Also: Alex Mashinsky keeps cashing out in crypto, EU Commission plans to study automated DeFi supervision and more. |
The biggest crypto news and ideas of the day |
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Google Partners With Coinbase to Accept Crypto Payments for Cloud Services: Google will start accepting crypto payments via an integration with crypto exchange Coinbase for cloud services early next year. The tech giant will also use Coinbase's custody service, Coinbase Prime. "We want to make building in Web3 faster and easier, and this partnership with Coinbase helps developers get one step closer to that goal," said Thomas Kurian, CEO of Google Cloud. Former CEO of Bankrupt Crypto Lender Celsius Cashes Out $960K in CEL, USDC: Alex Mashinsky, who resigned as Celsius Network’s CEO last month, continues to move crypto out of Celsius wallets while withdrawals are suspended for customers. Mashinsky has sent almost $1 million in CEL and USDC to UniSwap and MetaMask since the beginning of October. This is in addition to the $28,242 moved by Mashinsky in August and the nearly $27 million that was withdrawn by executives in two tranches before the firm declared bankruptcy. EU Commission Launches Proposal for Study of Automated DeFi Supervision: The European Union Commission called for a study aiming to “develop, deploy and test” decentralized finance, to get a better feel before likely proposing additional regulations. The new move follows the passage of the landmark Markets in Crypto Assets (MiCA) law, which will create a comprehensive regulatory framework for digital assets in the region. Separately, influential international financial watchdog Financial Stability Board wants to see a “comprehensive” rulebook for crypto that nations can follow, which could force the centralized governance of stablecoins and the breaking-up of major crypto platforms. Ethereum Scaling Tool Polygon Launches its zkEVM Public Testnet: Polygon deployed an Ethereum Virtual Machine testnet for its zero-knowledge (ZK)-based rollup. Developers now can move their smart contracts from Ethereum to the layer 2 ecosystem with minimal additional code. – Xinyi Luo |
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Putting the news into perspective |
(Jordan Seott/Unsplash, modified by CoinDesk) The Rise and Fall of Bitcoin Maximalism CoinDesk Columnist and associate professor of business Paul Dylan-Ennis wrote the ultimate history of Bitcoin Maximalism. This "cultural Chernobyl" has usurped Bitcoin's original ethos of inclusion and critical thinking. Crypto may not have all the answers, it's often said, but gets people to ask the right questions. Bitcoin maxis treat the first cryptocurrency as the beginning and the end of the conversation. Read the full article here. |
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Overheard on CoinDesk TV... |
| "Even we might have some setback or regulation hurdle in [the] short term. In the long term, I'm highly optimistic." – Tron founder Justin Sun, on CoinDesk TV's "First Mover" |
IDEAS Week is a series of features and interviews previewing CoinDesk’s newest event taking place Oct. 18-19 in New York City: Investing in Digital Enterprises and Assets Summit – I.D.E.A.S., which brings together leaders in traditional finance to meet and learn directly from blockchain, Web3 and digital assets founders and developers. Read IDEAS Week here. |
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CNN Pulls Plug on Web3, NFT Project Vault (Decrypt) These six-figure NFTs are down 99% (Protos) OECD Releases Framework to Unify Global Crypto Tax Reporting (Blockworks) Inside China's Crypto Scene, a Year After Sweeping Crackdown (Bloomberg - paywalled) |
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