Kategorie: Crypto Markets

• USBTC to host 8,500 miners belonging to Celsius at its Alpha Site.
• Hashrate of these machines is estimated to be 820 petahash (PH).
• Us Bitcoin Corp expects to be managing over 310,000 miners in total.

US Bitcoin Corp is in focus today after the mining company announced a deal with the bankrupt cryptocurrency platform Celsius Network.

USBTC is a part of Fahrenheit consortium

The data centre operator said in a press release this morning that it will host 8,500 miners belonging to the now defunct crypto lender at its Alpha Site.

Note that USBTC is a member of the Fahrenheit consortium that took over Celsius assets in May. According to Asher Genoot – the President of US Bitcoin Corp:

Opportunity to manage Celsius assets marked a defining milestone … We envision a future where Bitcoin mining is not just profitable but sustainable and industry advancing.

At the time, the said assets which included more than 120,000 miners were valued at about $2.0 billion (find out more).

USBTC to manage more than 310,000 miners

Hashrate of the machines that US Bitcoin Corp plans on hosting at its Alpha Site is estimated to be 820 petahash (PH). Genoot also said in the press release today:

We’re embarking on a new chapter. The synergy between USBTC, Celsius, and Fahrenheit represents our commitment to redefining the mining industry.

USBTC now expects to be managing over 310,000 miners in total including its own machines as well as those of clients like Marathon Digital, Sphere 3D, Teslawatt, Foundry USA, and Decimal Group.

The news arrives only days after Hut 8 Mining issued an update on its in-process merger with Hut 8 Mining.

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• Optimism and USDC issuer Circle have announced native support for USDC on OP Mainnet.
• The partnership is expected to spur institutional on and off-ramps for Optimism.

Optimism will soon have native support for USDC, the stablecoin issued by Circle. The development follows a partnership between the Ethereum layer 2 blockchain network and Circle, per details of the announcement.

We’re excited to be partnering with @circle to bring native $USDC to OP Mainnet, further enabling institutional on and off-ramps to and from Optimism.

References to Ethereum-bridged USDC will be changed to USDC.e in order to distinguish it from native USDC. https://t.co/r8lIQhJd3Z

— Optimism (✨🔴_🔴✨) (@optimismFND) August 30, 2023

USDC liquidity to boost Optimism ecosystem

USDC’s native access on the Optimism blockchain becomes the official form of the stablecoin for the network. This form of USDC liquidity will eventually replace the Ethereum-bridged USDC, which will in the meantime be labelled as USDC-e on block explorers.

According to Circle, the launch of its stablecoin natively on the Optimism mainnet allows users to access a dollar-backed token “that’s fully reserved and always redeemable 1:1 for US dollars.” It also brings to users institutional on and off-ramps, a factor likely to boost the broader Optimism ecosystem. Circle helped achieve the same with native USDC launch on Arbitrum in June, and recently on Base.

Price reaction to the news has largely been muted, with OP trading near $1.48 and down 0.5% in the past 24 hours. At the time of writing, data from CoinGecko showed OP price has fluctuated between $1.41 and $1.59 in the past week, currently down 5.3% during this timeline.

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• European users will now be able to purchase cryptocurrencies on Coinbase using PayPal.
• So far Coinbase users from the US, Canada, UK and Europe can use PayPal to purchase crypto.
• Coinbase recently got the green light from the National Futures Association to provide cryptocurrency futures to qualified US clients.

The world’s largest online payment company, PayPal, has teamed with Coinbase, a prominent cryptocurrency exchange. This collaboration seeks to make the procedure of purchasing cryptocurrencies for crypto aficionados in Germany and the UK as simple as possible.

According to Coinbase, purchasing cryptocurrencies should be as simple as making any other purchase. However, conventional banking techniques, such as wire transfers, can cause the process to lag. This partnership promises a smoother transactional experience for clients thanks to PayPal’s extensive knowledge and technology investments ensuring safety and transparency.

Purchasing crypto using PayPal on Coinbase

Coinbase is now accessible to those in Germany and the UK that have a PayPal account. The increased security is one of this integration’s most notable benefits. Users of Coinbase no longer have to trust the cryptocurrency exchange with their financial information because they can now rely on PayPal’s advanced security system.

Users who are making a purchase on Coinbase first choose their favourite cryptocurrency, then the payment method, and finally “Add a payment method.” When customers click this, they are redirected to PayPal where they can create an account, choose or add their bank account or debit card, and set up for future purchases. The combined best features of both platforms result in a smooth procedure.

Beyond simple usability, Coinbase offers modern security features including encryption and diligent fraud monitoring.

Coinbase will extend this feature to more European nations over the coming months. Currently, PayPal users in countries including the US, UK, Canada, and the EU can now deposit cash directly into their accounts.

The news adds to Coinbase’s August achievements that saw the crypto exchange get permission from the National Futures Association to provide cryptocurrency futures to qualified US clients.

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• Binance aims to stop support for BUSD by February 2024.
• The Binance USD stablecoin was being issued by Paxos before the New York Department of Financial Services ordered it to stop.
• Paxos has also indicated that it will stop support of the Binance stablecoin by February 2024.

With plans to discontinue support for Binance USD (BUSD), the Binance cryptocurrency exchange has urged users to begin converting their BUSD holdings into FDUSD, a newly listed stablecoin.

Binance confirmed earlier rumours that it will gradually remove support for BUSD by February 2024 in a statement on August 31. This decision is in line with Paxos’ plans to stop BUSD redemption at that time.

Binance’s official statement comes after multiple customers uploaded photos of a pop-up announcing the upcoming support suspension on their mobile app.

Converting BUSD to First Digital USD (FDUSD)

In the statement, Binance is encouraging its users who still have BUSD in their wallets to exchange or convert their BUSD balances for First Digital USD (FDUSD), a new stablecoin that was introduced in June by the Hong Kong-based trust company First Digital Group and made its debut on Binance in late July.

Binance delisted eight BUSD pairings on August 30 and added BUSD to the list of currencies for which transactions and conversions are free. On the other hand, the exchange previously announced zero-fee Bitcoin (BTC) and Ethereum (ETH) FDUSD trading pairings to encourage customers to utilize the stablecoin.

Binance’s move to stop supporting BUSD appears to be in response to the Securities and Exchange Commission of the United States alleging in a wells notice it sent to Paxos on February 13 that BUSD was an unregistered security.

Paxos was told to stop issuing BUSD by the New York Department of Financial Services on the same day the SEC sent the wells notice.

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• A US court has dismissed the class action lawsuit against crypto platform Uniswap.
• The suit alleged Uniswap users lost money in scam tokens on the platform,but the judge ruled you cannot sue software of provider of the software for crimes committed by third parties.

Judge Katherine Polk Failla of the US District Court for the Southern District of New York has thrown out a class action lawsuit filed against Uniswap. 

The judge ruled that Uniswap Labs and its CEO cannot be sued for providing the software, when its third-party users who committed alleged scams.

No identifiable defendant

The lawsuit filed in April 2022 alleged that the plaintiffs lost money in scam tokens bought via the DEX platform. Judge Failla, who is also the judge assigned to the Coinbase/SEC case, wrote that there is no “identifiable defendant” to sue as the identity of the scammers was unknown to either party.

“Due to the Protocol’s decentralized nature, the identities of the Scam Token issuers are basically unknown and unknowable, leaving Plaintiffs with an identifiable injury but no identifiable defendant,” read part of the judge’s ruling.

The class action lawsuit had also named Uniwap founder Hayden Adams and VC backers Andreessen Horowitz and Paradigm as defendants. Other than the allegation that Uniswap listed the Scam Tokens, the suit also claimed that the decentralised exchange platform sold unregistered securities.

Commenting on the court’s decision, Uniswap’s chief legal officer Marvin Ammori said via X:

“Another huge victory for the crypto world & software devs. SDNY court tossed out a class action against us, deciding that the “self-driving” Uniswap protocol has primarily *lawful* use & protocol devs aren’t liable when others misuse it. The trend in courts is obvious.”

Judge Failla’s ruling is the latest in a series of court decisions that reflect on the broader crypto ecosystem and the highly crucial question of clarity. Recent high profile wins for crypto companies include that of Ripple Labs and that of Grayscale Investments, both involving the US Securities and Exchange Commission (SEC).

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