This past week in the realm of cryptocurrencies has been filled with a variety of highs and lows, including a number of fascinating happenings and surprising rumors with Coinbase dominating the headlines this week. The following is a rundown of the most significant happenings that took occurred this past week.
Amidst rumors on WeChat that Changpeng Zhao was shot by the FBI, Zhao has denied the allegations
On Monday, rumors began spreading on WeChat claiming Binance’s CEO, Changpeng Zhao, had been shot and was in serious condition. The allegations claimed that Changpeng Zhao was critically injured. These reports were dispelled very immediately by Zhao himself, who rushed to Twitter to state unequivocally that he was well and unharmed. In a following tweet, he advised people to utilize social media in a more responsible manner and to check material before they shared it with others. He said this to emphasize the importance of not spreading false information.
Someone photoshoped this, and it got spread widely on WeChat in china. It says I got shot by the FBI, whom our team work with closely… 🤷♂️ 4. pic.twitter.com/2Iz7c1QgA8
— CZ 🔶 BNB (@cz_binance) March 3, 2023
One River Digital is now under Coinbase custody
The acquisition of One River Digital Asset Management, a digital asset manager with over $2.5 billion in assets under management, was announced on Tuesday by Coinbase. Because of this purchase, Coinbase will be able to broaden its offering to institutional customers and provide more extensive services to its existing customers. According to a statement on the firm’s site, the personnel from One River Digital will be joining Coinbase while the company itself will continue to function autonomously.
Coinbase has made a strategic acquisition of One River Digital Asset Management.
This acquisition marks the formation of Coinbase Asset Management and will enable additional institutional access to the cryptoeconomy.
Read more 👇https://t.co/veNd0Rd4mN pic.twitter.com/MtGUeJfvsU
— Coinbase 🛡️ (@coinbase) March 3, 2023
Coinbase abandons Silvergate due to liquidity concerns
It was revealed later in the week that Coinbase had severed its relationship with Silvergate Bank, which had been its principal banking partner. Coinbase has already begun negotiating with other banks to fill the hole left by Silvergate’s departure, and reports indicate that the decision was taken because of worries regarding Silvergate’s ability to pay its debts. Coinbase has not provided any confirmation of the reasons for the shift; nevertheless, the business has been quite outspoken about its commitment to financial stability and regulatory compliance.
At Coinbase all client funds continue to be safe, accessible & available.
In light of recent developments & out of an abundance of caution, Coinbase is no longer accepting or initiating payments to or from Silvergate.
— Coinbase 🛡️ (@coinbase) March 2, 2023
Consensys updates ETH holders who have staked withdrawals
On Friday, ConsenSys made an announcement on an upgrade that would affect holders of Ethereum who have staked their tokens on the Ethereum 2.0 network. A recent article on the company’s blog indicates that users now have the ability to withdraw their staked ETH at any moment by making use of a brand new tool known as Connext. Users will be able to utilize this tool to reverse the staking process and convert their staked ETH back into ordinary ETH without having to wait until the conclusion of the staking period. The staking process on the Ethereum network is anticipated to become more adaptable and user-friendly as a result of this development.
The work to #buidl #Ethereum is going strong & the #web3 community is rallying behind the next upgrade on the Ethereum roadmap—the #Shanghai/Capella upgrade. Here is all you need to know about the milestone and the staked ETH withdrawals it will enable. 🧵
1/ pic.twitter.com/InYvxmgZ82— Consensys (@Consensys) March 1, 2023
Conclusion
The cryptocurrency business has seen a lot of activity this week, with speculations of acquisitions and announcements from some of the industry’s most important players. The cryptocurrency market is continuing to be dynamic and fast-moving, as seen by recent events such as Changpeng Zhao’s denial that he was shot and Coinbase’s purchase of One River Digital and transition away from Silvergate. The sector is becoming more user-friendly, versatile, and inventive as a result of the upgrade that ConsenSys has provided to ETH holders. We are going to keep an eye on the cryptocurrency field for any new and intriguing developments or announcements.
