Today in Crypto: Coinbase is in ‘Final Stages of Selecting Its EU Hub Location’, Six Projects Get Investments from Base Ecosystem Fund, LBRY Appeals SEC-related Court Decision

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Sead Fadilpašić

Journalist

Sead Fadilpašić

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Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

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Last updated:

September 8, 2023 11:02 EDT

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Exchange news

• Coinbase announced Phase II of its “Go Broad, Go Deep” strategy for international expansion. It stated that Phase II will focus on acquiring licenses, registering, and establishing and strengthening operations in markets that are “enacting clear rules,” with near-term priority markets comprising Europe (EU and UK), Canada, Brazil, Singapore, and Australia. “We’re in the final stages of selecting the location of our MiCA hub in the EU,” it said. The exchange will also work on expanding products and services globally, establishing partnerships and initiatives with banks, as well as working with G20 members and major financial hubs to help build consensus and create global standards for the industry, it said.

Investment news

• Coinbase Ventures allocated its initial round of investments from the Base Ecosystem Fund into six projects: Avantis, BSX, Onboard, OpenCover, Paragraph, and Truflation. The team received over 800 applications, the announcement said, but it did not disclose investment amounts. The Base Ecosystem Fund was launched earlier this year to invest in the next generation of onchain projects building on Coinbase’s Base network, it added.

Legal news

• Crypto startup LBRY appealed a decision by a court that it failed to register with the US Securities and Exchange Commission (SEC). “On November 7, 2022, the Court granted Plaintiff Securities and Exchange Commission’s Motion for Summary Judgment (Doc. 55) and found Defendant LBRY, Inc. (“LBRY”) liable for violating Section 5 of the Securities Act of 1933,” the ruling had said. 

Mining news

• Bitcoin miner Riot Platforms said that the power grid operator Electric Reliability Council of Texas (ERCOT), US, paid the company $31.7 million in energy credits last month to cut its energy consumption, saying that based on the average price in August, Power and Demand Response credits received equated to approximately BTC 1,136. “Texas experienced another month of extreme heat in August 2023, causing demand for electricity to spike, in some cases approaching total available supply. Riot continued to execute its power strategy by curtailing its power usage by more than 95% during periods of peak demand,” the company said. 

Regulation news

• The International Monetary Fund (IMF) and the Financial Stability Board (FSB) warned against total crypto bans. They argued that it could not work given that crypto doesn’t abide by borders. Their joint report recommended targeted restrictions, sound monetary policies, licensing crypto service providers, and implementing the Financial Action Task Force’s (FATF) anti-money laundering and counter-terrorist financing (AML/CFT) standards. 

Career news

• Finery Markets, an OTC multi-dealer electronic marketplace for crypto businesses and institutions, announced a further appointment to its leadership team: Krish Chatterjee joined as an advisory member for business development in Asia-Pacific (APAC). Chatterjee previously held positions as a BD Consultant at Infinito Blockchain Labs and as an International Sales & BD Manager at DTCO, where he collaborated with local partners to devise sales strategies and promote blockchain solutions in various industries, an announcement said. Additionally, Chatterjee offers mentorship to blockchain projects, “leveraging his extensive knowledge of tokenization and launch processes gained from working in the Web3 space,” it added.