- 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.