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Coinbase Expands Northward, Shibarium Faces Challenges, and Crypto Adoption Marches On | Weekly Review

Jack Evans
Aug 20, 2023 at 07:04 pm

This week, Coinbase painted the northern skies as it welcomed Canadian crypto enthusiasts into its fold. Commencing on August 14, the renowned San Francisco exchange rolled out its services across Canada's landscape.

A strategic partnership with People’s Trust Company revealed Coinbase's innovation: the integration of Interac e-Transfers. This move ushers in enhanced transaction efficiency for Canadian users, positioning Coinbase as a beacon of convenience in the crypto realm.

Adding to this expansion, the exchange unveiled the "Coinbase One" membership, a 30-day gateway for fresh Canadian sign-ups to explore the platform's offerings.

However, the grand entrance came with a caveat. Coinbase's announcement of the impending exit of USDT, DAI, and RAI from the Canadian market raised eyebrows. Although a standard asset review was cited, it left some enthusiasts pondering the balance between innovation and regulation.

Coinbase's Trailblazing Journey into Crypto Futures

Coinbase's expansion saga continued with a nod from the National Futures Association, unlocking the gateway to crypto futures trading for U.S. customers. Through Coinbase Financial Markets Inc., the subsidiary embraced the role of a futures commission merchant, diversifying its offerings and further cementing its prominence.

Greg Tusar, Coinbase's VP of institutional product, hailed this as a "critical milestone," expanding the platform beyond spot trading into the promising realm of crypto futures.

Shibarium's Unsteady First Steps

As the blockchain world watched with bated breath, Shiba Inu's Shibarium layer-2 scaling solution embarked on its maiden voyage. Yet, post-launch turbulence hit the project shortly after its debut during the Blockchain Futurist Conference on August 16.

Investors found themselves at a crossroads as transactions on the Shibarium bridge ground to a halt. Assets, worth $1.7 million in Ether, were trapped in limbo, highlighting the challenges of scaling under immense demand.

Shytoshi Kusama, Shiba Inu's lead developer, swiftly responded to concerns, assuring the community that scaling hurdles were a testament to the network's popularity. The team rallied to stabilize and scale up the system, leaving investors with a glimmer of hope.

Crypto Adoption's Resilient March Forward

In a world brimming with crypto headlines, adoption remained steadfast. PayPal discreetly unveiled its Crypto Hub alongside the PYUSD stablecoin, enabling users to immerse themselves in various crypto activities.

Meanwhile, iconic brands Coca-Cola and McDonald's Singapore ventured into the NFT space, bringing a dash of culture to the digital realm. The Singapore Red Cross also embraced cryptocurrency donations, underscoring the humanitarian potential of the blockchain.

Market Swings: Triumphs and Turmoil

Amid these milestones, the crypto market was a theater of contrasts. Bitcoin's valiant journey took a downward turn, dipping below $29,000 as concerns circulated. Ethereum and XRP felt the shockwaves, echoing the market's volatility.

This descent coincided with China's property giant Evergrande filing for Chapter 15 bankruptcy protection. The market's response culminated in over $1 billion in liquidations, painting a vivid picture of the industry's vulnerability to external forces.

As the week unfolded, Coinbase's Canadian foray, Shibarium's teething issues, and the relentless pace of crypto adoption showcased the industry's resilience, navigating both triumphs and challenges with unwavering determination.

In a world where innovation dances with volatility, Coinbase's expansion, Shibarium's birth pains, and the crypto adoption odyssey continue to shape the landscape, creating a saga of progress and persistence.

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