January 28, 2023

This week in crypto: Gnosis becomes the second blockchain to complete The Merge

Gnosis blockchain completes The Merge and migrates to a proof of stake protocol.

Coinbase expects 2022’s revenue to decline by 50% or more from 2021.

PayPal begins crypto operations in Luxembourg.

Gnosis blockchain completes The Merge

First Ethereum, now Gnosis. Gnosis announced earlier this week that it has migrated to a Proof of Stake (PoS) protocol from its previous Proof of Authority (PoA), completing The Merge. 

The migration had seen the number of validators on the Gnosis blockchain increase to over 100k from the previous 20 it had when it maintained its PoA protocol. The migration is expected to boost decentralisation and security of the Gnosis blockchain.

Coinbase expects 2022 revenue to decline by 50% or more

Brian Armstrong, the CEO of Coinbase, revealed earlier this week that the cryptocurrency exchange is expecting its 2022 revenue to decline by 50% or more from what it generated last year.

According to the CEO, the bear market has affected its operations, with most coins down by 70% from their all-time highs. The recent events, including the FTX collapse, have also affected the confidence in the market. However, Armstrong said he would continue to advocate for the crypto industry in Washington DC.

Coinbase also asked its users to switch USDT stablecoins for the more ‘reputable’ USDC. USDC is issued by Circle, the company co-founded by Coinbase. The crypto exchange said USDC is more truCelsius ordered to return crypto worth $44M to customerssted and reliable, and its users should start using the stablecoin ahead of the USDT issued by Tether.

Earlier this week, Circle, the issuer of USDC, officially announced that it had cancelled plans to go public. The company was expected to go public with a $9 billion valuation, but recent market events forced it to cancel its plans.

Celsius ordered to return crypto worth $44M to customers

Cryptocurrency lending firm Celsius has been ordered to return $44 million worth of cryptocurrencies to its customers. United States Bankruptcy Judge Martin Glenn said he wants creditors to recover as much as they possibly can as soon as they possibly can.

Celsius owes billions to its creditors, and the $44 million approved applies to pure custody assets. These are assets that haven’t been used in the Celsius Earn accounts but were present in the custody program.

PayPal begins crypto operations in Luxembourg

Payment platform PayPal revealed earlier this week that it is expanding its cryptocurrency operations to capture Luxembourg. The company said its crypto services would soon be available in the European country, allowing citizens to buy, sell, and hold various crypto assets. 

PayPal added that it is currently working with Luxembourg’s regulators and policymakers to create a policy that is excellent for the investors, PayPal, and the country.

Ethereum’s Shanghai hard fork to take place in March 2023

Éthereum core developers have set March 2023 as the date for the network’s Shanghai hard fork. The hard fork is a crucial one for the Ethereum community as it would allow users to withdraw their staked Ether tokens on the network.

The post This week in crypto: Gnosis becomes the second blockchain to complete The Merge appeared first on CoinJournal.