New York, NY, May 22nd, 2023, Chainwire
World-renowned photographer Chen Man features Grimes in an iconic NFT collection “Silent Noise: Episode 01” on May 24th at 3pm UTC exclusively on LiveArt, the global Web3 platform for art and culture founded by Sotheby’s and Christie’s art market veterans and backed by Binance Labs and Animoca Brands. The collection is offered exclusively on https://chenman.liveart.xyz.
Chen Man, a contemporary photographer and visual artist whom the New York Times called “The Chinese Annie Leibovitz” has created a unique visual language that revolutionized fashion photography in China. Over the years, Chen Man has continuously collaborated with world-leading magazines, including Vogue, Elle, Harper’s Bazaar, i-D, Muse, and more. Chen Man’s works have entered permanent collections at Victoria & Albert (V&A) Museum in London and Asian Art Museum in San Francisco. Chen Man’s works are collected by many high-profile collectors, with prints selling for up to $25,000. In April 2011 Chen Man had a solo exhibition at Beijing Today Art Museum followed by another solo exhibition in Museum of Contemporary Art Shanghai. Chen Man’s muses include Rhianna, Miranda Kerr, David Beckham and Grimes. Louis Vuitton, Gucci, Dior and most of the major fashion houses have partnered with Chen Man.
Chen Man has transcended the fashion world to become an influential contemporary artist. She infuses the legacy of fashion photography with our contemporary digital reality, creating sublime images that transform our perceptions of beauty, fashion and identity.
LiveArt is introducing Chen Man to the global Web3 audiences with the multi-chapter “Silent Noise” NFT series consisting of highly collectible artworks, with an underlying theme of humanity’s and AI’s future, details can be found on LiveArt, accessible at https://chenman.liveart.xyz.
For her genesis digital collection, to be released on May 24th on LiveArt, Chen Man has chosen an iconic shoot with Grimes entitled “The Last AI Robot On Earth” shot the day before Grimes gave birth to X AE A-Xii. Both Grimes and Chen Man share a passion for the study of AI, its origins, and its possibilities. This shared passion fuels the underlying theme of Chen Man’s genesis Web3 project, a multi-chapter experiential deep dive into the imagination of one of the 21st century’s most important artists.
“This NFT collection has allowed me to have more experimentation with photography. I am much more free to impose my own artistic vision into the genre, to push the limits of photography without any constraints. Photography is a fantasy, it allows one to dream, it allows artists to create new worlds. And in creating new worlds we transform the way we think about ourselves,” says Chen Man.
“Just as Beeple carved a path in the Web3 art world for digital illustrators, Chen Man is doing the same for photographers that wish to build a collector base for digital works in Web3,” says Vincent Harrison of iv gallery.
Chen Man’s mission is to create an interactive, safe, inclusive, and engaging experience for her audience as they embark on this journey of discovery and adventure with her. Each “Silent Noise” drop will coincide with multiple chances to gain $ART token rewards, unique 1/1 works, and even attend a photoshoot with Chen Man. As always, LiveArt will be offering additional rewards to its X Card holders.
A few fortunate collectors will have the chance to be immortalized in the second chapter of this epic journey, “The Memory Brick”. As AI is developing rapidly, human memory is at risk of being manipulated, tampered with, distorted, and even erased. “The Memory Brick” will combine physical/digital art and social commentary as a museum exhibit based around recording and storing the last biological memories.
“This is one of the most innovative, complete, and well-thought-out projects we’ve seen – plus it has rockets, AI, and the Musks, who are tech royalty. The buzz is off the charts, I think it will be pretty tough to grab one,” says Boris Pevzner, CEO of LiveArt.
“Silent Noise: Episode 01” will be offered as a limited edition of 500 NFT’s at $100 each, to create an affordable, attractive entry level into the Chen Man Universe. It will be available exclusively on LiveArt, accessible at https://chenman.liveart.xyz.
About LiveArt
Founded by Sotheby’s and Christie’s art market veterans and backed by Binance Labs and Animoca Brands, LiveArt is the global Web3 platform for art and culture. LiveArt blends AI and blockchain with intimate knowledge of the art market to bring exclusive Web3 collecting experiences to a global audience. LiveArt’s $ART utility token powers the LiveArt Protocol that drives value for the LiveArt ecosystem through membership and loyalty programs for the communities of LiveArt and its partners.
Official Website | Twitter | Medium | Instagram | Link3
Contact
CEO
Boris Pevzner
LiveArt
[email protected]
From traditional mining to innovative cloud offerings and tokenized mining, the market is brimming with options. While some claim that mining is a thing of the past, the recent correction in the bitcoin market has sparked renewed interest. Could it be the perfect moment to explore the realm of free mining projects and discover hidden opportunities?
To Mine or Not to Mine?
Bitcoin mining has become incredibly challenging due to various factors. The competition within the mining industry has intensified, resulting in a substantial rise in the computational power needed to mine new bitcoins. Additionally, mining difficulty has increased over time, requiring more sophisticated and powerful equipment to stay profitable. Acquiring and maintaining this infrastructure can be costly, with exorbitant expenses for electricity consumption and equipment upkeep. The financial investment and ongoing operational costs pose significant hurdles for miners looking to enter or sustain their presence in the mining ecosystem. This has made it increasingly difficult for individual miners and opened up opportunities to other offers.
Trust We Seek
Amidst the multitude of projects offering easier entry into bitcoin mining, including cloud mining and tokenized offers, the main concern lies in their trustworthiness and ability to address the challenges. One such project that has gained attention is GoMining, a young but experienced venture. GoMining provides reliable and hassle-free mining infrastructure, offering a solution to the complexities and uncertainties surrounding bitcoin mining, while prioritizing transparency and trust within the blockchain industry.
Mining NFT
What sets GoMining apart is its experienced team with six years of expertise, already delivering bitcoin rewards to its holders for two years and continuing to expand its infrastructure. At the heart of GoMining’s offering are their NFTs and tokens, which bring together the exciting worlds of mining and blockchain technology. GoMining NFTs offer unique mining rig images supported by real computing power, putting them heads and shoulders above other NFT collections. This innovative approach allows users to enjoy the benefits of mining, such as earning bitcoin rewards, without the usual hassles of purchasing expensive equipment or dealing with high electricity bills. The NFTs provide a seamless and headache-free mining experience, allowing users to participate in the digital gold rush from anywhere in the world.
Decentralized Staking
Complementing the NFTs is the GoMining Token, which serves as the core offering of the project. The token provides users with decentralized staking options, including fixed and flexible staking, allowing them to earn rewards in Bitcoin or GoMining tokens. Fixed staking allows users to freeze their tokens for 3 months at a 20% annual percentage rate (APR) and earn rewards in native tokens. It provides predictability and the ability to withdraw or relock tokens. Flexible staking involves blocking tokens for 3 months and receiving daily bitcoin rewards at a floating percentage, offering potential rewards based on market conditions.
By staking their tokens, users can secure and lock their assets while also contributing to the project’s mining infrastructure. Behind its token and NFT offerings lies real mining computing power. With ASICs located in various parts of the globe like the UAE, Norway, and Kazakhstan.
Celebrity Collaboration
Adding to the appeal of GoMining is its collaboration with notable public figure Khabib Nurmagomedov, the undefeated MMA star. The project has partnered with Khabib to create a special series of NFTs called the Khabib Collection. These NFTs feature unique designs inspired by Khabib’s career, including quotes and other elements associated with the legendary fighter. Each NFT in the Khabib Collection is backed by a symbolic 29 TH/s, representing the number of victories Khabib achieved during his illustrious MMA career.
The partnership with Khabib brings an added layer of authenticity and trust to GoMining, making it an attractive proposition for those seeking both innovative NFT opportunities and a reputable project backed by a respected public persona.
Conclusion
GoMining’s recent rebranding efforts have been driven by a commitment to transparency within the blockchain industry. Given their new website, the company recognizes the importance of providing clear and honest communication to its users and stakeholders. This focus on transparency not only enhances user trust, but also sets a standard for openness in the industry, ensuring that customers have a clear understanding of GoMining’s operations and offerings.
While exploring the GoMining app and website, you’ll find comprehensive details about how their ecosystem operates. The team takes pride in openly sharing information about the accrual system and promptly updating users if any changes occur. However, it’s always wise to conduct your own research and thoroughly investigate any project before diving in.
According to a statement by the company’s CEO Mark Zalan in their press release, GoMining has “a proven track record of providing top-notch services to our clients and we’ll continue to use our experience to build trust among our users.” And the company aims to develop its infrastructure making mining and blockchain more transparent, accessible, and easy.
As per its white paper and media publications, GoMining has experienced significant growth and achievements. The initial issue of 100 million tokens has seen a nearly five-fold increase, with plans to reach an impressive 10 trillion tokens. The company has also paid out a substantial amount of 1,610 BTC to its token holders, demonstrating its commitment to rewarding their community. GoMining has issued 10,000 NFTs, increased its overall hash power, growing from 100,000 TH/s to an impressive 1,252,467.37 TH/s.
Amidst a crowded marketplace, GoMining shines as a beacon of reliability and transparency. With its experienced team, two years of steady payouts, and a user-friendly interface, it stands apart from the rest. In a rapidly evolving mining landscape, GoMining offers a promising option for those looking for a straightforward and trustworthy mining experience.
Ethereum’s co-founder, Vitalik Buterin, recently issued a warning about the potential risks of overloading Ethereum’s consensus in a blog post.
He stressed the importance of maintaining cryptoeconomic stability, stating that if this consensus were to fail, the recovery process would be closely scrutinized by the vast network of developers and users.
Buterin highlighted the systemic risks that could be introduced by specific techniques, urging for such practices to be discouraged. While the recommendations he presented were broad and did not single out individuals or projects, he drew attention to the high-risk nature of overloading social consensus. As an example, he described a situation where a successful Layer 2 project becomes so large and secure that any significant bug causing a loss of funds would force a community fork to recover the stolen funds.
In addition, he proposed potential solutions to mitigate these risks, including the use of price oracles. These are either “not-quite-cryptoeconomic decentralized oracles” or validator-voting-based oracles that don’t solely rely on appealing to Layer 1 consensus for recovery.
Buterin also recommended reducing dependence on cross-chain bridges, which have seen several attacks over recent years. He further cited the recent PEPE meme coin frenzy, which has not only congested the Ethereum blockchain but also significantly increased gas fees.
The popularity of PEPE has also significantly driven Uniswap’s transaction volume, crossing that of Coinbase in the first week of May, with a volume of $1.2 billion versus Coinbase’s $948 million.
Centralized crypto platforms have taken a lot of flack in recent months due to the shenanigans of a few bad actors. The main concern for users is the need to trust a third-party intermediary to manage their funds. But despite this, there are still many reasons to want to use a CEX.
The biggest advantage of CEXs is that they’re often much easier to use, with easy-to-understand user interfaces that enable beginners to get started trading in a matter of minutes. What’s more, CEX platforms can generally offer much deeper liquidity than even the most popular DEX platforms, making them the only suitable choice for professional, high volume traders.
So while DEX platforms might be gaining in popularity, there will always be a sizable audience for CEX platforms. With that in mind, we’ve chosen three DEX platforms that we feel are the best around, in terms of trading functionality, ease of use and low costs.
StormGain: Best CEX For Trading Options
Founded by Alex Althausen, StormGain has emerged as one of the top crypto exchange platforms for European traders thanks to its development of multiple features designed to make trading more lucrative and rewarding.
StormGain enables experienced traders to get the most out of the market with an array of different trading options and order types. For instance, it offers a basic options spot trading market that enables traders to buy and sell assets at the established market price instantaneously.
Spot trading is the most popular market for crypto traders and involves buying and selling tokens at the listed price. When a user initiates a trade, it will be entered into StormGain’s order book, which will rapidly search for a matching bid. Once the seller has been matched with a suitable buyer, the trade is executed immediately, making for lightning-fast transactions.
StormGain also allows futures trading, where traders can hedge against market price movements. With futures contracts, traders are essentially speculating that the price of an asset will move up or down over a set period of time. The user buys a contract that enables them to buy an asset at a given price at the time it expires. The trader will either profit on the deal or lose, based on whether or not the asset’s price appreciates or depreciates at the time of expiry.
A third kind of trading option on StormGain is leveraged trading, in which the user is able to borrow funds from the exchange in order to increase their stake. Looking deeper at its trading options, we find that StormGain also offers novel markets such as crypto indices and tokenized assets, as well as a cloud mining program that provides rewards to users.
Added to these trading options, StormGain is also unique among CEXs in that it operates its own, fully decentralized trading platform. StormGain DEX allows traders to maintain self-custody of their assets in their own wallet, which is simply linked to the platform. Users trade with one another via smart contracts. However, uniquely among DEXs, StormGain DEX is able to tap into the liquidity of its CEX platform to ensure traders can buy and sell at their desired price, without suffering from slippage. Very few CEX platforms can compete with StormGain’s trading options, hence it’s our favorite choice for experienced traders.
Coinbase: Best CEX For Beginners
Coinbase is one of the most user-friendly exchanges around thanks to its simple interface, robust security and its extensive library of educational content.
No doubt you have already heard of Coinbase, which is probably the best-known exchange in the U.S. Not only is it one of the most reputable platforms, but it excels at lowering the barrier for entry to new cryptocurrency users. It begins with a seamless onboarding process and a step-by-step guide to executing your first trade.
Coinbase is also home to a comprehensive portal of educational materials, with guides to things like the basics of blockchain, an explanation of crypto terminology, and a deep dive into hundreds of popular cryptocurrencies. What’s more, users can actually get paid in crypto for reading this stuff thanks to its novel Coinbase Earn program, which pays small rewards to users who participate in its learning modules.
We should also mention its security, which is as good as any in the industry. Notably, Coinbase offers two-factor authentication on its desktop and mobile platforms, and it stores 98% of its funds offline in so-called cold wallets. It also has an insurance policy with the U.S. FDIC that covers deposits of up to $250,000. It provides a level of reassurance that few other exchanges can match, making it an excellent choice for novices and cautious investors alike.
Bitstamp: Best Exchange For Low Fees
For some traders, especially those who trade in smaller amounts, one of the most important considerations is that they don’t get stung by high trading costs. Hence, Bitstamp is well worth a look thanks to its extremely competitive maker and taker fees and zero-cost withdrawals.
Low fees are offered by many CEXs as a way to entice new users to try out their platforms, but what they don’t say is that they will make up for this with expensive costs associated with coin transfers and bank withdrawals. So, you might purchase Bitcoin on its platform for minimal fees, but the moment you transfer that BTC to your own wallet, the exchange will take a sizable cut. That doesn’t happen with Bitstamp, which is notable for minimal costs on all transactions.
Bitstamp’s exact fees depend on the specific cryptocurrency, but they’re as low as you’ll find anywhere. Maker fees range from 0.3% to 0%, while taker fees average between 0.4% and 0.3%, making it one of the lowest cost exchange platforms around. Even better yet, traders whose 30-day trading volume is less than $1,000 won’t have to pay any fees at all, which is ideal for those who only want to buy crypto now and again. Furthermore, Bitstamp’s withdrawal fees are also very low, with ACH transfers being entirely free to users.
As one of the longest-established crypto platforms around, Bitstamp has a long history of secure and transparent operations. It notably became the first platform of its kind to secure an EU Payment Institution license, and it has also been granted a BitLicense by New York’s financial services department, NYDFS. Bitstamp did suffer a hack many years ago in 2015, losing more than $5 million worth of funds, but to its credit it was able to fully reimburse all users without delay.
Conclusion
There are literally hundreds of CEX trading platforms to choose from, but we think the above platforms are among the best all-rounders in the business. When it comes to multiple trading options, few platforms can compete with StormGain. For user-friendliness, Coinbase is hard to beat, and for low cost trading, Bitstamp is always a solid choice.
Decentralized Finance (DeFi) lending protocol Aave V2 has been hit by a glitch on the Polygon network, leading to approximately $110 million in assets becoming inaccessible to users. The issue was first reported by BlockSec, a blockchain security firm, on May 19. The trouble arose from an incompatible ReserveInterestRateStrategy contract, initially deployed to improve interest rate efficiency and platform utilization.
The incompatibility of the upgrade with the network has led to user assets becoming non-interactable on the Aave platform. Consequently, users can neither borrow, withdraw, repay, nor supply more assets, as all calls revert.
Despite the hiccup, developers have confirmed that only Aave V2 on Polygon is impacted. Other versions on Ethereum and Avalanche, as well as the V3 protocol, are functioning correctly. Importantly, developers have assured users that their funds remain secure, including the assets currently stuck due to the bug.
Resolving the issue requires governance intervention. A proposal has been put forward to rectify the situation, with the Aave DAO slated to begin voting on the matter soon.
According to the proposal, if approved, the fix would take roughly a week to implement. This includes a delay of one day to initiate voting, three days of voting, a day of Ethereum timelock, and an additional two-day timelock on Polygon.
This episode underscores the intricacies of DeFi and the unique challenges posed by various Ethereum Virtual Machine-compatible (EVM) chains. It also emphasizes the critical role of governance in managing and addressing potential technical issues in decentralized protocols.
In a landmark move, two U.S. presidential contenders, Vivek Ramaswamy and Robert F. Kennedy Jr., have declared their intention to accept Bitcoin (BTC) donations for their campaigns. Kennedy, a potential Democratic candidate, broke the news at the Bitcoin 2023 convention, making his campaign the first in U.S history to publicize cryptocurrency acceptance.
Kennedy further promised to promote neutral energy regulations, addressing concerns around the energy-intensive process of Bitcoin mining. He committed to ensure that Bitcoin won’t be classified as a security, advocating a more welcoming regulatory environment for cryptocurrency enterprises. Additionally, he indicated a potential presidential pardon for Silk Road founder, Ross Ulbricht, raising a note of interest among crypto libertarians.
Matching Kennedy’s progressive approach, Republican candidate Vivek Ramaswamy also announced his campaign’s acceptance of BTC donations. He publicized this through a tweet featuring a BitPay donation link, inviting supporters to donate up to $6,600 worth of crypto. He also urged for the upcoming 2024 elections to focus on fiat currency discussions.
In addition to Bitcoin, BitPay’s platform accepts several other cryptocurrencies like Bitcoin Cash, Ether, Litecoin, and Dogecoin. Ramaswamy also offered a unique incentive: anyone who donates to his campaign can mint a commemorative Non-Fungible Token (NFT) using the Proof of Attendance Protocol (POAP).
In sum, these moves showcase the increasing integration of cryptocurrency in mainstream politics, with prospective leaders acknowledging its significance in democratic processes and pledging to foster an inclusive crypto environment.
Sydney, Australia, May 20th, 2023, Chainwire
The EDCON 2023 organizing team has partnered with Smart Token Labs to deliver Permissionless Perks, an Open Loyalty solution that enables event attendees to independently verify ticket ownership to 3rd party perk providers.
Attendees at EDCON 2023 in Montenegro from May 19th – 23rd, can claim over 30 exclusive perks available only to them.
CEO of Smart Token Labs, Victor Zhang, said Permissionless Perks is one of the few commercial examples of Open Loyalty: “ It’s a permissionless Open Loyalty solution where the verification occurs between the ticket holder and the perk provider without involving the event organizer. A URL delivered to attendees is an attestation that attests ticket ownership and is then stored in the browser’s local storage to enable the seamless claim of perks on the providers’ websites.”
Sky Harris, Marketing Lead of De University of Ethereum, co-organizer of EDCON, praised Permissionless Perks as a great way to create additional value for attendees: “What we love about this solution is it enables any 3rd party to add value to the attendee experience by providing perks for our ticket holders. It’s a truly permissionless and decentralized solution, and attestations unlock unique value.”
“There are over 30 perks for attendees, ranging from the ability to free mint a derivative Cool Cat in EDCON swag to the chance to claim one of 50 serves of ‘Njegusi Prosciutto’ from a famed local Montenegrin restaurant.
“We thank our friends at Smart Token Labs for supporting EDCON by enabling ticket attestations and Permissionless Perks via their fully open source TokenScript technology.”
STL has now delivered the Permissionless Perks as a public goods supporter to the three largest ethereum developer events of 2022 and 2023 including EDCON 2023 in Montenegro, Devcon VI in Bogota, and DevConnect in Amsterdam.
About Permissionless Perks
Permissionless Perks is an open loyalty platform enabling any brand to offer a perk to event ticket holders through an open marketplace. Because it is open, any brand can create value for verified event attendees, removing the burden of value creation from the event organizer. At Devcon VI in Bogota, Permissionless Perks had a 58% engagement rate, and a 20% claim rate on rewards which is 2X the industry average.
About Smart Token Labs
Smart Token Labs is the creator of SmartLayer, a chain agnostic Token Utility Protocol that enables mainstream use cases between web2 and web3. SmartLayer consists of Smart Tokens that let businesses convert user data into smart tokens owned by those users. Token utility is enabled by SmartLayer seamlessly integrating token utility and logic into products and services across both web2 and web3.
For more information visit:
Official website | Twitter | Telegram
Contact
CMO
Brent Annells
Smart Token Labs
[email protected]
A new fraudulent service named “Inferno Drainer” has allegedly purloined close to $6 million from unassuming crypto users, as reported by Scam Sniffer, a Web3 scam detection firm. Inferno Drainer is said to offer pre-packaged code to fraudsters, enabling them to pilfer cryptocurrency in return for a 20% share of the fraudsters’ ill-gotten crypto gains.
This fraudulent service was unearthed by a security aficionado and anonymous Twitter user 0xSaiyanGod, who stumbled upon a promoter of the scheme on the Scam Sniffer Telegram channel. Saiyan reported the alleged fraudster to the channel, sparking an investigation by the security service. Scam Sniffer discovered a screenshot depicting a $103,000 drain transaction employing a Permit2 exploit, a type of phishing scam that simplifies the token approval process.
According to Scam Sniffer, the screenshot displayed the transaction hash of the theft, which led the team to locate the transaction and consequently, the perpetrator’s address. Scam Sniffer subsequently found that this address was linked to over 689 phishing sites established since March 27, and had siphoned off $5.9 million from victims across various networks, including Ethereum, Arbitrum, Polygon, and BNB Chain. Scam Sniffer developed a Dune analytics dashboard to present data that supports these findings.
As per the report, Inferno Drainer touted its “service” to fraudsters for a 20% slice of the earnings. It also offered to construct phishing sites for clients for a 30% cut, but this was exclusive to “good customers or individuals with significant potential.”
The issue of fraud as a service has become increasingly prevalent in the crypto space in recent months. A similar service named “Monkey Drainer” was detected by ZachXBT in October. It managed to drain at least $1 million in ETH from users before ceasing operations in March.
The continuous legal wrangling between Ripple Labs Inc., the firm behind the XRP digital asset, and the US Securities and Exchange Commission (SEC) has seized the attention of the international crypto sphere. The SEC started this lawsuit in December 2020, claiming that Ripple was involved in unregistered securities dealings by selling XRP, viewed by the SEC as a security rather than a currency.
This essential contention over the categorization of XRP has ignited a lengthy and intricate legal fight. Observers from within and outside the crypto sector keenly follow this due to its potential ramifications on the larger industry.
Ripple’s legal fight with the SEC has yielded noteworthy triumphs. These not only reinforce the company’s defense but also establish a benchmark for comparable legal matters in the future.
Among the most significant triumphs was when Judge Sarah Netburn, in charge of the case, agreed to Ripple’s request for access to the SEC’s internal discussions about Bitcoin and Ethereum. This action could disclose the SEC’s internal dialogues and perspectives on the top two cryptocurrencies. Much like XRP, these digital currencies originated as advancements in the fintech sector but faced a different approach from regulators.
The unveiling of these internal discussions could supply critical understanding of the SEC’s methodology for distinguishing a security from a currency – a key aspect of this lawsuit. However, due to the enormous volume of the documents and necessary redactions, both the SEC and Ripple requested an extension for filing these documents.
Ripple achieved another important victory when the court rejected the SEC’s request to examine the personal financial documents of Ripple’s executives. The SEC claimed these records might expose the executives’ financial intentions for selling XRP. Yet, the court deemed this request as irrelevant and overly intrusive, signifying another win for Ripple.
Further, the court backed Ripple’s contention that the SEC didn’t provide clear notice that the sale of XRP could be seen as a securities transaction. This ruling could potentially destabilize the entire SEC’s case, particularly as it argues that the SEC didn’t sufficiently define the status of cryptocurrencies, leaving firms like Ripple in a regulatory ambiguity.
These wins are essential as they give Ripple a robust base for its defense. They pose serious hurdles for the SEC’s case and are pivotal in steering the direction of this lawsuit, which is under close scrutiny due to its potential impact on the cryptocurrency market.
Cryptocurrency exchange behemoth Coinbase (COIN) has expressed its preference for Canada’s regulatory environment over that of the U.S., citing clearer rules and a more engaged approach from regulators in Canada.
Coinbase has been at odds with the U.S. Securities and Exchange Commission (SEC), which has threatened the firm with enforcement action over alleged violations of securities laws. The recent regulatory turbulence in the U.S. has unsettled numerous firms and investors, prompting them to consider alternative jurisdictions.
While Canada has also increased scrutiny of the crypto industry via its Pre-Registration Undertaking (PRU) system for crypto exchanges, this has resulted in some major platforms, such as Binance, exiting the Canadian market. Despite this, Nana Murugesan, Coinbase’s VP of International and Business Development, has affirmed his preference for the Canadian regulatory framework.
During a CoinDesk interview, Murugesan explained: “There are two main approaches from regulators: regulation by engagement and regulation by enforcement. The latter can be challenging due to uncertainty around rules. However, Canada’s regulators exemplify the former approach, which we appreciate.”
Coinbase, which agreed to Canada’s enhanced PRU in March and is primarily regulated by the Ontario Securities Commission (OSC), has a significant presence in Canada, employing around 200 engineers in the country, according to Coinbase Canada Country Director Lucas Matheson.
Coinbase’s next step is to offer a smoother transition from fiat to crypto for its Canadian clientele by adding new payment channels. Matheson noted, “Over the coming months, we plan to incorporate Interac payment channels into our platform.” Interac is Canada’s domestic interbank payment network, connecting local financial institutions with individuals and businesses for digital payment systems.
Coinbase views Canada as a promising market, given the regulatory clarity offered by the country’s regulators and the exit of competitor Binance. Regarding competition, Murugesan added, “Each company follows its own journey, and it appears that recent developments in Canada align well with our strategic direction.”