Coinbase Partners with Chainlink Labs to Launch NFT Floor Price Service

Blockchain infrastructure protocol Coinbase Cloud and decentralized oracle network Chainlink Labs have teamed up to launch an NFT floor price feed service. The partnership will introduce the NFT lowest pricing source in the Coinbase cloud service, allowing developers to access real-time NFT prices to build applications such as NFT lending marketplaces, such as NFT indices. The floor price of NFT represents the lowest purchase price of NFTs in a collection. Its feed service utilizes Coinbase Cloud’s NFT pricing algorithm to scan every NFT transaction in major market collections, estimate the current…

Binance Assists in Recouping Fund for Vicitims of Contra Tech Fraud

Binance exchange has announced it is heavily involved in helping the victims of Contract Tech fraud from back in 2017/18 to recoup their lost funds. For the past couple of years, the digital currency ecosystem has been experiencing quite a lot of cybercrime activities, with most victims left to count their losses despite government intervention in some cases. In the case of Contra Tech, the United States government has helped recoup as many as 100,000 ETH tokens belonging to as many as 170,000 victims.  As planned by the government, the…

In response to the Wall Street Journal | by Coinbase | Sep, 2022

Tl:dr Earlier today, the Wall Street Journal published an article highlighting client-driven activities, which they seem to confuse with proprietary trading. Unlike many of our competitors, Coinbase does not operate a proprietary trading business or act as a market maker. In fact, one of the competitive strengths of our Institutional Prime platform is our agency only trading model, where we act only on behalf of our clients. As a result, our incentives and our clients’ incentives are aligned by design. Coinbase does, from time to time, purchase cryptocurrency as principal,…

Coinbase Cloud launches platform for web3 developers | by Coinbase | Sep, 2022

Starting today, developers have free and instant blockchain API access with Node by Coinbase Cloud TL;DR: Coinbase Cloud enables web3 developers to build their web3 applications with instant and reliable read/write blockchain access using Node. By Luv Kothari, Group Product Manager, Coinbase Cloud; Sriram Raman, Product Manager, Coinbase Cloud Web3 development is complex. One needs to learn new programming languages, blockchain technologies, and on top of that, there are many protocols to support. Coinbase Cloud is committed to helping Web3 developers do what they do best… BUIDL. That’s why we’re…

What Web3 Identity Needs. TL;DR: To create an open financial… | by Coinbase | Sep, 2022

TL;DR: To create an open financial system for the world, we need to ensure web3 is usable by everyone. This means building an identity experience that’s intuitive, forgiving, and trustworthy, combining the best of web2 and web3. Our first step is to make it easy for anyone to claim a web3 (ENS) username for free, but there’s more work to be done. By Alex Reeve, Group Product Manager, Identity If you’ve used crypto, you’ve probably experienced the anxiety that comes from sending tokens or NFTs to intimidating 42-character addresses like…

Celer Bridge incident analysis. Tl;dr: In this piece we share critical… | by Coinbase | Sep, 2022

Tl;dr: In this piece we share critical lessons about the nature of the Celer Bridge compromise, attacker on-chain and off-chain techniques and tactics during the incident, as well as security tips for similar projects and users. Building a better crypto ecosystem means building a better, more equitable future for us all. That’s why we are investing in the larger community to make sure anyone who wants to participate in the cryptoeconomy can do so in a secure way. While the Celer bridge compromise does not directly affect Coinbase, we strongly…

Sanctions Should Target Bad Actors. Not Technology. | by Coinbase | Sep, 2022

Tl;dr: Coinbase is funding a lawsuit brought by six people challenging the US Treasury Department’s sanctions of the Tornado Cash smart contracts and asking the Court to remove them from the U.S. sanctions list. The lawsuit explains that OFAC exceeded its authority from Congress and the President in sanctioning open source technology, rather than sanctioning the bad actors who used it or the property of those bad actors. By Paul Grewal, Chief Legal Officer Today, Brian Armstrong shared why Coinbase is funding and supporting a challenge by six individuals (including…

Defending Privacy in Crypto. Tl;dr: Coinbase is funding a lawsuit… | by Coinbase | Sep, 2022

Tl;dr: Coinbase is funding a lawsuit brought by six people challenging the U.S. Treasury Department’s sanctions of the Tornado Cash smart contracts and asking the Court to remove them from the U.S. sanctions list. The sanctions exceed Treasury’s authority, harm innocent people, remove privacy and security options for crypto users, and stifle innovation. By Brian Armstrong, CEO and Cofounder Today we’re announcing that Coinbase is funding a lawsuit brought by six people challenging the United States Treasury Department’s sanctions of the Tornado Cash smart contracts and asking the Court to…

Circle CEO Allaire Supports Binance Stablecoin Decision

Jeremy Allaire, the co-founder and CEO of USD Coin (USDC) stablecoin issuer Circle, has responded to the Binance cryptocurrency exchange’s move to stop supporting USDC trading. The Circle CEO said on Tuesday that Binance’s upcoming changes could help make USDC the standard stablecoin rail between centralized exchanges (CEXs) and decentralized Exchanges (DEXs). Allaire thinks that the development is not only good for Binance but also an ultimate benefit to USDC utility and adoption. USDC has a higher market cap than BUSD and also enjoys a greater volume and usage outside of Binance’s…

Real-time reconciliation with Overseer | by Coinbase | Sep, 2022

Tl;dr: A common challenge with distributed systems is how to ensure that state remains synchronized across systems. At Coinbase, this is an important problem for us as many transactions flow through our microservices every day and we need to ensure that these systems agree on a given transaction. In this blog post, we’ll deep-dive into Overseer, the system Coinbase created to provide us with the ability to perform real-time reconciliation. By Cedric Cordenier, Senior Software Engineer Every day, transactions are processed by Coinbase’s payments infrastructure. Processing each of these transactions…