Coinbase CEO Seeks to Transform Platform into Global Super-App, Despite SEC Lawsuit
Coinbase (NASDAQ:COIN) CEO Brian Armstrong maintains his vision of transforming the platform into a global “super app,” despite the recent lawsuit filed by the SEC. “ I think at Coinbase, in this case, we want to be this super app, but everything will be based on these decentralized protocols”, Armstrong said at the State of Crypto Summi, adding that the app will be used not only for money and assets, but also for social interactions. Inspired by WeChat, Armstrong wants to offer financial services and social interactions through decentralized protocols. Meanwhile, the SEC lawsuit against Coinbase and Binance has had a significant impact on the industry.
Brazilian Deputy Summons Binance Director for CPI on Fraudulent Schemes
Deputy Alfredo Gaspar, from the Chamber of Deputies of Brazil, requested that Guilherme Haddad, director of Binance Brasil, be summoned to appear before the CPI that investigates pyramid schemes in the country. The request will be voted on June 27. The deputy alleged that Binance was used to facilitate asset transfers related to fraudulent schemes. Binance is being investigated in Brazil by the Federal Public Ministry and the Federal Police.
Binance, CEO Allege Misleading Statements by SEC in Lawsuit
Lawyers for Binance.US, Binance Holdings Limited, and CEO Changpeng “CZ” Zhao have filed a motion alleging that the US SEC has made misleading statements regarding an ongoing court case. They argue that the statements lack substantiation and violate rules of professional conduct. The motion seeks to restrict the SEC’s public statements on the case. Binance also accused SEC Chairman Gary Gensler of having a conflict of interest. The platform has faced several regulatory actions recently due to increased global scrutiny on cryptocurrencies.
BitMEX CEO Claims Exchanges Don’t Need Market Making Teams
Stephan Lutz, CEO of BitMEX, stated that cryptocurrency exchanges are not required to have in-house market making teams, following the revelation that Crypto.com has an in-house trading team. The existence of such a team raised concerns about potential conflicts of interest. Lutz argued that exchanges that profit from proprietary trading should shed such teams already. He mentioned that there are enough companies like HFTs and prop shops capable of playing this role. BitMEX has faced similar allegations in the past, but Lutz stated that the entity responsible for these activities is now separate from the exchange. The recent FTX crash has brought more scrutiny to exchanges with in-house trading teams.
BitGo Cancels Prime Trust Acquisition, Citing Tough Decision
BitGo has canceled its acquisition of Prime Trust, citing a difficult decision and its continued commitment to providing trust in digital assets. “ After considerable effort and work to find a way forward with Prime Trust, BitGo has made the difficult decision to end its acquisition of Prime Trust. This decision was not taken lightly and BitGo remains committed to our mission to deliver trust in digital assets”, announced BitGo on Twitter. Unconfirmed rumors suggest that the cancellation may be related to a cease and desist order received by Prime Trust. Prime Trust has faced recent challenges, including a filing for bankruptcy protection from Banq, its payments subsidiary.
US Bitcoin ETF Approval Unlikely in the Short Term, Says QCP Capital
Trader QCP Capital believes that approval of a Bitcoin ETF in the US is unlikely in the short term given the current composition of the SEC and the leadership of Gary Gensler. While there is potential for greater institutional involvement, the QCP highlighted regulatory challenges in its latest June 22 update. The Grayscale Bitcoin Trust (USOTC:GBTC) is rallying, with its discount to spot BTC hitting 2023 lows.
Dubai to host Blockchain Economy Summit in October 2023
The Blockchain Economy Summit, considered the largest blockchain conference network in the world, will host its eighth edition in Dubai, on October 4th and 5th, 2023. The event will bring together the main participants and experts of the crypto industry, including crypto companies, blockchain entrepreneurs and AI innovators. With participants from over 85 countries, the event will promote discussions on the future of financial technologies and offer networking opportunities. The Blockchain Economy Dubai Summit will feature influential speakers from a variety of fields, and tickets are now available.
More than 50% of Fortune 100 companies are involved in cryptocurrency projects, according to report
More than 50% of Fortune 100 companies have ongoing cryptocurrency projects, a Coinbase report has revealed. “The State of Crypto: Corporate Adoption” report highlights that 52% of Fortune 100 companies have invested in cryptocurrency and blockchain initiatives since 2020. In Q2 2023, 70% of these companies with crypto projects reached the public launch stage, the highest level since the first quarter of 2020. Currently, around 60% of these projects have been in development since 2022. While regulatory uncertainty is a barrier, companies recognize the potential of blockchain and are investing in crypto technologies to update the global financial system.
Pepecoin registers 40% increase driven by market recovery
Pepecoin (COIN:PEPEUSD) has seen an increase of up to 40% over the last 24 hours, racking up weekly gains of over 70%, driven by the market recovery led by Bitcoin (COIN:BTCUSD). Trading volumes for the frog-themed tokens surpassed $800 million, indicating buying interest. Bitcoin is sustaining the $30,000 price, buoyed by US Bitcoin ETF orders.
Arbitrum launches Orbit framework to facilitate creation of L3 applications and networks
Offchain Labs, the development team at Arbitrum (COIN:ARBUSD), announced the release of the Orbit framework to facilitate the creation of Layer 3 (L3) applications and networks in Arbitrum. Developers can build their own Orbit chains connected to Arbitrum’s Layer 2 (L2) chains, offering customization and control over privacy, permissions and more. The framework also allows for the creation of EVM-compliant smart contracts and permissions control.
Algorand reduces blocking time on protocol update
On Thursday, Algorand rolled out an update to its protocol to reduce block times, speed up application development on the network, and make it more cost-effective. With the highest percentage reduction in blocking time, from 3.8 to 3.3 seconds, Algorand seeks to increase its attractiveness in a competitive market. The update also introduced a simulator and a new plugin framework. Algorand’s native token (COIN:ALGOUSD), has seen a 4.9% increase over the past 24 hours. This update comes as Algorand’s mainnet approaches 30 million blocks and completes four years.
Xapo plans to expand services in India and South Asia
Xapo, a cryptocurrency-friendly private bank in Gibraltar, plans to expand into India and South Asia, expanding its services in the region. The company will offer members in South Asia a dollar savings account with 4.1% interest and a bitcoin wallet with 1% BTC deposits. “This is in line with the positive changes we are witnessing in Asia’s evolving crypto landscape, as well as our mission to make transparent and secure transactions from anywhere in the world as simple as possible for our members”, said CEO Seamus Rock. Although India has challenging regulations, its large population and cryptocurrency user base are attractive to companies in the sector.
CACEIS receives registration to provide cryptocurrency custody services
CACEIS, the asset servicing arm of Crédit Agricole and Santander (NYSE:SAN), has received registration from French regulators to provide cryptocurrency custody services. Registration with the Financial Markets Authority of France (AMF) was granted on Tuesday, June 20. This move follows the move of other traditional financial institutions, such as Societe Generale and AXA Investment Managers, seeking recognition in crypto regulations in Europe. CACEIS, with €4.6 trillion of assets in custody, had been seeking regulatory status since 2021.
Mastercard expands Engage program to cryptocurrency cards
Mastercard (NYSE:MA) has expanded its Engage program. The Engage program connects card issuers with technical partners to facilitate the launch of cryptocurrency card programs. This allows cryptocurrency companies to take advantage of Mastercard’s global network. In addition, the company announced additional initiatives such as AML verification using technology from CipherTrace. Mastercard has also released a list of crypto payments companies that have joined the Engage program. Companies include Baanx, Credencial Payments, Episode 6, Immersve, Monavate, Moorwand, PayCaddy, Paymentology, Pomelo, Swap, and Unlimit.
Atomic Wallet releases statement on exploitation that resulted in significant losses
Decentralized wallet provider Atomic Wallet released an “event statement” regarding the June exploit that resulted in estimated losses of up to $100 million. Atomic Wallet stated that there were no new confirmed cases after initial reports of the hack and that less than 0.1% of users were affected. However, explanations of the causes of the exploit raised questions, and Atomic Wallet is working on a security update for the app verified by external auditors. The investigation is still ongoing, with the help of blockchain analysis companies.