Crypto Market Overview August 12th | Dex-Trade
Brian Armstrong: Coinbase Will Motivate Its Customers To Pay With Crypto
Coinbase CEO Brian Armstrong said the crypto giant plans to provide its customers with a Coinbase Card debit card and a side-lending service in BTC. Cryptonews reports.
Taking into account the growing number of users of the digital exchange services, the site's management began to develop long-term plans to create a cryptocurrency infrastructure that could provide, among other things, the everyday needs of crypto-investors.
Coinbase has already launched the Coinbase Borrow project, under which retail customers can borrow up to $100,000 in fiat currency for their crypto holdings.
However, the Coinbase CEO does not deny the challenges of creating a full-fledged "crypto economy", most notably the problem of blockchain scalability. Although, given the new regulatory environment in the US, Coinbase may have to deal with the relocation issue as well.
Nigerian central bank on guard for state CBDC
The Central Bank of Nigeria (CBN) is about to give the as-yet-unissued government digital currency the status of "critical national infrastructure" to protect it from "disruptive competition for electronic money." News.bitcoin reports.
The authorities say the cryptocurrency, which will bear the name of the e-naira, must initially be compatible with traditional fiat-based payment systems. CBN hopes this strategy will help "eliminate the compatibility risks that may be associated with implementation."
It is assumed that the emission of e-naira will become a pretext for the creation of a mechanism for state-commercial partnership between the country's Central Bank and regulated institutions. As part of this agreement, the Central Bank will entrust commercial institutions with control over the distribution of the crypt. And they, in turn, "will provide digital money to individuals and businesses."
The launch of the Nigerian CBDC will take place in just a few weeks, and the country's government has high hopes that the new means of payment will simplify and streamline transactions between government and civilian subjects.
Circle Plans to Become a Full Reserve National Commercial Bank
The CEO of the most ambitious crypto-finance company Circle, Jeremy Allaire, said he plans to reformat it into a full-reserve national commercial bank in the United States. News.bitcoin reports.
In such a case Circle will have to take on additional responsibilities, which include periodic reporting to the Federal Reserve System, the US Treasury, the OCC and the FDIC. However, the main goal of the company is to create a unique financial ecosystem linking cryptocurrencies with fiat.
Allaire said that since its inception, Circle wanted to grow its project to the size of a full-fledged financial institution. To date, the company's flagship stablecoin, USD Coin, has reached critical emission levels. According to the creators of the project, the reserves of $27 billion will be enough to create a reserve for future clients.
However, the question of the liquidity of the company's stablecoin remains open. To settle and stabilize the value of USDC, the head of the company promised to publish information on the fundamental liquidity of the coin in accordance with the Basel III protocol, which determines the liquidity coverage ratio for banks in times of crisis.
Hackers Launched $611 Million Returns to PolyNetwork Users
Investors of the infamous crypto platform PolyNetwork, which was hacked back in the summer of 2020, are starting to return their deposits in accordance with the promise of the hackers who hacked the trading platform. Cryptopotato reports.
At the moment, one transaction for $1 million has already been confirmed, the recipient of which is the anonymous user PN. Several more large transfers totaling $3.7 million have not yet received confirmation, but have already appeared in several news headlines.
The total amount of stolen funds was $611 million, including assets in the Ethereum network for more than $260 million, BSC for $250 million and Polygon for $85 million.
The Hackers reportedly tried to launder money using the Curve protocol, but the first few transactions were rejected due to the USDT freeze by Tether. However, the cracker managed to send $76 million to Curve and another $120 million in stablecoins to Ellipsis Finance.