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Coinbase sees infinite interoperability potential with Ethereum and USDC

Coinbase Explores Future of Decentralized Applications and Blockchain Integration

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Coinbase Explores Future of Decentralized Applications and Blockchain Integration

During the TokenizeThis 2024 event in Miami, Coinbase’s head of tokenization, Anthony Bassili, outlined the company’s vision for accommodating a billion customers using decentralized applications (dApps) across millions of blockchains securely.

Bassili highlighted Coinbase’s Ethereum layer-2 Base blockchain, which aims to streamline Know Your Customer (KYC) and Anti-Money Laundering (AML) processes through identity attestation via the Ethereum Attestation service and Coinbase verification. Once customers complete the KYC procedure, they gain access to Coinbase verification, which creates a tag on their smart wallets.

Base intends to grant Web3 access to customers with verified identities by leveraging the interoperability of Ethereum Virtual Machine (EVM) networks. The ecosystem will be supported by Circle’s USD Coin (USDC), in which Coinbase acquired an equity stake in August. Bassili noted that Circle currently holds over $28 billion in total assets, and Coinbase has the capability to mint USDC.

Regarding the potential for trading assets directly without converting to dollars first, Bassili emphasized the need for regulatory frameworks and instant identity verification in product design. While this goal may still be distant, Bassili underscored the advantages of crypto as a liquid and open market structure, where assets can be traded without relying on dollar pairs.

In the interim, USDC serves as a foundational step towards developing such market structures.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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