responsible for the development of the TerraUSD stablecoin, which was intended to maintain a constant value of $1 through a combination of algorithms and trader incentives with a sister token, Luna. The project collapsed in May 2022, which exacerbated a crypto-market downturn and contributed to the collapse of various digital-asset companies.
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🏦 Revolutionary Bybit-Moorwand Partnership Brings Mastercard-Backed Crypto Debit Card
Bybit has announced the upcoming release of a new debit card that will enable users to utilize their cryptocurrency holdings for both making payments and withdrawing cash. The Bybit card will function on the Mastercard network, and will facilitate fiat-based transactions by deducting cryptocurrency balances when utilized for the purpose of purchasing goods. Bybit has launched a virtual and physical debit card service that will allow ATM withdrawals and global payments. However, the amount a user can withdraw or spend will be limited to the aggregated value of their cryptocurrency holdings in their Bybit account. London-based payments solutions provider, Moorwand, has issued the cards. This new offering follows Bybit’s announcement that it would be halting U.S. dollar bank transfers, citing “service outages” from one of its processing partners. However, users can still make USD deposits using Advcash Wallet and credit cards.
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💰 VeChain’s VORJ Platform Launches With Codeless Technology
Antonio Senatore, the CTO of VeChain Foundation, has announced the launch of VeChain’s latest web wallet, VORJ, alongside other technological advancements. Senatore went on to state that further information regarding the VORJ platform will be made available in the coming weeks. Among these updates, Senatore revealed that VeChain is set to introduce the VORJ code-free Web3 services platform, which will make it possible for users to create, manage, and deploy smart, concurrent systems without requiring any technical knowledge. This development is aimed at eliminating the barriers that have previously hindered the creation of digital assets. The company has gained significant attention in recent years, thanks to its innovative approach to blockchain technology and its focus on real-world applications.
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💰 Ripple CEO Says America Falls Behind Other Countries in Crypto Adoption
Garlinghouse believes countries like Australia, Japan, and Singapore have done the right thing by establishing clear crypto rules. Brad Garlinghouse – Chief Executive Officer of Ripple – thinks the US is already lagging behind other nations in crypto because of regulatory uncertainty. Garlinghouse gave the early days of the Internet as an example, praising the US for setting a proper regulation in the late 1990s that allowed it to turn into the technology hub it is nowadays. He advised the American government, specifically the SEC, to do the same and cease the talent exodus offshore. The SEC’s Chairman – Gary Gensler – recently reiterated his opinion that “everything other than bitcoin” is a security. As such, he insisted that all crypto transactions, excluding those involving BTC, should be monitored and supervised by the agency. America’s securities watchdog launched a lawsuit against Ripple in 2020.
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📣 Bybit halts deposits via USD bank transfer, citing partner 'service outages'
Crypto exchange Bybit stopped USD deposits via bank transfer, citing "service outages" from a partner. "Effective immediately, USD deposits via wire transfer (SWIFT) and wire transfer (for U.S. banks) are no longer available," said a company announcement on Saturday. U.S. bank wire transfer are available until March 10 at midnight UTC. The Block reached out to a Bybit representative for further comment but had not heard back by time of publication. Bybit continued to stress that USD deposits via the crypto wallet Advcash or credit card purchases of cryptocurrencies were still available on the exchange. Bybit said it will soon launch the Advcash Wallet withdrawal service, and that withdrawals via SWIFT or U.S. bank wire transfers are available until March 10 at midnight UTC. The exchange said that USD assets held in Bybit are safe and secure. Previously, the company rolled out a system.
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🥇 Bitcoin Miner Capitulation Has Been 'Completely Different' This Cycle: CoinShares
A cycle of miner capitulation can be observed throughout Bitcoin’s history. When times are good, miners stockpile their Bitcoin, restricting the supply of new coins during high demand and serving as an additional multiplier to the general upward price trend. When times are bad, like the past few months, miners sell their Bitcoin treasuries—usually to cover operating expenses when mining is less profitable, like when Bitcoin’s price is low, or to pay off over-leveraged positions. Back in June 2022, for example, a report by crypto analysts at Arcane Research revealed that during the month of May, publicly-traded Bitcoin miners like Marathon Digital and Riot Blockchain sold more Bitcoin than they mined—a stark reversal of fortunes from the first four months of the year.
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💰 Celsius Reopens Withdrawals For Distributable Assets In Certain Custody Accounts
Celsius, a crypto lending and borrowing platform had received court authorization to reopen withdrawals for certain customers with assets held in Custody Accounts. Today, the platform officially announced to reopen of withdrawals. Eligible users whose Custody assets are less than the withdrawal transaction fees. The announcement of reopening withdrawals was published on March 2, saying an act of reopening for Distributable Assets in certain Custody Accounts. The first category includes “Pure” Custody Account Assets, assets that were never in the Earn Program or Borrow Program and transferred directly into the Custody Program. There is no cap on the amount of Pure Custody digital assets eligible for withdrawal. The second category includes “Transferred” Custody Assets, which are assets that were transferred from the Earn or Borrow Program into the Custody Program.
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🪙 Aave starts governance discussion to deploy on upcoming Polygon zkEVM mainnet
Aave, a decentralized lending protocol, is considering deploying a minimum viable version (MVP) of Aave version 3 on Polygon's upcoming zkEVM Layer 2 network. The proposal from Aave's integrations lead Marc Zeller is aimed at establishing a strategic Aave presence on the new network early on. The proposal says it also aims to lay the groundwork for possibly issuing Aave's GHO stablecoin on the zkEVM, if the governance were to consider this option in the future. Polygon's zkEVM will be a zero-knowledge or ZK-rollup that performs off-chain computations on a secondary layer for faster and cheaper transactions while prioritizing security. The aim is to further expand the Ethereum network's scaling capabilities. as well as USDC stablecoin. It also recommends including only one borrowable asset, the USDC stablecoin.
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🪙 Nexo user sues crypto lender, alleging millions in asset losses
A California resident filed a complaint against crypto lender Nexo citing harm from the firm’s “fraudulent inducement” to take out loans. John Cress had a Nexo interest-bearing account and moved his digital assets to Next to earn interest, according to a complaint filed on Monday in the U.S. District. Cress alleged that Nexo made false assertions to get him to borrow against the digital assets he deposited and invest in complex financial products rather than just earn interest on his own assets. The suit alleges that Cress ultimately, "suffered millions of dollars in losses because of those misrepresentations when he was liquidated of substantially all his digital assets,” according to the filing. Cress is a long-time investor in crypto, according to the complaint. He bought bitcoin in 2014 and bought ether in 2017.
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💰 Polygon launches web3 identification service using zero-knowledge proofs
Polygon, the Ethereum sidechain, released a web3 identification service called Polygon ID that will allow blockchain-based applications to authenticate user credentials without compromising personal information. The team said that its ID solution will be useful for blockchain-related Know Your Customer checks. Polygon-based crypto and NFT projects such as Kaleido, Fractal and Collab.Land, have already shown support for Polygon ID, which is accompanied with a developer toolkit. The offering can verify user data for blockchain apps while maintaining privacy on-chain; it uses zero-knowledge proofs, which can authenticate data while keeping it encrypted and hidden from the verifying party. Polygon ID could be beneficial in compliance use cases such as the "Know Your Client" process required for centralized exchanges, permissioned DeFi platforms.
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