NEW COINBASE TOKEN TO RELEASE BEFORE THE MERGE!
Tether supports Tornado Cash. China takes over everyone with CBDC. M&Ms with BAYC on them.
Coo! If you’re reading this while slurping your coffee slowly… Well, you can change that into a glass of whiskey sour because today is National Whiskey Sour Day. Or, just stay with your coffee if you’re under 21 and read today’s news, as they are just as burnish as whiskey. Enjoy.
On Today’s Menu:
🥣CHEESE SOUP WITH PRAWNS: New Staking Token In A Market - Coinbase’s cbETH!!!
🥗 CAESAR SALAD: Tether Will Support Tornado Cash. Period.
🫔SICILIAN CANNOLI: China Continues Testing CBDC - Where Will It Go?
🐟DORADA WITH LEMON: Thursday’s Facts
🍨 CHOCOLATE ICE CREAM: More Crypto News Around The Web
COINBASE LAUNCHES A NEW STAKING ETH TOKEN BEFORE THE MERGE
Well, well, well.
That’s some exciting news, yall!
The Merge is not here yet (but it’s coming soon!), and yet Coinbase announced launching a new token - cbETH.
But why it’s worth our’s attention, though?
This is all you need to know now:
It’s a utility, wrapped and staked ERC-20 token, obviously based on the Ethereum blockchain; staking provider is Coinbase;
It represents ETH2 (or ETH after the Merge);
Since its wrapped, it means that cbETH can move from one blockchain to another;
Usually, if we’re talking about a wrapped token, it means that its price should be 1:1 to the original token’s price (wETH=ETH);
In this case, cbETH is not equal to 1 ETH price. It has a liquid representation of staked ETH, “plus all of its accrued staking interest, starting from when cbETH's conversion rate and balance were initialized“;
According to the post that Coinbase made, “cbETH can be sold or sent off-platform, while ETH2 will remain locked-up until a future protocol upgrade”.
cbETH token will allow customers to use their staked ETH while earning rewards on Coinbase;
Coinbase says their “hope is that cbETH will achieve robust adoption for trade, transfer, and use in DeFi applications”.
All further details about this project read in its whitepaper.
TETHER WILL SUPPORT TORNADO CASH. PERIOD.
…Unless Law will make them otherwise.
Well, it’s not the first time I’ve talked about the Tornado Cash drama; you probably know the deal; in another case, read here and here.
So, Tether is known for being a number-one stablecoin, backed by the US dollar. And, Tether disagrees with the idea of freezing all the addresses related to Tornado Cash (even though all these addresses are toxic, just like in Britney's song).
That’s the statement that Tether made officially on their website:
“So far, OFAC has not indicated that a stablecoin issuer is expected to freeze secondary market addresses that are published on OFAC’s SDN List or that are operated by persons and entities that have been sanctioned by OFAC. Further, no US law enforcement agency or regulator has made such a request despite our near daily contact with US law enforcement whose requests always provide precise details. <....> Unilaterally freezing secondary market addresses could be a highly disruptive and reckless move by Tether.”
They also added that the stablecoin issuer hadn’t had any contact from US officials with some specific requests to freeze addresses, but despite that, Tether always “complies with requests from US authorities”.
Guess what happened after this statement?
Yes, it spiked nicely. Around 27%. There you go.
CHINA IS ON THE NEXT LEVEL WITH CBDC
If you haven’t heard, CBDC is a central bank digital currency; it’s not a cryptocurrency but a digital currency backed up by the central bank. Basically, it shows that banks liked the idea of cryptocurrency (just never admitted it, and probably never will) and made their one. In their way.
Many central banks are working on this CBDC launching and adopting widely matters, but it takes time. China, on the other hand, seems to be the closest to becoming the first major economy that happened to do it first.
Digital Yuan was a project that China’s central bank - the People’s Bank of China (PBOC) - has worked on since 2014. In April 2020, PBOC finally launched its first CBDC test; the country’s CBDC is being created to replace the cash and coins already in circulation and has its name - e-CNY. Being a “digital banknote,” e-CNY makes a part of the whole country’s overall cash supply.
This April, China released a new e-CNY app as a beta version. The app is available in 23 pilot cities and could be used for making transactions and purchasing.
The newest information just came out: the pilot test’s second phase of China’s CBDC has been launched; from now, it is possible to use this digital yuan to pay for public transportation in Guangzhou.
CBDC is also possible for housing fund contributions; there is a collaboration between the government and the food delivery industry in Meituan, where users can also pay in e-CNY and more.
So, China is ahead; we must admit it. Once e-CNY finish its pilot version and become a real digital currency version, I’ll let you know.
TODAY’S FACTS AND THIS NEWSLETTER WERE BROUGHT TO YOU BY BIONIC READING!
Bionic reading helps us to read everything 2x faster and also - stimulates our brain work. Especially it helps to read faster and more efficiently people with dyslexia and ADHD.
I care about your time, so I encourage you to try to read Today’s Facts differently and afterward, tell me what you think!
If you’re a fan of M&M - I have great news for you! If you, on top of that, are a fan of BAYC, well, then I have double-good news for you! Mars, a well-known candy brand, is releasing limited-edition (10k packages in total) M&Ms with Bored Ape Yacht Club NFTs images on them. Maybe those M&Ms will have a banana taste instead of a peanut butter one, though?
Vitalik Buterin tweeted about cryptocurrencies being “a superior” payment method:
Ethereum Foundation developers confirmed the Merge Date! The upgrade should be fully completely upgraded between September 10th and 20th. Well, that’s quite abstract, yet, coming close to these days, I believe we will see upgraded information, and as soon as I see something, I’ll fly to you.
MORE CRYPTO NEWS AROUND THE WEB
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Crypto ATM firm Bitcoin Depot aims to go public in 2023 via $885M SPAC deal
LITTLE BIT OF WHISKEY SOUR
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Disclaimer: This newsletter is strictly educational. None of this information is intended to be financial advice. Always do your research and act responsibly with your profits.