• Coinbase is reportedly considering setting up a non-U.S. crypto trading platform to expand its services globally.
• This comes as U.S. regulators are increasing their actions against the crypto sector in the wake of FTX’s collapse and the shutdown of three crypto-friendly banks.
• Coinbase is not alone in its considerations, as other U.S.-based firms are also looking for new banking partners outside the United States.
Coinbase Weighs Setting Up Non-U.S Trading Platform
U.S.-based cryptocurrency exchange Coinbase is reportedly exploring the possibility of launching a crypto-trading platform overseas to expand its services internationally.
Regulatory Action Against Crypto Sector Intensifying
This move comes amid an accelerated effort by U.S regulators to crack down on the crypto sector following November’s collapse of crypto exchange FTX and the subsequent shutting down of three crypto-friendly banks: Silvergate Bank, Signature Bank and Silicon Valley Bank.
Other Crypto Firms Looking For New Banking Partners
Coinbase is not alone in this consideration, as other American cryptocurrency companies are also searching for new banking partners outside of the United States.
Coinbase Discussing Plans With Institutional Clients
The company has been discussing these plans with institutional clients but has yet to decide on a specific location for such a trading platform.
Coinbase Aims To Increase Global Crypto Adoption
A spokesperson for Coinbase told CoinDesk that it aims to increase global adoption of cryptocurrencies and is “meeting with government officials in high-bar regulatory jurisdictions.”
Hedera Network Services Shut Down After ‘Irregularities’ – HBAR Price Plummets
• Hedera, a decentralized proof-of-stake ledger, has shut down network services after revealing it has been experiencing “network irregularities.”
• The price of the platform’s native token HBAR has fallen 7% since the news.
• There is speculation that hackers may have attacked the platform, but this has not been confirmed by Hedera.
Hedera Shuts Down Services After ‘Network Irregularities’
Hedera, a decentralized proof-of-stake ledger, has shut down network services after revealing it had been experiencing “network irregularities”. The report of this irregular activity has fueled speculation across social media platforms that hackers may have attacked the platform; however, Hedera has neither confirmed nor denied these rumors. The price of Hedera’s native token HBAR has fallen 7% to roughly 6 cents since the news.
Cause of Irregularities Unknown
The cause of these irregularities had not been ascertained at time of publication. DeFi research firm Ignas tweeted that “the exploit is targeting the decompiling process in smart contracts” and advised users to get their funds out now.
Hedera to Re-Enable Network Proxies
Hedera will re-enable network proxies when the issue is resolved according to its tweet. In an abundance of caution and safety for users they are turning off network proxies on mainnet making it inaccessible until further notice.
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Cross-Chain Protocol Swing Launches ‘No-Code’ Product to Speed Up App Deployment
• Swing, a cross-chain liquidity protocol, has released a new “no-code” product to reduce the time needed to deploy and update decentralized applications across multiple blockchains.
• The new product, Swing Platform, will be provided to developers during ETHDenver and can update configurations and deploy updates without changing the code.
• Chainalysis estimated the cost of hacks and other thefts from cross-chain bridges at $2 billion during just the first eight months of 2022.
Swing’s No-Code Product to Speed Up App Deployment
Decentralized applications that straddle multiple blockchains are becoming more common, though the cross-chain “bridges” often used to move digital assets back and forth between the different networks are frequently targeted by hackers. Swing, a cross-chain liquidity protocol, released a new “no-code” product it says will reduce the time needed to deploy and update decentralized applications across multiple blockchains.
Features of Swing Platform
The new product, Swing Platform, will be provided to developers during ETHDenver, a major conference for Ethereum developers. A key benefit is that developers can update configurations and deploy updates without changing the code. Use cases for this product include propagating fast updates of cross-chain applications in “critical scenarios when it’s necessary to disable a particular token or bridge due to a security flaw,” according to Swing.
Costs of Cross-Chain Bridge Hacks
Chainalysis estimates that costs of hacks and other thefts from cross-chain bridges amounted up to $2 billion during just the first eight months of 2022. This emphasizes how important it is for companies using these devices have quick response times in order protect their assets from theft or damage due to security flaws. With no coding required when using Swing Platform this could significantly speed up response times compared traditional methods where coding must be done manually every time an incident arises.
Benefits of Using Swing Platform
Viveik Vivekananthan founder of Swing said “Launching and maintaining a cross-chain application is generally fraught with risk and off limits too all but best funded developer teams” suggesting that this platform would greatly benefit smaller businesses who may not have access or resources for expensive development teams as well as reducing costs by not having too hire additional personnel specifically for such tasks as maintenance or configuration updates.
Swing’s no code platform offers great potential for businesses looking into deploying decentralized apps across multiple blockchains with its cost benefits as well as speed capabilities making it an attractive option for many organizations looking into these services