24 February

Coinbase launched Base, an ethereum layer 2 network built using Optimism’s OP Stack, to attract millions of new crypto users in the coming years. Coinbase would allow developers to directly integrate their product with Base and provide fiat onramps – targeting an estimated 110 million verified users and $80 billion in assets on the platform in the Coinbase ecosystem.

Today, we’re excited to announce the testnet launch of Base, an Ethereum layer 2 (L2) network offering a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps or “dapps” onchain.

Coinbase is also joining Optimism as a core developer on the open-source OP Stack, a developer toolkit for the Optimism network, the firm said. Coinbase also announced the Base Ecosystem Fund, which will invest in and supports early-stage projects building on Base. Coinbase has no plans to issue a new network token.”

See Also: Optimism Token Up 6.5% as Coinbase Builds Its Layer 2 on the Platform
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Music streaming Spotify is testing a new service called “token-enabled playlists,” which allows holders of non-fungible tokens (NFT) to connect their wallets and listen to curated music.

Currently, the service is available to token holders within the Fluf, Moonbirds, Kingship and Overlord communities. Universal Music Group’s NFT band KINGSHIP also shared that it had created a token-gated playlist for NFT holders featuring Queen, Missy Elliott, Snoop Dogg and Led Zeppelin.

Meanwhile, a number of Web3 music platforms have cropped up to decentralize the music listening experience. Audius, for example, is a crypto-linked streaming service that allows users to earn AUDIO token rewards for interacting with its app while Royal and anotherblock allow creators to sell music royalties as fractionalized NFTs.”

See Also: Web3 Music Streaming Platform Audius Integrates TikTok

“Here Not There has raised $25 million in a Series A round led by Andreessen Horowitz (a16z) to build out Towns, a Web3 group chat protocol and app that lets online communities build blockchain-based gatherings in a fully decentralized way.

Towns offers an end-to-end encrypted chat protocol that lets communities create programmable, self-governed “town squares” where users can assemble and chat without worrying about whether the app owner will decide to prevent access, profit from the activities or change user rights. Communities can control settings like administration, privacy and roles, and create tailored experiences that can include rewarding member participation or allowing members to sell non-fungible tokens (NFT) in the chat. Any community can build new clients or application programming interfaces (API) on the protocol for control and customization.

The team’s vision for creating a digital town square where members can define the borders, set the rules, and build the world they want is an ambitious goal that is uniquely achievable through the promise of decentralization and web3.”

See Also: Galaxy acquires institutional crypto custody firm for $44M
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“‘Directors generally agreed that crypto assets should not be granted official currency or legal tender status in order to safeguard monetary sovereignty and stability,’ the statement said, calling for countries to clarify tax treatment and align with global standards. ‘Directors agreed that strict bans are not the first-best option, but that targeted restrictions could apply‘ to limit crypto risks, though some board members think ‘outright bans should not be ruled out,’ the statement continued.

The growing adoption of crypto assets in some countries, the extra-territorial nature of crypto assets and its providers, as well as the increasing interlinkages with the financial system, motivate the need for a comprehensive, consistent, and coordinated response.

Regulations shouldn’t stifle innovation, and governments can benefit from the underlying digital technology, the statement added.”

See Also: US Banking Regulators Warn Banks About Crypto Liquidity Risks
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U.S. officials are now charging the onetime crypto wunderkind with bank fraud and operating an unlicensed money transmitter in addition to the eight counts he already faced. Bankman-Fried also faces a modified campaign-finance law charge, conspiracy to make unlawful political contributions.

Bankman-Fried and other conspirators agreed to and did make corporate contributions to candidates and committees in the Southern District of New York that were reported in the name of another person. Bankman-Fried’s use of straw donors allowed him to evade contribution limits on individual donations to candidates to whom he had already donated.

Bankman-Fried and others, in a bid to open a bank account, “falsely represented to a financial institution that the account would be used for trading and market making,” when it was in reality to be used to receive and transmit customer funds, the unsealed charges said.

The document calls on Bankman-Fried to forfeit hundreds of millions of dollars’ worth of assets, which in many cases have already been seized by the government. They include more than 55 million shares trading app Robinhood Markets (HOOD) currently valued at $550 million.”

Coinbase Announces Base🔵, an Ethereum L2 Network Powered by Optimism