Coinbase's $COIN now mirrored by 'tokenized tracker' on Ethereum: What is $bCOIN by BackedFi? Coinbase
The asset is issued on top of the Ethereum blockchain as an ERC-20 token. It is 1:1 backed by COIN shares controlled by a third-party custodian. All bAssets by Backed are issued in accordance with the Swiss DLT act and are regulated according to Switzerland regulation.
Meanwhile, the release of the token has some limitations regarding its audience. The tokens are only sold to qualified investors and licensed resellers. Also, users from the United States or their representatives as well as residents of EU-sanctioned countries and territories are prohibited from buying Backed's tokens. Additionally, the list of prohibited countries includes Canada, Japan, all CIS countries and all African countries except Mauritius and South Africa.
Last week, Coinbase revealed that it is launching its own rollup dubbed Base. It leverages the Optimism technology stack and becomes the first-ever"corporate" scaler for Ethereum .On Feb. 22, 2023, the company also released Q4, 2022 reports: its revenue and adjusted earnings per share exceeded estimations. However, the company was exposed to FTX and lost $14 million due to the collapse of the fourth-largest crypto exchange in November 2022.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coinbase unveils its Ethereum Layer 2 network that won't have a tokenThe Base network is designed to be a low cost, open source, developer sandbox for decentralized applications, said Coinbase.
Read more »
Coinbase Launch ETH Layer-2 Network Based on Optimism, OP Token Pumps 6%The testnet of Base was started by Coinbase on February 23rd.
Read more »
Unrelated BASE Token Jumped 250% After Coinbase Starts Layer 2 Network BaseBase protocol's token, which is not related to Coinbase's layer 2, is pegged to the total market cap of all cryptocurrencies at a ratio of 1:1 trillion. By shauryamalwa.
Read more »
Bitcoin flirts with $24,000; Coinbase pares gains following Layer 2 announcementCrypto prices have largely traded in a similar range over the past week. Some tokens have been buoyed by announcements, but have been unable to maintain gains.
Read more »
First Mover Americas: Cathie Wood Doubles Down on CoinbaseAnalysts now see a greater chance that the U.S. federalreserve will raise its benchmark rate by 50 points next month — instead of the widely expected 25 points. The higher interest rates could spell trouble for risky assets like $BTC.
Read more »