COINBASE, YOU’RE BUSTED!
The Keet: Lightning Network-based communication app.
Coo! Crypto Owl is baaack!
Just like I said yesterday, this week is going to be nerve-racking, so if you feel anxious right now, trust me, we all are.
And we all are waiting for the moment when tech giants and FED are going to announce their data. Ugggh.
But, in the meantime, let’s take a look at what’s going on in the crypto world (even in a such crypto winter stasis, things don’t stop happening).
On Today’s Menu:
🍲 SPICY VEGETABLE STEW: Coinbase Is Under The SEC Investigation
🥓 BACON ON THE SIDE: Keet - The App Of The Future?
🍩 SOMETHING TO SATISFY YOUR INNER-SWEET TOOTH
GOTCHA, COINBASE
Sooo… Crypto Owl was right. In the previous newsletter, I told that the story behind Coinbase's “innocent token trading among three friends” is more. And, actually, it is more.
The U.S. Securities and Exchange Commission (SEC) officially reported about probing one of the biggest publicly traded, cryptocurrency exchanging platforms - Coinbase.
It is suspected that Coinbase allowed people to inside-trade unlisted tokens (apparently, seven), which were - as turned out - unregistered securities.
So, now, SEC is going to look really carefully into Coinbase tokens’ listings I think. Maybe they’re going to find even more interesting things here (even though Coinbase CEO Brian Armstrong had “a goal to list every asset where it is legal to do so”).
And, by the way, Coinbase has criticized SEC for not giving them all the information on how to define cryptocurrencies that could be recognized as securities. Hmm, I don’t think that this Coinbase move is mature… Hey, it’s not a kindergarten anymore.
Anyway, Coinbase CLO Paul Grewal said that they “are confident that our rigorous diligence process—a process the SEC has already reviewed—keeps securities off our platform, and we look forward to engaging with the SEC on the matter."
Well, I’m sure there will be updates. And I’m here for it.
INTRODUCING TO THE CRYPTO WORLD: KEET
It is possible that in the near future, we all could forget about Telegram, Zoom, WhatsApp, and all other apps that we use daily to communicate right now.
Tether (you remember the first-in-the-list stablecoin, right?) alongside cryptocurrency exchange Bitfinex and software company Hypercore, announced that they are launching the first decentralized video chat application - Keet.
Why Keet is special?
Well, the decentralization aspect is very important here. Apps we all use are centralized, meaning, all the information (messages, photos, videos, files, etc.) you share with your friends, and in general, with people, do not go straightly to them. Data is going through a third party. And whether we like it or not - there is no other way to avoid it.
But now, with Keet, it should be possible: the idea of this app is to enable sharing of any information only between users. Keet is a fully encrypted product. According to Tether and Bitfinex CTO Paolo Ardoino, and Holepunch CEO Mathias Buus, Keet is created in the name of speech freedom, and privacy.
However, for now, it cannot be used as a mobile app (it will be launched by November 2022), there’s only an alpha version for desktops.
Keet is built on a platform that allows the building of WEB3 apps - Holepunch. An interesting fact is that Holepunch does not run on a blockchain. It will run on the Lighting Network - Layer 2 which is known for speeding up transactions while reducing fees. That’s the same Lightning Network that updated Bitcoin is based on.
Another very important feature of Keet is that the app will allow to send and receive Bitcoin directly. How convenient this is, can you imagine? You won’t need to take any additional steps (connect your crypto wallet, per se) to send Bitcoin to someone. I think this exact feature could change the game for a lot of crypto users.
Well, all of this sounds fantastic. But I guess we should all wait for the full app’s launch to know if it’s Yeet or Neet.
SOMETHING TO SATISFY YOUR INNER-SWEET TOOTH
Even though Tesla sold 75% of its Bitcoin holdings, now the company reported that this move turned out to $64 million profit!
Binance CEO CZ sued Bloomberg Businessweek for making defamatory statements in the publication’s Chinese edition. CZ is angry:
US-based Mexican food restaurant called Chipotle started an online game “Buy the Dip” (love the irony); in this game, players will be able to win more than $200k in crypto (BTC, ETH, SOL, etc.)!
MORE CRYPTO NEWS AROUND THE WEB
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Disclaimer: This newsletter is strictly educational. None of this information is intended to be financial advice. Always do your own research and act responsibly with your profits.