Month: August 2023

CBDC supporter likely in White House next term, crypto divide not red v. blue: Grayscale

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The next president of the United States is likely to be in favor of central bank digital currency (CBDC), crypto asset manager Grayscale observed in a post on its website, as the current frontrunners in both political parties have expressed their support for it. Neither seems to like Bitcoin. Joe Biden and Donald Trump currently have healthy leads in the 2024 presidential polls among members of their respective parties. Both of them are “favorable toward exploring CBDC,” echoing conclusions drawn by Forbes earlier this year. Trump has called Bitcoin (BTC)…

Coinbase CEO says leaving US ‘not even in the realm of possibility right now’ — Report

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Brian Armstrong, the CEO of Coinbase, has reportedly given a mixed response about whether the cryptocurrency exchange plans to leave the United States amid regulatory uncertainty. According to an Aug. 4 report from the Financial Times, Armstrong said Coinbase was “staying in the United States” despite many other crypto firms considering leaving the country over the potential threat of legal action from federal regulators. Coinbase currently faces a lawsuit from the U.S. Securities and Exchange Commission, as well as scrutiny from 10 state regulators, many of whom issued cease and…

Coinbase CEO says leaving US ‘not even in the realm of possibility right now’: Report

Brian Armstrong, chief executive officer at Coinbase, has reportedly waffled about whether the cryptocurrency exchange plans to leave the United States amid regulatory uncertainty. According to an Aug. 4 report from the Financial Times, Armstrong said Coinbase was “staying in the United States” despite many other crypto firms considering leaving the country with the potential threat of legal action from federal regulators. Coinbase currently faces a lawsuit from the U.S. Securities and Exchange Commission as well as scrutiny from 10 state regulators, many of whom issued cease and desist orders…

XDC Token Continues To Record Higher Gains Daily, Can It Achieve $0.1 Mark?

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XDC Network is now on its way to the $0.1 target price after encouraging price movements over the past weeks. The token is now among the most searched cryptos ranking fourth on CoinMarketCap’s list of trending cryptocurrencies. However, the question remains: How long can XDC sustain these rallies? Are the bulls energetic enough to exceed the anticipated $0.1 price mark? Let’s see XDC Soars Amid Market Downturn, What’s Fueling Its Price Movements? XDC Network is soaring today, August 4, as the broader market slightly improved. With a bullish momentum, the…

Worldcoin plans to open source data, MicroStrategy preps for BTC halving, and more

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The launch of the controversial digital ID crypto project, Worldcoin, has stirred up a wave of attention and debate. Led by Sam Altman, the CEO of OpenAI, Worldcoin made headlines with its promise to introduce a futuristic digital identity system based on iris scanning, differentiating humans from artificial intelligence (AI) entities. The process — proof-of-personhood — generates a unique World ID, with all biometric data stored on a decentralized blockchain. The innovation lies in the zero-knowledge proof mechanism, which enables human verification without divulging the underlying data. Despite generating controversy…

Global X Refiles Spot-Bitcoin ETF Application, Naming Coinbase as ‘Surveillance-Sharing’ Partner

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If approved, the fund would grant investors “exposure to bitcoin with important protections that are not always available to investors that invest directly in bitcoin,” lawyers said in the filing. Global X’s spot-bitcoin applications marks the ninth active spot-bitcoin application filed with U.S. regulators, in addition to a petition by Grayscale to appeal the SEC’s rejection of its proposed spot-bitcoin ETF conversion (Grayscale is a subsidiary of CoinDesk parent company Digital Currency Group). Original

Curve-Vyper exploit: The whole story so far

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Curve Finance pools were targeted by hackers in a reentrancy attack on July 30, sending shockwaves across the DeFi ecosystem. Cointelegraph compiled the week’s events. The decentralized finance (DeFi) ecosystem has experienced a challenging week after a seismic security incident led to over $61 million being stolen from Curve Finance’s pools, leaving several protocols facing broader contagion risks. This attack exposed vulnerabilities across DeFi projects and sparked efforts to recover stolen funds over the past few days. As the community navigates the aftermath of this exploit, Cointelegraph compiled the week’s…

Coinbase earnings show the company is now much more than just an exchange

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Coinbase, a leading U.S. cryptocurrency exchange, shared its 2Q results on August 3. Despite showing a net loss, some positives emerged, like a 13% cut in operating expenses from the last quarter and a 3% boost in its cash reserves to $5.5 billion.  Coinbase key financial metrics, USD million. Source: Coinbase However, the exchange took a hit with a $97 million net loss, worse than its previous quarter, and saw a 32% drop in its adjusted EBITDA to $194 million in 2Q. Services and USDC stablecoin impact growth One downside…

CRV exposure risk throws a curveball at the DeFi ecosystem: Finance Redefined

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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. The $47 million Curve Finance exploit on July 30 had a domino effect on the DeFi ecosystem, mainly due to the $100 million loan taken out by the Curve founder against the platform’s native Curve DAO (CRV) token. Several lending protocols have rushed in with new governance proposals to minimize CRV exposure risks as the token price fluctuates. On Aug. 3, the…