The main topic is the fundraising efforts of South Korean digital lender and neobank Toss Bank. The key points are:
- Toss Bank is close to raising $154 million in equity at a valuation of $2.1 billion.
- The company is also planning another $150 million funding round for the end of the year.
- The funding injections are being discussed with existing and new investors, including global private equity firms and corporations.
- Toss Bank raised $154 million in March 2023 at a valuation of $1.6 billion.
- The capital injections highlight Toss Bank's competitive stance in the Korean market.
- The new funding is expected to be completed by the end of the third quarter of 2023.
- Toss Bank aims to use the capital to offer loans, expand its workforce, and expand its services.
- The company aims to turn profitable between year-end and early next year.
- Toss Bank has gained 7 million customers since its launch in October 2021 and has 464 employees.
- Toss Bank benefits from its association with Viva Republica, which has about 26 million users and provides various financial services through its app, Toss.
- Toss Bank is one of the three licensed online banking service providers in South Korea.
The main topic is the launch of Coinbase's layer-2 blockchain Base's mainnet to the public on August 9. Key points include:
- Base has been operating on the testnet since late February and launched its "builder only phase" in mid-July.
- Users can start bridging their funds onchain to mint NFTs and experience Base.
- Base will kick off its Onchain Summer initiative, partnering with consumer brands like Coca-Cola and Atari.
- Base has seen over $68 million worth of ether bridged to the network and over $200 million in trading volume and transactions.
- The blockchain is partnering with Prop House to offer grants to builders building on Base.
- Onchain activity is growing quickly.
Cryptocurrency exchange Coinbase is acquiring a minority stake in Circle Internet Financial, dissolving their partnership and bringing the stablecoin USD Coin fully in-house, while also adding native support for USDC on six additional blockchains, bringing the total to 15.
Coinbase's new Base blockchain, which operates as a layer-2 network atop Ethereum, has gained significant traction with its application Friend.tech attracting over 100,000 users and generating $25 million in fees, pushing its total value locked past $200 million and its transactions per second above Ethereum and rival layer-2 projects Arbitrum and Optimism.
Global investment giant BlackRock has positioned itself to benefit from the growing importance of digital assets, including Bitcoin, through its substantial stake in MicroStrategy, indicating a new phase of institutional adoption in the cryptocurrency market.
Coinbase is in talks with major Canadian banks to gain support for the crypto industry in Canada as it faces regulatory uncertainty in its home country, aiming to have the banks participate in the crypto economy in the near future.
Bitcoin mining company Marathon Digital Holdings is investing in the AI sector and aims to build applications on the Bitcoin blockchain, citing the blockchain's decentralized nature and resistance to censorship as ideal for storing data, according to CEO Fred Thiel, who also noted the tight coupling between blockchain and AI technologies. Marathon has recently expanded its mining operations to Abu Dhabi and plans to diversify further into international markets, particularly in Africa, Latin America, and Asia. The company is also increasing its Bitcoin holdings and intends to sell a portion of its holdings to support operations while continuing to add to its balance sheet.
KEB Hana Bank and BitGo are partnering to launch a joint cryptocurrency custody venture in the second half of 2024, aiming to strengthen trust and enhance security in the South Korean digital asset market.
BitGo, a California-based crypto custodian, has signed a strategic agreement with South Korean commercial bank Hana Bank to develop custody services and explore potential joint ventures in the blockchain industry.
The Tokenized Asset Coalition, consisting of industry leaders such as Coinbase and Circle, aims to promote the tokenization of traditional financial assets on a blockchain to bring the "next trillion dollars of assets" on-chain through education, advocacy, and fostering adoption of public blockchains and decentralized finance.
Coinbase Global is expanding its digital asset lending services, which could have implications for its stock and the crypto economy.
The lack of clear crypto regulations in the US has caused significant issues for the industry, leading to collapses and a weakening of America's position as a financial hub, according to Coinbase CEO Brian Armstrong. He emphasizes the need for clear rules that recognize the innovation potential of the technology while protecting consumers. Armstrong also highlights the potential benefits of Bitcoin exchange-traded funds (ETFs) and Coinbase's role as custodian in many ETF applications.
Coinbase has reportedly earned a $1 million profit from the $73 million Curve exploit in July, but has refused to refund victims, highlighting the tension between the decentralized nature of blockchain finance and the lack of recourse for crypto theft.
Coinbase, the largest U.S. cryptocurrency exchange, is actively engaging with Ohio voters through events, ads, and lobbying efforts, highlighting the potential economic benefits of the crypto industry to the state. They are pushing for the passage of the FIT21 Act, which would provide regulatory clarity for cryptocurrency exchanges. However, the legislation's fate is uncertain, as there are differing opinions among lawmakers regarding crypto regulation.
Coinbase, the U.S. cryptocurrency exchange operator, may invest more elsewhere if the U.S. cannot get crypto regulation right, raising questions about whether the U.S. is still the primary hub for crypto innovation and development.
Coinbase, the largest cryptocurrency exchange in the United States, holds around $25 billion in Bitcoin reserves, a sum comparable to the holdings of Bitcoin's enigmatic founder, Satoshi Nakamoto.
Coinbase is looking to diversify its revenues, but for now, it remains heavily reliant on Bitcoin trading.
Crypto exchange Coinbase has registered with the central bank of Spain, making it mandatory for the company to comply with anti-money laundering standards and paving the way for implementation of the European Union's MiCA regulation in 2024.
Coinbase's blockchain, Base, has quickly become a major player in the Ethereum-based layer-2 chain space, hosting numerous decentralized projects and seeing a high volume of transactions and new addresses, with the goal of bringing a billion users on-chain within this decade. The company aims to drive mainstream adoption by reducing costs, improving user experience, and developing better identity infrastructure, and believes that blockchain technology is moving from a speculative phase to one focused on utility for everyday people.
Coinbase is leading a major lobbying effort in Washington D.C. to garner support for new regulations in the cryptocurrency industry.
Swiss tokenization firm Backed Finance has launched the first real-world asset token on Coinbase's Base blockchain, offering a blockchain-based version of BlackRock's short-term US Treasuries ETF, with a 5.25% annual yield, to qualified investors and licensed distributors.
Deep-pocketed crypto investors are moving hundreds of millions of dollars worth of Bitcoin and other digital assets to Coinbase and unknown wallets, according to data from whale-surveying platform Whale Alert.
Coinbase, the top US crypto exchange, is focusing on international markets due to regulatory uncertainty in the US and aims to bring a billion people into crypto.
