Daily Crypto NewsEDITION #288, 20 August 2021

Coinbase and 500k bucks

Hey Moni Maker

Today is World Lazy Day.

Let’s go!

Coinbase CEO Brian Armstrong announced via Twitter today that the publicly traded cryptocurrency exchange received board approval to add $500 million of cryptocurrency assets to its balance sheet. Not just that, but it'll be placing 10% of all future profits into cryptocurrency.

In February, as it prepared to go public via direct listing, Coinbase published an S-1 filing showing it held somewhere in the range of $365 million in crypto. Of that, $230 million was in Bitcoin, $53 million in Ethereum, $49 million in stablecoins, and $34 million in other crypto assets.

So what?

You get what to do without any advice, right?

Regulatory concerns surrounding Binance.us and its owner, Changpeng Zhou (CZ), have reportedly culminated in investors backing out of a $100 million funding round.

The failed funding round also prompted Binance.us CEO Brian Brooks' surprise decision to step down after serving as its executive for just three months.

Brooks, the former Acting Comptroller of the Currency and former chief legal officer to rival exchange, Coinbase, cited “strategic differences” while stepping aside. The funding round had been intended as the first step in Binance.us's path toward an initial public offering (IPO).

According to New York Times, Brooks had initially courted potential investors including Ray Lane from venture capital firm GreatPoint, and an executive at Japanese holding company, SoftBank, under assurances that Binance.us would comply with all US regulatory guidelines.

However, the investors reportedly backed out due to concerns surrounding CZ’s 90% ownership stake in Binance’s U.S.-based exchange, alongside anxieties regarding an ongoing investigation from U.S. authorities that is reportedly scrutinizing CZ over money laundering and tax issues.

So what?

Binance is being extinguished from all sides - and anxiety does not leave your heart when you read such news. You should not panic, but you should always have a plan B.

Chainalysis released a report comparing countries in terms of crypto adoption rates.

The first place is going to Vietnam! The USA grabs the 8th one.

We spied this content from Sergei Chan on Twitter, thank you, bro! :)

Did you find your country in the top 10? Let’s chat!

Robinhood released a report. Crypto accounts for 52% of revenue from transactions, of which more than half is Dogecoin. A significant number of new users have started trading with cryptocurrencies, and 60% have traded crypto at least once.

“We’re encouraged by the number of people who are accessing the financial system for the first time through Robinhood… We’re happy to expand access through products like commission-free crypto trading, which saw strong growth this quarter among women investors in particular, and IPO Access, which gives customers an opportunity to invest in companies at their IPO price,” Tenev said.

By buying ETH, you support each of these projects. What project is your friend?

Open source is the source code in such projects is publicly available and can be checked or changed, which helps find flaws - bugs, vulnerabilities. The community can also offer their ideas and refine programs with such code.

And more you can find in our Glossary!

And you...buy Bitcoin! (it's a good time!)