Crypto Booms: Coinbase, PayPal, Binance Lead the Charge

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  • Coinbase launched its Ethereum layer-2 blockchain Base, and PayPal released its PYUSD stablecoin.
  • Binance became the first licensed crypto exchange in El Salvador, while Bitstamp will halt trading of certain altcoins for US users.
  • Galaxy Digital narrowed losses to $46 million, Amazon offered in-game NFTs to prime subscribers, and a class-action lawsuit named 18 venture capital firms as defendants.

Coinbase Launches Base

Coinbase launched its Ethereum layer-2 blockchain Base on Wednesday. To celebrate the launch Coca-Cola and top DAOs joined the ‘Onchain Summer’ Web3 festival. Coinbase also announced plans to buy back a portion of its corporate $1 billion debt.

PayPal Releases Stablecoin

PayPal launched its PYUSD stablecoin and planned to generate revenue from it in a number of ways. However, US Congresswoman Maxine Waters criticized PayPal’s stablecoin launch saying the company should have waited for federal regulatory approval.

Binance Becomes Licensed Exchange

Binance became the first fully licensed crypto exchange in El Salvador. Binance Labs maintained its dominance in crypto funding despite regulatory challenges, but their latest proof-of-reserves report came under scrutiny following its depleting USDC reserves. CEO Changpeng Zhao warned that deepfake videos pose significant risks to crypto.

Bitstamp Halts Trading Altcoins

Bitstamp declared its intention to “permanently” halt trading of certain altcoins for US users and planned fresh fundraising through strategic investors. Huobi saw significant outflows of funds and a decline in its TVL amidst rumors of insolvency and investigations, while Kenyan police raided Worldcoin’s warehouse. Circle CEO Jeremy Allaire said 70% of USDC adoption originated from countries beyond the US.

Galaxy Digital & Amazon Offer NFTs

Galaxy Digital narrowed losses to $46 million and maintained strong liquidity position at $696 million in Q2. 3AC founders created OPNX proposed takeover of struggling crypto lender Hodlnaut. Amazon offered 170 million prime subscribers exclusive in-game NFTs from popular blockchain games while y00ts NFT project migrated from Polygon to Ethereum . CoinGecko introduced a new category that lists SEC designated cryptos as securities . Lastly ,a class action lawsuit named 18 venture capital investment firms as defendants for their links with FTX , Sino Global Capital filed claim worth $67 million on behalf of Liquid Value fund against FTX .