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MetaMask Enables Ether-to-Fiat Conversion and Bank Transfer

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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.

Quick weekly news

Coinbase Unveils Coinbase Prime: Institutional-Grade Crypto Lending Platform

Reportedly, Coinbase has discreetly introduced Coinbase Prime, an institutional-grade crypto lending platform, to U.S. investors, as per a Bloomberg report on September 5. Coinbase Prime is a comprehensive prime brokerage platform enabling institutions to execute trades and safeguard assets.

The firm stated, “With this service, institutions can choose to lend digital assets to Coinbase under standardized terms in a product that qualifies for a Regulation D exemption.

As of August 28, Coinbase customers have invested $57 million in the lending program, as a U.S. Securities and Exchange Commission filing indicates. By September 1, the offering had attracted five investors.

This new crypto lending offering from Coinbase emerges following the suspension of new loan issuances on Coinbase Borrow in May 2023. This program originally permitted users to obtain up to $1 million through collateral. The newly launched institutional program operates under Coinbase Credit, the same entity overseeing Coinbase Borrow.

MetaMask Enables Ether-to-Fiat Conversion and Bank Transfer

In a September 5 announcement on X (formerly Twitter), MetaMask disclosed that users with crypto wallets linked to the platform’s Portfolio decentralized application can now exchange Ether for fiat and transfer the funds to their bank accounts in the United States, United Kingdom, and select European regions. The initial launch focuses on ETH, but MetaMask plans to extend the feature to “native gas tokens on layer 2 networks” in the future.

This selling feature comes approximately five months after MetaMask introduced a function allowing users to purchase cryptocurrencies using fiat from bank accounts, PayPal, debit, and credit cards. At that time, the platform announced its intentions to offer the “buy crypto” service for over 90 tokens to users in more than 189 countries.

Circle’s USDC is Now Available on Base and Optimism Networks

Circle’s USD Coin (USDC) has been officially launched on both the Base and Optimism networks, enabling Circle account holders to send this stablecoin from their accounts to either network. According to a September 5 social media announcement, Coinbase has also made USDC transfers to Base available.

Previously, when Coinbase’s Base network was launched on August 9, users couldn’t directly send USDC to the Base network from their exchange accounts, and Circle account holders faced a similar limitation. Instead, Base users relied on a bridged version of USDC known as “USDbC” for U.S. dollar transactions. Circle’s CEO, Jeremy Allaire, had announced on August 29 that a native version of USDC would be available “next week,” without specifying a date.

Despite this official launch, many decentralized exchanges on the network continue to use the old version of the coin. As of the time of this publication, Uniswap, BaseSwap, Aerodrome, Maverick, and others still display the old contract address when users select the stablecoin.

Genesis Global Trading to Cease Cryptocurrency Spot Trading Services

Genesis Global Trading (GGT) has announced the discontinuation of its cryptocurrency spot trading service, scheduled for September 18. Although affiliated with the Digital Currency Group (DCG), GGT remained unaffected by its parent company’s crypto lending arm, Genesis Global Capital, declaring bankruptcy in January.

According to a Bloomberg report, GGT’s decision to shut down its trading service is voluntary and driven by business considerations. The company is collaborating closely with regulatory authorities to ensure an orderly cessation of its services.

GGT has been trading since 2013 and is registered with the New York State Department of Financial Services. According to Bloomberg’s report, the DCG-affiliated GGC International will continue to offer spot and derivatives trading services.

Mastering DCA Crypto Strategy

Crypto Trading Bots

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DCA trading in crypto can be highly rewarding, but it’s essential to have a good grasp of technical analysis and market dynamics. Beginners note that understanding your DCA trading bot is key to success and avoiding costly mistakes.

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Top Crypto Meme of the Week

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September 7, 2023

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