Coinbase Dumps Silvergate And More

Coinbase was in the news this week for the launch of its new Layer 2 project, Base, and also for cutting ties with the Silvergate Bank. The latter’s collapse has already shown its effects on the market. So let’s find out more. 

Bitcoin

The knowledge that Mt Gox bitcoin may be released to the market as Silvergate collapses has led to a sharp fall in its price.

Block’s TBD has disclosed details about how it is delving into infrastructural scaling solutions for the Bitcoin blockchain through the Lightning Network.

Ethereum

Blockchain development firm ConsenSys has announced that it is set to begin the public testing of its upcoming zero-knowledge Ethereum Virtual Machine (zkEVM) on a public testnet. 

The Ethereum network has successfully completed the second testnet, i.e., the Sepolia testnet, in preparation for the upcoming Shanghai upgrade. 

The network’s core developers have agreed to push the Shanghai/Capella upgrade to early April in their latest All Core Developers Execution call.

The core developers are also working on a new testnet called Holli to address issues related to the purchase of ETH on the blockchain’s test networks. 

DeFi

The recently launched decentralized exchange, ArbiSwap, appears to have rug-pulled after withdrawing over $100,000 from the platform’s liquidity pools. 

Altcoins

The Solana Network faced a significant slowdown in block production after a planned upgrade, adversely impacting transactions and forcing validators to downgrade their software to restore performance. 

March 2023 is set to see $640 million worth of tokens enter the market, with 18 projects scheduling their unlocks during the month.

Technology

Base, a newly-launched Ethereum Layer 2 project developed by Coinbase, has announced its integration with Chainlink’s off-chain feeds. 

Near Protocol has announced that it is shifting to become a “Blockchain Operating System” or BOS to focus on building user-centric experiences in the Web3 space.

Decentralized oracle network Chainlink has announced the launch of a new developer platform, named Chainlink Functions, to connect Web3 applications with traditional cloud software. 

0x Labs, the blockchain development team behind 0x Protocol, has launched a new transaction relay API built for Polygon and Ethereum.

Business

Coinbase has announced that it is suspending all associations with Silvergate Bank, opting instead to go with an association with a rival bank. 

Singapore-based crypto lender Vauld was granted an additional extension to its creditor protection, affording it more time to present its restructuring plan.

Binance’s custody unit, Ceffu, said today that it plans to apply for a license to offer payment services in Singapore.

The founders of troubled crypto lender Hodlnaut are desperately trying to save the firm despite its creditors calling for its liquidation.

Crypto-focused fintech firm, Revolut, has published impressive earnings for 2022, with a 33% increase in revenue.

Ras Al Khaimah, one of the seven Emirates that make up the United Arab Emirates (UAE), announced the launch of a free zone for digital asset firms.

Bitcoin miner Marathon Digital has announced that it will reissue several financial statements from its audited 2021 results and unaudited reports from 2022. 

The Digital Currency Group (DCG) has reported losses worth $1 billion in 2022 in the aftermath of the collapse of Three Arrows Capital (3AC). 

A new report by Forbes has claimed that Binance had moved around $2.8 billion of collateral meant to back customer assets to a bunch of hedge funds. 

Regulation

The French National Assembly has voted on new measures for crypto regulation, requiring a new set of compliance frameworks for new crypto firms registering operations in the country.

Fintech firm Robinhood has announced that it will comply with the SEC’s subpoena which requested the firm for detailed information on its operations relating to crypto listings and custody.

NFT

Bored Ape Yacht Club creator Yuga Labs has dropped a new NFT project, called the “TwelveFold,” on the Bitcoin blockchain.

Web3

Fujitsu has led a group of ten major Japanese companies in collaboration createing the infrastructure for Japan’s open metaverse and immerse the country into Web3.

Lifestyle magazine Playboy’s metaverse initiative, dubbed the MetaMansion, has been scheduled to launch later this year. 

Real-time game engine and code development platform Unity has officially released an integration to adopt  MetaMask’s popular Web3 wallet into its suite.

Polygon Labs has launched zk-proofs-based Polygon ID, which is an identity infrastructure for facilitating and securing connections between decentralized applications and Web3 users.

Security

The Sandbox, one of the most prominent blockchain-based metaverse companies, has suffered a security breach, with its users being targeted by phishing emails. 

Notorious crypto scammer, Monkey Drainer, has announced that they are shutting down after a possible exposure during an online quarrel. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.