Coinbase CEO Brian Armstrong has acknowledged the shortcomings of the Coinbase app’s user experience (UX) after the surge of on-chain activities on its new layer-2 network, Base. Armstrong has pledged to address these issues and enhance the app’s functionality.
In a recent Twitter post on August 13th, Armstrong highlighted the challenges that have come to light during the “Onchain Summer” event.
This event, running from August 9th to August 31st, involves a series of product launches, brand activations, and non-fungible token (NFT) reveals on the Base platform.
Armstrong candidly admitted, “One thing #OnchainSummer is exposing is just how broken our UX is in the main Coinbase app for NFTs, Dapps, and L2s today.
Sorry to say, but true.” He emphasized the importance of acknowledging these issues as a stepping stone towards improvement and innovation.
The CEO stressed that experiences related to NFTs, decentralized applications, and layer 2 solutions should be of the highest quality, and the Onchain Summer event serves as a driving force for such advancements.
Armstrong encouraged users to provide feedback in response to his post, enabling Coinbase to address the most pressing concerns promptly.
He also revealed that rapid updates would be implemented over the next two weeks to tackle major pain points.
Among the user feedback, a significant request came from Friendtech developer Racer.
Racer proposed the integration of a swift settlement credit card on-ramp to Coinbase that eliminates the need for a separate account.
Additionally, a request was made to rectify an ongoing bug that was causing disruptions when connecting Coinbase’s mobile wallet to Google Chrome.
Armstrong acknowledged the persistent nature of this bug and assured users that it would be addressed.
The cryptocurrency industry has long grappled with UX challenges.
An anonymous Web3 UI/UX designer known as 0xDesigner attributed many of these issues to the nature of blockchain-based applications, which are often owner-centric and irreversible.
In light of these challenges, Kirthana Devaser, the content manager of XGo, emphasized the importance of focusing on intuitive user interfaces and making the complexities of blockchain technology less conspicuous in everyday interactions.
This approach, Devaser believes, will be pivotal in driving the next wave of widespread adoption.
As Coinbase acknowledges and addresses the deficiencies in its app’s UX, the company aims to harness user feedback and technological innovation to create a more seamless and user-friendly experience for cryptocurrency enthusiasts and newcomers alike.
Other Stories:
Hacker’s Tether Address Blacklisted with Police and Cyber Support, Stolen Crypto Recovery Progresses
Former FTX CEO Sam Bankman-Fried’s Bail Revoked Over Witness Intimidation Allegations
Curve Finance, the decentralized finance (DeFi) platform, has formally declared its commitment to compensating users affected by the recent security breach, which led to losses amounting to $62 million.
In an official statement posted on X (previously Twitter), the platform reported significant progress in its ongoing investigation, successfully recovering about 79% of the lost funds.
The platform assured that it would evaluate each impacted user’s situation to facilitate fair reimbursement procedures.
This evaluation process aims to establish an equitable distribution of recovered assets among the affected users.
The breach occurred on July 30 and involved malicious actors capitalizing on vulnerabilities present in versions 0.2.15 to 0.3.0 of the Vyper compiler utilized by Curve Finance.
The sophistication and resource-intensive nature of identifying these vulnerabilities were highlighted by experts in the field.
An insider involved with Vyper compiler development noted that the attack likely required meticulous planning for several weeks before its execution.
The attack specifically targeted pools such as CRV/ETH, alETH/ETH, msETH/ETH, and pETH/ETH, raising concerns that the tri-crypto pool on Arbitrum might have also been compromised.
The repercussions of this breach reverberated throughout the broader DeFi landscape, underscoring a fundamental challenge in the emerging cryptocurrency sector: the lack of proper incentives to uncover vulnerabilities in prior software versions.
READ MORE: California Updates Campaign Manuals with Detailed Rules for Cryptocurrency Contributions
To incentivize the responsible individual’s identification, a 10% bounty was offered, leading the attacker to initiate the return of the stolen funds.
As per Etherscan’s records, the current restitution amounts to 4,821 Ether.
In conclusion, Curve Finance, a prominent DeFi platform, has formally announced its commitment to recompense users affected by the recent $62 million hack.
The recovery of nearly 79% of the lost funds, ongoing investigations, and the initiation of fair reimbursement evaluations demonstrate the platform’s dedication to rectifying the situation.
This incident’s impact on the DeFi ecosystem highlights the necessity for improved security practices and incentives to identify vulnerabilities in cryptocurrency software.
The unfolding situation also reinforces the need for continued vigilance within the DeFi space to prevent and mitigate similar events in the future.
Other Stories:
Hong Kong’s HKVAX Granted Preliminary Approval for Virtual Asset Trading Platform by SFC
FTX Debtors Clash with Creditors Over Asset Control Amidst Restructuring Plan
US Bank’s Crypto Holdings Surge to Nearly $170 Million Amid Regulatory Scrutiny
Visa, a leading player in the payments industry, is taking a groundbreaking step that could significantly transform user experiences.
The company is currently in the testing phase of a revolutionary solution that enables users to pay on-chain gas fees using their Visa cards.
In a recent presentation by Mustafa Bedawala, a product manager at Visa, a critical challenge associated with cryptocurrency wallets was highlighted.
This challenge revolves around the constant need for users to manage their Ether balances to cover fluctuating gas fees.
In the traditional Ethereum process, users typically acquire ETH from exchanges or on-ramp services and then transfer these funds to their wallets to cover variable gas fees.
This dynamic adjustment of gas prices often results in users either overspending or having insufficient ETH, leading to complexities and obstacles.
Visa’s ingenious solution capitalizes on Ethereum’s ERC-4337 standard and leverages the “Paymaster” smart contract to facilitate off-chain gas fee settlement.
The procedure involves users initiating an Ethereum transaction through their wallets, which is then directed to the paymaster.
Through a web service, the gas fee is calculated, and Visa is charged via Cybersource.
Following this, a digital signature is generated, swiftly verified, and appended by the wallet before the transaction is sent to the Ethereum network.
The Paymaster confirms the signature and covers the gas fee.
READ MORE: Futurama’s Hilarious Take on Crypto Mining: A Wild West Adventure in ‘Crypto Country’
This novel series of actions empowers users to directly settle gas fees with their Visa cards off-chain, effectively eliminating the need for them to hold ETH solely for the purpose of fee payments.
Reports indicate that Visa has successfully piloted this concept on the Ethereum Goerli testnet, utilizing accessible open-source tools like Stackup’s userop.js library.
During the trial, transactions were able to cover fees through the Paymaster, rendering the necessity for ETH obsolete.
Significantly, this innovation has the potential to streamline experiences for blockchain users by enabling them to directly use their Visa cards to pay gas fees off-chain.
Furthermore, it opens doors to broader implications.
The report underlines the prospect of merchants and decentralized applications adopting the Paymaster framework to enhance customer interactions.
This entails facilitating gas fee payments through Visa cards.
Additionally, this advancement may prompt wallet and Paymaster providers to introduce options for gas fee payments via Visa cards.
In sum, Visa’s ongoing testing of its pioneering solution holds promise for simplifying the cryptocurrency landscape, providing users with more convenience and flexibility while ushering in new possibilities for merchants and service providers.
Other Stories:
Cryptocurrency Asset Flows Continue Negative Trend with $107 Million Outflows
Top VC Firms Face Class-Action Lawsuit for Alleged Role in FTX Crypto Exchange Fraud
PayPal’s PYUSD Stablecoin Launch Triggers Flood of Imposter Tokens and Honeypot Scams
The Bank for International Settlements (BIS) has unveiled a significant step towards advancing cross-border payment efficiency through its new initiative, the cross-border payments interoperability and extension (PIE) task force.
This pioneering endeavor has garnered the participation of leading industry players, including the blockchain-based digital payment network, Ripple.
In a communiqué released on August 9th, BIS outlined the key takeaways from the PIE task force’s meeting held on May 11th.
The task force, operating under the auspices of the BIS Committee on Payments and Market Infrastructure, has committed to fortifying cross-border payments and attaining the quantitative benchmarks established by the G20.
To fulfill this mission, the task force envisions bolstering access to payment systems, elongating payment system operational hours, and forging interconnections between diverse payment platforms.
These interconnected systems will encompass the convergence of application programming interfaces and messaging components.
Notably, Ripple, alongside eminent counterparts such as Mastercard and SWIFT, will be an integral contributor within the task force.
This collaborative approach unites industry leaders with a common purpose: augmenting the interoperability of cross-border payments to foster a seamless global financial landscape.
Recognizing the exigency of harmonized efforts, BIS emphasized that elevating payment systems mandates a unified approach involving global coordination and the synergistic involvement of both public and private sector stakeholders.
By bringing these diverse actors into alignment, the potential for transformative advancements in cross-border payments becomes even more attainable.
READ MORE: Governments Remain Wary About Worldcoin Amid Privacy Concerns
Simultaneously, in a parallel development, a recent update regarding the ongoing legal tussle between the United States Securities and Exchange Commission (SEC) and Ripple Labs has emerged.
The SEC has submitted a letter to the presiding judge on August 9th, outlining its intent to seek an interlocutory appeal.
This decision stems from the belief that the verdict requires reevaluation by an appellate court.
Remarkably, the SEC is advocating for a review even as the case remains unresolved, underscoring the significance and complexity of the legal issues at hand.
In essence, these recent developments underscore the financial industry’s proactive strides towards enhanced cross-border payments, marked by collaborative innovation and legal deliberations.
As BIS spearheads the PIE task force with global industry leaders, and the SEC-Ripple legal saga continues, the trajectory of cross-border payments and their regulatory landscape stands poised for potential transformation.
Other Stories:
Binance’s Proof-of-Reserves Discloses Strong Financial Position
XRP Price Fails to Reach Anticipated Levels Despite Favorable Court Ruling
PayPal’s Ethereum-Based Stablecoin PYUSD Divides Crypto Community
Binance, renowned as the world’s leading cryptocurrency exchange in terms of trading volume, is said to have initiated the process of registering within Taiwan’s regulatory framework, as mandated by the Money Laundering Control Act and the Financial Supervisory Commission (FSC).
As reported by local media, the FSC has reportedly reached out to numerous domestic crypto service providers, informing them of Binance’s pursuit of Anti-Money Laundering (AML) compliance.
The details stem from insights shared by Chen Peiyun, co-founder of BitShine, a cryptocurrency exchange based in Taiwan.
Chen Peiyun disclosed that Binance has been identified by the FSC as a potential participant in the Taiwanese crypto market.
Requests for comments from Binance, regarding these recent developments, have yet to be addressed as of this time.
Taiwan’s cryptocurrency sector has mostly existed without comprehensive regulation.
However, to bolster security and transparency, the FSC introduced AML guidelines in July 2021, mandating all cryptocurrency exchanges operating within or providing services to the nation to adhere to these regulations.
Operating in Taiwan through a local subsidiary known as Binance International Limited Taiwan Branch (Seychelles), the exchange’s registration records indicate the formal establishment of this entity on May 12, 2023.
READ MORE: Cryptocurrency Asset Flows Continue Negative Trend with $107 Million Outflows
In addition to formalizing its presence through registration, Binance has also formed collaborations with local governmental bodies to combat cybercrime, emphasizing their commitment to security.
Notably, the FSC took on the role of being the primary overseer of cryptocurrency-related activities within the country earlier in March.
This transition was accompanied by an announcement from the regulatory body’s leader, affirming their intentions to develop substantial regulations and policies.
These efforts encompass safeguarding customer assets, segregating them from company funds, and bolstering investor protection practices.
It’s pertinent to mention that Taiwan’s cryptocurrency policies will remain separate from those of mainland China, which, since 2021, has imposed a comprehensive ban on all cryptocurrency-related operations.
These reports of Binance’s intent to engage with the Taiwanese cryptocurrency market coincide with the exchange facing heightened regulatory scrutiny within the United States and Europe.
The company is presently confronted with numerous legal actions in the United States, coupled with the withdrawal from various European jurisdictions following regulatory confrontations.
Other Stories:
Top VC Firms Face Class-Action Lawsuit for Alleged Role in FTX Crypto Exchange Fraud
Futurama’s Hilarious Take on Crypto Mining: A Wild West Adventure in ‘Crypto Country’
PayPal’s PYUSD Stablecoin Launch Triggers Flood of Imposter Tokens and Honeypot Scams
In the wake of PayPal’s recent launch of its stablecoin, PYUSD, the crypto community has witnessed a surge in opportunists, speculators, and potential scammers attempting to capitalize on the hype by creating their own copycat tokens.
Data from DEX Screener, a decentralized exchange scanner, reveals that nearly 30 new token pairs with the “PYUSD” ticker have emerged within hours of PayPal’s announcement.
These imposter tokens have been minted on various blockchain networks, including BNB Smart Chain, Ethereum, and Coinbase’s newest layer 2 solution, Base.
It is crucial to note that the authentic PayPal USD token was introduced in November 2022 and can be verified through a specific contract address.
PayPal has explicitly stated that PYUSD can only be sent between verified PayPal accounts and compatible wallets, making it highly unlikely that any of the tokens listed with the same ticker on platforms like UniSwap are genuine.
Despite this clarity, the largest imposter PYUSD token, created on Ethereum, has witnessed a staggering $2.6 million in trading volume since its inception, which occurred minutes after PayPal announced its stablecoin launch.
However, the token’s value has since plummeted more than 66% from its all-time high.
Interestingly, some of these fake PYUSD tokens have taken a humorous approach, adopting names like “PepeYieldUnibotSatoshiDoge.”
This particular imposter token experienced an increase of over 3,000% in value within four hours.
Unfortunately, many of the counterfeit PYUSD tokens are likely “honeypots,” a term used to describe scams where investors purchase a token but cannot sell it, effectively losing their crypto holdings.
Investors often discover these honeypots only when they attempt to sell their assets.
Such scenarios are not entirely new in the crypto world, as speculators, known as “degens,” frequently rush to create new meme coins in response to trending stories and events.
For instance, there was an “LK-99” token created after the superconductor craze, and over 50 UFO-themed meme coins emerged when the U.S. Congress held a hearing on alien visitation cover-ups.
In conclusion, the launch of PayPal’s stablecoin has sparked a wave of imposter tokens, with some experiencing significant price fluctuations before losing value.
As crypto enthusiasts and investors navigate this space, caution and vigilance are essential to avoid falling victim to scams and honeypots that are prevalent in the current market.
Other Stories:
2024 Presidential Candidates’ Mixed Views on Crypto
Chamber of Digital Commerce Releases Report on SEC vs Ripple Ruling
Digital Currency Group Faces Regulatory Scrutiny Over Transactions with Genesis Global Capital
Zoom has responded to widespread criticism by updating its terms of service to address concerns about AI data scraping.
In a blog post on August 7th, the video-conferencing platform clarified that it will not use user content, including chat, audio, or video, to train artificial intelligence algorithms without explicit consent.
The controversy arose over a section in Zoom’s terms that implied the company could utilize a broad range of customer content to train AI models.
This led to a backlash, with numerous users threatening to abandon the platform.
Zoom explained that the AI-related terms had been added back in March, but they have now been updated to emphasize that they will not utilize any customer data for AI training without obtaining consent first.
This revision is aimed at reassuring users about their data privacy and control over how their information is used.
The company’s AI offerings, such as the meeting summary tool and message composer, are opt-in features, meaning account owners or administrators can decide whether to enable them.
Before Zoom clarified its terms, concerned users took to Twitter to voice their displeasure and called for a boycott until the terms were updated.
The issue stemmed from the section in which users had previously consented to Zoom using, collecting, distributing, and storing “Service Generated Data” for various purposes, including AI and machine learning model training.
It’s worth noting that other tech companies have also updated their privacy policies to allow for data scraping to train AI models.
READ MORE: 2024 Presidential Candidates’ Mixed Views on Crypto
For example, in July, Google updated its policies to permit the use of public data for AI training.
The broader tech industry has been facing growing scrutiny over its use of AI and potential privacy implications.
In June, European Union consumer protection groups urged regulators to investigate AI models used in chatbots like OpenAI’s ChatGPT or Google’s Bard.
The concerns primarily revolved around disinformation, data harvesting, and manipulation generated by these bots.
As a response to these concerns, the EU passed the AI Act on June 14th, which is set to take effect within the next two to three years.
The Act establishes a framework for the development and deployment of AI technologies, aiming to address privacy and ethical considerations surrounding AI usage.
In conclusion, Zoom’s update to its terms of service aims to allay user fears about AI data scraping and ensure that customer content will not be used for AI training without their explicit consent.
The move comes in the context of wider industry concerns about AI usage and privacy, leading to changes in privacy policies and the implementation of regulatory frameworks like the AI Act in the European Union.
Other Stories:
Digital Currency Group Faces Regulatory Scrutiny Over Transactions with Genesis Global Capital
Chamber of Digital Commerce Releases Report on SEC vs Ripple Ruling
Circle CEO Jeremy Allaire recently estimated that up to 70% of the adoption of the USD Coin (USDC) is coming from countries outside of the United States.
Despite the perception that USDC is primarily focused on the US market, the majority of its adoption is happening in emerging and developing markets worldwide.
Allaire revealed this information in a tweet to his 131,300 followers on Twitter, acknowledging the strong progress of USDC in regions like Asia, Latin America (LATAM), and Africa.
This emphasis on non-U.S. adoption is not unique to USDC alone. Paolo Ardoino, the chief technology officer of Tether, a competitor stablecoin issuer, also emphasized the significance of non-U.S. markets.
He stated that Tether’s stablecoin, USDT, can be seen as a safe tool for emerging markets and developing countries.
Cointelegraph attempted to reach out to Circle for further details about their expansion plans in non-U.S. markets but had not received a response at the time of publication.
Allaire’s comments coincided with PayPal’s announcement of its own USD-pegged stablecoin, PayPal USD (PYUSD). Allaire congratulated both PayPal and Paxos for entering the stablecoin space, expressing excitement about the entry of a significant internet and payments company and attributing it to improved regulatory clarity.
READ MORE: Chamber of Digital Commerce Releases Report on SEC vs Ripple Ruling
However, there has been a decline in USDC supply since the beginning of 2023, caused by reduced demand and increased redemptions.
As a result, the stablecoin market share of USDC has shrunk to only 21%, with a total circulation of $26.1 billion.
Regarding liquidity concerns, Allaire confirmed that redemptions were outpacing issuance. Over the past month, Circle issued $5 billion USDC but redeemed $6.6 billion USDC.
Circle is actively expanding its global banking and liquidity network, collaborating with high-quality banks in major regions worldwide.
In an Aug. 3 transparency report, Circle revealed that 93% of its Circle Reserve Fund portfolio is invested in short-dated U.S. Treasuries, overnight U.S. Treasury repurchase agreements, and cash. The remaining 7% constitutes cash reserves held at banks.
Earlier in June, Circle obtained a Major Payment Institution license from the Monetary Authority of Singapore, signaling further strides in its global expansion efforts.
Other Stories:
Digital Currency Group Faces Regulatory Scrutiny Over Transactions with Genesis Global Capital
OpenAI, the artificial intelligence company, has recently unveiled its latest web crawling tool called “GPTBot,” which holds the potential to enhance future iterations of ChatGPT models.
The company believes that by crawling web pages, the data collected can be utilized to improve accuracy and broaden the capabilities of their upcoming AI models.
Web crawlers, also known as web spiders, are bots that index website content across the internet. Search engines like Google and Bing employ these crawlers to ensure websites appear in search results.
OpenAI clarified that GPTBot will only gather publicly available data from the world wide web, avoiding sources with paywalled content, personal identifiable information, or text that violates their policies.
Website owners can prevent GPTBot from crawling their sites by adding a “disallow” command to a standard file on their servers.
This feature allows them to control whether their web content is included in the data collection process.
Interestingly, OpenAI filed a trademark application for “GPT-5,” the anticipated successor to their current GPT-4 model.
However, the CEO, Sam Altman, clarified that GPT-5’s training is not imminent, as the company needs to conduct several safety audits before starting the process.
Recent concerns have been raised about OpenAI’s data collection practices, specifically regarding copyright and consent.
In June, Japan’s privacy watchdog issued a warning to OpenAI for collecting sensitive data without proper authorization.
READ MORE: Chamber of Digital Commerce Releases Report on SEC vs Ripple Ruling
Similarly, Italy temporarily banned the use of ChatGPT due to alleged breaches of European Union privacy laws.
Additionally, a class-action lawsuit was filed against OpenAI by 16 plaintiffs, accusing the company of accessing private information from ChatGPT user interactions. Microsoft, named as a defendant in the lawsuit, might also be implicated.
If these allegations are proven true, OpenAI and Microsoft could be found in violation of the Computer Fraud and Abuse Act, a law with a history of addressing web-scraping cases.
In conclusion, OpenAI’s new web crawling tool, GPTBot, offers promising potential for improving future ChatGPT models.
However, concerns regarding data collection practices must be addressed to ensure compliance with privacy laws and prevent potential legal repercussions.
As the company gears up for the development of GPT-5, it is essential to prioritize safety audits and adhere to ethical standards in AI research and development.
Other Stories:
Digital Currency Group Faces Regulatory Scrutiny Over Transactions with Genesis Global Capital
Bitstamp, a prominent cryptocurrency exchange with a long-standing history, is embarking on a global expansion endeavor by seeking new funds to bolster its operations.
According to reports on August 7, Bitstamp initiated its fundraising process in late June, enlisting the support of Michael Novogratz’s Galaxy Digital Holdings as an adviser.
The primary goal of this fundraising campaign is to finance the launch of derivatives trading in Europe by 2024 and to expand its services across various Asian markets.
Additionally, Bitstamp aims to scale its operations in the United Kingdom to enhance its service offerings further.
Bitstamp’s global CEO, Jean-Baptiste Graftieaux, emphasized the company’s exclusive focus on securing capital to extend services to both retail and institutional crypto clients.
He clarified that Bitstamp is not up for sale and has no active plans to sell the company.
Bitstamp had recently garnered attention in the crypto industry when Ripple, a major blockchain firm, acquired a minority stake in the exchange during the first quarter of 2023.
Galaxy Digital Holdings also played a key role as an adviser in this acquisition, which was publicly disclosed in late May.
READ MORE: Digital Currency Group Faces Regulatory Scrutiny Over Transactions with Genesis Global Capital
This push for expansion aligns with Bitstamp’s global ambitions announced in 2018, following its acquisition by NXMH, a company backed by South Korean NXC.
The co-founder of Bitstamp, Nejc Kodrič, previously asserted that the exchange was not seeking to sell or receive investment at the time.
However, he did take the opportunity to sell a significant portion of his Bitstamp stock while retaining a 10% stake and remaining the CEO.
Bitstamp has come a long way since its establishment in Slovenia in 2011, evolving into one of the world’s largest crypto exchanges based in Luxembourg.
Recent data from CoinGecko indicates that the exchange witnessed a trading volume of approximately $127 million within a 24-hour period.
Notably, Bitstamp is making headlines with its decision to impose trading restrictions on certain tokens, including Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), NEAR Protocol (NEAR), The Sandbox (SAND), and Solana (SOL) in the United States.
These restrictions are set to take effect on August 29, and the exchange cited “recent market developments” as the reason, stating that holding and withdrawing tokens will remain unaffected.
Recently, Bitstamp’s U.K. arm also earned registration with the Financial Conduct Authority, signifying its compliance with regulations in the country.
As Bitstamp continues to advance its global expansion plans, the crypto community eagerly awaits the developments and opportunities this growth may bring to the industry.
Other Stories:
Chamber of Digital Commerce Releases Report on SEC vs Ripple Ruling