Coinbase’s Base network officially goes public

Published on:

Coinbase’s Base network officially goes public; SEC appeals the decision for XRP; Microsoft partners with Aptos for artificial intelligence

Coinbase’s network Base blockchain has been launched with more than 100 dApps and service providers.

Protocol leader Jesse Pollak emphasized that users can discover dApps on Base and get higher performance with lower transaction fees compared to Ethereum.

Base’s test network was first launched in February. The network has integrated with many DeFi protocols, wallets, bridges and oracles in a short time. 

Base, a network developed on Optimisim’s software stack known as Op Stack, works as a rollup network. Base can be briefly defined as a scaling solution that processes transactions in Ethereum and thus provides a more affordable cost for dApps.

Base, a Layer 2 solution, is expected to operate as the default network for Coinbase’s on-chain products. 

Will Coinbase withdraw from the US like other cryptocurrency exchanges?

A statement came from Brian Armstrong regarding the allegations that the largest cryptocurrency exchange in the US will withdraw from the country.

Armstrong, the company’s CEO, emphasised that the exchange is determined to remain in the US, despite pressure from the Securities and Exchange Commission. 

Coinbase is currently facing a lawsuit filed by the SEC, as well as an investigation by about 10 state regulators.

SEC appeals the decision for XRP

The US Securities and Exchange Commission (SEC) will appeal the court’s decision in favor of Ripple

Read more:  USDC issuer Circle launches MPC wallet beta for Ethereum, Polygon, Avalanche

The SEC submitted a letter to request an interim appeal of Judge Analisa Torres’ summary judgment in the Ripple case on 13 July.

This means that the regulator has formally filed a request to appeal the summary judgement in the Ripple case. 

Journalist Eleanor Terrett said that according to the information she received from lawyers, the appeal is quite difficult to approve:

“I have learnt from brilliant lawyers in this field that the appeal decision is very difficult to approve. The SEC will have to get approval from both Judge Torres and the Second Circuit for it to be granted.”

May affect other cases

In its letter to Torres, the SEC stated that the Ripple case should be examined in a timely manner “due to cases that may be affected”. 

The regulator has so far accused many cryptocurrency platforms of selling unregistered securities. This means that the decision regarding XRP in the same cases could set a precedent. 

Cryptocurrency exchanges such as Coinbase, CryptoCom and Kraken announced that they relisted XRP after the court’s decision.

Coinbase's Base network officially goes public; SEC appeals the decision for XRP; Microsoft partners with Aptos for artificial intelligence

Microsoft partners with Aptos for artificial intelligence

Technology giant Microsoft and Aptos Labs joined hands for artificial intelligence developments and blockchain solutions. 

In addition to the duo researching innovative solutions related to tokenization, digital payments, and CBDCs, Aptos will also reportedly use Microsoft’s Azure OpenAI service.

Read more:  Kucoin could reduce the workforce by 30%

It was stated that the partnership between the two companies was initiated with the aim of facilitating the process of both involving users in Web3. The companies will also leverage Microsoft’s artificial intelligence technology to assist developers in creating smart contracts and decentralized applications.

As part of the collaboration between the two, Aptos announced that it will launch Aptos Assistant, a user-friendly and secure digital assistant using Microsoft’s AI technology.

Microsoft partnership triggers APTOS price

Following the partnership announced by Microsoft and Aptos, Aptos’ local cryptocurrency suddenly turned its direction upwards. 

APT, which has been in a horizontal band for a long time with the silence in the cryptocurrency market, gained close to 20 percent after the partnership news. 

The APT / USD parity blinked at the $7.99 level thanks to the Microsoft partnership that made Aptos investors smile.

Coinbase's Base network officially goes public; SEC appeals the decision for XRP; Microsoft partners with Aptos for artificial intelligence