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Second Largest USDC Stablecoin Launches on Competitor Ethereum’s NEAR (NEAR) Protocol

The second-largest stablecoin by market capitalization, USD Coin (USDC), is now available natively on Ethereum (ETH) competitor NEAR Protocol (NEAR).

In addition to NEAR, USDC is also available natively on Algorand (ALGO), Arbitrum (ARB), Avalanche (AVAX), Base, Ethereum, Flow, Hedera (HBAR), Noble, Optimism (OP), Solana (SOL), Stellar . (XLM) and Tron (TRX).

Explains the USDC issuing circle:

“Developers can now leverage the speed and scalability of the NEAR blockchain to create fast, easy-to-use applications using USDC and coded in popular programming languages such as JavaScript and Rust.”

Coinbase and Circle, the leading U.S. cryptocurrency exchange, jointly created USDC in 2018 and co-managed the asset, which aims to maintain peg to the U.S. dollar, through the Center Consortium until last month.

In August, Coinbase CEO Brian Armstrong and Circle CEO Jeremy Allaire said that Circle would bring all USDC governance and operations responsibilities in-house. The CEOs also noted that Coinbase planned to buy an equity stake in Circle.

NEAR is trading at $1.10 at the time of writing. The cryptoactive ranked 42nd in market capitalization rose more than 1.6% in the last 24 hours.

The NEAR protocol claims that it focuses on scalability and stability. The project aims to allow developers to create decentralized applications at low cost.

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Paxos confirms it is responsible for an erroneous $500,000 Bitcoin transaction

The account that paid $500,000 to move $2,000 worth of Bitcoin was a Paxos server, the company said.

The account that paid more than $500,000 in fees on Sept. 10 for a Bitcoin (BTC) transfer belonged to Paxos, according to a Sept. 13 company statement. Paxos stated that end users were not affected and that all user funds are safe. Paxos is best known as an issuer of stablecoins, including PayPal USD (PYUSD) and Pax Dollar (USDP), but it also runs a cryptocurrency exchange that trades Bitcoin.

The statement comes after Twitter users speculated that PayPal may have been responsible for the transaction, due to a related wallet account that was identified by analytics platform OXT as belonging to PayPal. A Paxos representative told Cointelegraph that PayPal was not responsible, as the error was theirs, stating:

   “Paxos overpaid the BTC network fee on September 10, 2023. This only affected Paxos corporate operations. Paxos customers and end users are not affected and all customer funds are safe. This was due to a single transfer error and has been fixed. Paxos is in contact with the mining company to recover the funds.”

The erroneous transaction was first discovered on September 10, shortly after it occurred. According to blockchain data, the sender paid fees of approximately 20 BTC (more than $515,000 at the time) to send just 0.07 BTC (worth less than $2,000 at the time). At the time, Casa Wallet co-founder Jameson Lopp stated that the sending account “looks like an exchange or payment processor with faulty software” as it had made more than 60,000 transactions at the same address.

The block containing the transaction was confirmed by the Bitcoin mining pool F2Pool. On September 10, the fund administration offered to return the funds to the sender of the transaction if the complaint was filed within three days. Otherwise, the exorbitant fee would be paid to the pool’s hash power contributors.

Before Paxos made its statement, Bitcoin enthusiast Mononaut claimed on Twitter that PayPal was responsible for the transaction.

According to Mononaut, the sender account bc1qr35hws365juz5rtlsjtvmulu97957kqvr3zpw3 exhibited behavior that “very closely resembles the behavior of a now-inactive wallet [bc1qhs3gptkxem5y7yaq2yg0un2m8hae6wt87gkx4n].” This inactive address has been marked as “Paypal” by blockchain analytics platform OXT.

To add further evidence to his hypothesis, Mononaut observed that this old wallet address transferred its funds to the new address through an intermediary account. Bitcoin blockchain data shows that the old address called “Paypal” by OXT transferred approximately 18.5 BTC to the address bc1qlm0xlahpysq2v9yh5rhcc430xjz3xknqqnyvaf on June 19. That account then sent around 5.37 BTC to the new address which then made the wrong transaction. Lopp shared the thread and wondered aloud whether PayPal would request his funds back.

Related: Coinbase Will Integrate Bitcoin Lightning Network: CEO Brian Armstrong

Paxos later issued a statement confirming that the error was theirs, not PayPal’s.

Paxos is not the first cryptocurrency user or company to pay potentially thousands of dollars in fees due to a bug. In 2019, an Ethereum user lost over $300,000 by mistakenly pasting values into the wrong fields. Fortunately for him, the mining pool agreed to return 50% of the funds he lost. In 2020, another Ethereum user mistakenly paid $9,500 for a $120 trade. The user claimed the error “destroyed [his] life.”

In its statement, Paxos stated that it has contacted the mining company that confirmed the transaction and is trying to recover the lost resources.

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Coca Cola Introduces New NFT Collection on Coinbase Blockchain

As soon as the cryptocurrency exchange Coinbase launched the Layer-2 Base platform last week, the American multinational Coca-Cola announced its new NFT collection on the platform.

Coca-Cola’s NFT ‘Masterpiece’ collection consists of some iconic artworks by emerging talents in the digital and on-chain art space. Timeless art treasures like “The Scream” by Edvard Munch and “Girl with a Pearl Earring” by Johannes Vermeer share the space seamlessly with modern pieces by expert artists like Aket and Vikram Kushwah.

These works now take on a new dimension as they are made into collectibles on the blockchain, open to art enthusiasts participating in the Onchain Summer event. Using “Masterpiece”, Coca-Cola® acts as a curator, bringing together stories from around the world and celebrating different types of art.

The Coca-Cola® ‘Masterpiece’ is more than just an art collection. It represents how art, technology and people come together in the chain. By bringing it into the digital world, Coca-Cola® is showing other companies how to connect with the digital age. This collection goes beyond the usual art galleries and reaches people all over the world.

French artist Aket said: “Coca-Cola® is a very important generational milestone. Your ads encourage us to live our dreams every day.”

Coinbase Blockchain Base

Last week, on August 9, cryptocurrency exchange Coinbase released its main base to the public. The Coinbase Base platform hosts over 100 decentralized applications (dApps) and service providers, while also addressing the challenges that users would face with the Ethereum blockchain network.

The Base platform is based on Optimism’s OP Stack software and works as a stacked network. This allows you to handle transactions separately from the main Ethereum blockchain. The aim is to provide a more efficient platform for dapps, making use of Layer-2 solutions. These solutions aim to address the scalability and expense challenges associated with blockchain backbone networks, reflecting a broader industry trend.

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INSR token will be listed on the MEXC Global Exchange on August 7

PRESS RELEASE. MEXC is pleased to inform you that the revolutionary INSR Token cryptocurrency, intended to provide secure investments on decentralized pre-sale platforms, will be officially listed on the MEXC Global Exchange on August 7. This listing represents a major milestone for the INSR Token project and a new step in our mission to provide the crypto community with a secure and transparent investment experience.

MEXC Global Exchange is a leading cryptocurrency exchange serving a global audience known for its powerful and easy-to-use trading platform. Listing the INSR token in MEXC Global allows our community members to access the INSR token more easily and trade INSR tokens with high liquidity and efficiency.

Detail listing:

Trading pair: INSR/USDT

Listing date: August 7

At Insurabler, we believe this listing will further increase the visibility and adoption of the INSR token, allowing more users to take advantage of our decentralized insurance ecosystem. Increased availability will contribute to the liquidity and growth of the INSR token in the global market.

The Lord. Klaus, CEO of INSR, said: “We are delighted to collaborate with MEXC Global, a respected and dynamic cryptocurrency exchange, for the listing of the INSR token. This partnership will reach a wider audience and make the INSR token a major player in the crypto space. We continue with the goal of instilling trust and credibility in the crypto community,” he said.

About Insurable

INSR is a leading blockchain-based platform dedicated to providing secure and innovative solutions for cryptocurrency investors and projects. With our team of experienced experts and developers, we aim to promote trust, transparency, and excellence in the decentralized finance space.

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Securitization of companies beyond the US, extends tokenized coins to the UK

Securitize, a US-based blockchain company known for its expertise in tokenizing real-world assets, has expanded its operations to Europe.

The company entered the specialized sandbox of the General Secretariat of the Treasury and International Finance of Spain for digital asset values. Consequently, Securitize began issuing tokens representing shares in Mancipi Partners, a Spanish real estate investment fund.

Tokenization involves converting conventional financial assets, such as stocks and bonds, into digital tokens and issuing them on a blockchain platform.

This marks its first European trial, allowing Securitize to demonstrate its capabilities in the European market. Carlos Domingo, co-founder of Securitize, stated:

   Securitize is now the first company to be able to issue and trade tokenized securities in the US and Europe, and is the first company to do so under the new EU pilot regime for digital assets.

Securitize considers Spain’s sandbox environment key

Under supervised conditions, the Spanish General Secretariat of the Treasury and International Finance has approved the company to implement digital asset securities for a select group of companies and investors. According to the press release, this approval represents a recent achievement for Securitize in the European market.

Securitize views the Spain sandbox as a crucial milestone, allowing the company to conduct real-world testing before acquiring the necessary licenses.

After a period of six months, the company obtains the approval of the European Union Pilot Regime, which allows Securitize to proceed with the issuance, management and trading of tokenized securities in Spain and the EU in general.

The shares have been tokenized on the Avalanche blockchain, and secondary trading of these tokenized shares is expected to begin in September.

In May, the firm partnered with asset management firm Hamilton Lane to increase investor exposure by offering tokenized securities.

Amparo García Flores, CEO of Securitize Europe Brokerage And Markets, mentioned:

   This is not just theoretical work; we are showing that what we have in the US is viable in Europe. This means we can open up our market on both sides of the Atlantic, effectively doubling the size of our business and the opportunities for issuers in Europe that previously did not have the same opportunities as their US peers.

In the US, the company offers a range of services that cover the entire lifecycle of a security token. These services include issuance, capital increase, dividend distribution, shareholder meetings, redemptions and facilitation of securities trading in the secondary market.