Coinbase Suspends Staking Services in Four US States, DigiToads Emerges as Top Crypto Coin with High Growth Potential
Coinbase has halted staking services in four US states due to a lawsuit by the SEC, leading to attention being drawn to other cryptocurrencies with staking mechanisms such as DigiToads, Chainlink, and Aave. DigiToads has seen a significant increase in value since its launch, thanks to its hybrid DeFi model and decentralized autonomous organizations structure for governance. Chainlink has launched a cross-chain interoperability protocol for early access by users of various blockchains, while Aave has launched its stablecoin GHO, which is algorithmically pegged to the US dollar. Analysts believe that DigiToads has higher growth potential due to its hybrid DeFi model, which offers multiple opportunities for earning passive income.
Data: 1890 BTC Transferred From Unknown Wallet to Coinbase
@whale_alert data shows that 1,890 BTC (worth ~$56,540,282) were transferred from an unknown wallet to Coinbase.
Crypto Exchange Coinbase Shuts Down Borrow Program
Coinbase, the popular US crypto exchange, has announced the complete closure of its Borrow service. This service allowed retail customers to obtain cash loans by using Bitcoin as collateral. Coinbase had already suspended the disbursement of new loans in May and now wants all existing loans to be repaid by 20 November. The exchange claims that the closure is due to a lack of customer interest and that it regularly evaluates its products to prioritize those that customers care about the most. The closure of Borrow does not affect other services offered by Coinbase, such as Coinbase Prime Financing, and the exchange may eliminate other services in the future if they are used only by a few customers.
Bitcoin Mining Stocks Outpace Major Cryptocurrencies With Gains Up to 1,140%
Bitcoin mining stocks, including Core Scientific, Cipher Mining, TeraWulf, and Iris Energy, have seen significant gains this year, with some increasing by over 1,000%. However, these stocks still have a long way to go to fully recover from past losses. In comparison, investing in the top 50 cryptocurrencies by market cap would have yielded an average return of around 49%.
Coinbase to Shut Down Borrow Program Allowing Customers to Receive Fiat Loans Against Bitcoin Holdings
Coinbase is shutting down its Coinbase Borrow program, which allowed customers to receive fiat loans of up to $1 million against their bitcoin holdings. The company will focus on products that are more important to customers. Customers who hold loans through the program will have until November 20, 2023 to pay back any outstanding loan balances.
Coinbase's Base Network Plans to Expand to Include zk-Proofs for Ethereum Layer 2 Networks
Coinbase's Base network, which currently uses optimistic rollups to connect to the Ethereum mainnet, may expand to include zk-proofs. While optimistic rollups assume transactions are legitimate unless proven otherwise, zk-proofs submit regular proofs that all transactions are legitimate, making them more secure but expensive.
Grayscale Bitcoin Trust among top performers at ARK Invest in Q2 2023
Grayscale Bitcoin Trust (GBTC) was among the top performers at Cathie Wood's ARK Invest in Q2 2023, contributing to the success of its ARK Next Generation Internet exchange-traded fund (ARKW).
Coinbase Protocols Lead Predicts 8 Billion People Will Be On-Chain in Next Decade
Jesse Pollak, Coinbase protocols lead, predicts that over the next decade, the vast majority of people on Earth will come on-chain, leading to a surge in crypto adoption. Pollak believes that there will be 8 billion people on-chain, representing a dominant slice of humanity.
Coinbase Stock Outperforms Major Crypto Linked Funds in Past Month
Last week, Ripple had a partial win in its legal battle with the SEC, which boosted the global crypto industry. However, Coinbase's stock price surge has outperformed major crypto-linked funds in the past month, according to data from Kaiko.
Coinbase CEO Brian Armstrong Sells Almost 2% of Company Stake To Fund Startups
Coinbase CEO Brian Armstrong has sold almost 27,600 COIN shares, generating $2.9 million and bringing the total number of shares sold to 681,672, or 86% of his pledge to sell 2% of his company stake to fund other startups.
