Coinbase Launches Smart Wallets; Binance Faces Backlash in Nigeria; Bitcoin Drops 3% Amid Outflows
Summary:
Coinbase has launched smart embedded wallets for developers to enhance Web3 applications. Binance is facing backlash in Nigeria for removing the naira from its P2P service. Bitcoin's price dropped 3% as Grayscale's Bitcoin ETF saw nearly $600 million in outflows.
Coinbase has made smart contracts readily available for developers, stating this will alleviate difficulties when creating Web3 applications. In another development, cryptocurrency traders in Nigeria are expressing dissatisfaction as Binance has excluded the Nigerian naira from its peer-to-peer (P2P) services. At the same time, Bitcoin gave up some of its latest gains on the day Grayscale's Bitcoin exchange-traded fund experienced nearly $600 million in outflows.
Coinbase, the cryptocurrency exchange, has launched smart wallets for developers, permitting enhanced interoperability with applications compatible with Ethereum Virtual Machine (EVM). The freshly released smart wallet services let users transfer their crypto assets across different EVM-integrated applications using the Coinbase Wallet SDK. Developers can now integrate noncustodial white-labeled wallets into their applications using the latest feature.
According to Yuga Cohler, senior engineering manager at Coinbase Embedded Wallets, this new offering is a result of continuous effort and improvements made based on customer feedback from the past year. These new solutions extend Coinbase's wallet-as-a-service portfolio, allowing developers to incorporate crypto wallets into their apps without needing to create new tech.
Binance has excluded the Nigerian naira from its P2P service amidst allegations from the government that the platform is facilitating currency devaluation. Presidential adviser Bayo Onanuga warned that Binance could jeopardize the Nigerian economy due to its arbitrary foreign exchange rates setting. The P2P feature became popular in Nigeria in 2021, during the ex-president Muhammadu Buhari's term after the government placed a ban on the flourishing crypto market in the country.
Bitcoin experienced a 3% drop from its 24-hour peak as Grayscale's Bitcoin ETF witnessed a historic outflow of approximately $600 million on February 29. Bitcoin's downturn of roughly 3.3% was echoed by the Grayscale Bitcoin Trust (GBTC). This followed as investors exited the fund, causing the second largest outflow in history.
The massive outflows from GBTC occurred just days after the fund recorded its lowest ever daily net outflow of $22.4 million on February 26. This situation may impact daily inflow figures. Complete inflow data for the other nine ETFs is not presently available. As per the data from February 29 from Farside, Fidelity's Bitcoin ETF, one of the three largest funds by assets, saw merely $44.8 million net inflows, marking its fourth lowest day of inflows.
Investors should conduct their own due diligence as all trading and investing activities carry risks. This news piece does not offer investment advice or recommendations.
The reporters on this story are Geraint Price, Sam Bourgi, and Felix Ng.
Published At
3/1/2024 11:05:24 PM
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