Spotify will launch Web3 wallet integrations; Coinbase launches layer-2 network to launch decentralized apps; MEXC Global discloses proof of reserve data.
World-renowned music platform Spotify is expanding its Web3 efforts by testing token-enabled playlists in various markets.
Web3 gaming ecosystem Overlord has announced partnership with Spotify. Overlord’s token-enabled community-curated playlist will be accessible via Web3 wallets for those holding Creepz NFTs on Spotify. Initially, only Android users from the US, UK, Germany, Australia and New Zealand will be able to unlock playlists.
In addition, the news of Spotify’s venture in the Web3 space has also triggered increases in Web3 token prices. The native token price of Viberate (VIB) increased by 33 percent with the announcement. Looking at Audius (AUDIO) and Rhythm (RHYTHM), it is possible to see increases of 4 and 2.5 percent, respectively.
Spotify, on the other hand, started testing NFT galleries on musicians’ profiles first in May 2022. At the time, the platform did not offer a direct purchase option, but did allow users to preview artists’ NFTs and be redirected to the OpenSea page where they could purchase items.
Coinbase launches layer-2 network to launch decentralized apps
Coinbase, the largest US cryptocurrency exchange, announced today the launch of the Ethereum layer-2 network Base. The company claimed that this new network will offer a low-cost, secure and developer-friendly environment for building decentralized applications (DApps) on the blockchain.
According to Coinbase’s statement, Base is designed to be a bridge to the crypto economy for users. Base, which will offer access to other L1 ecosystems such as Solana, offers the opportunity to work with other chains. Additionally, it will provide access to Coinbase’s products, users, and tools, as well as fiat-on-ramps and purchasing tools. The company stated that it does not plan to launch a new token for the network.
In a statement, Coinbase pointed out that Base will be “fully open source and freely available.” The company stated that it will join the OP Stack core development team to ensure that the network is a public product available to everyone.
According to the announcement, Coinbase will continue to integrate with other networks as an exchange. Base itself will be “not an island, but a bridge”. Coinbase aims for Base to be an easy network for customers to use easily. However, Base is keen to push users forward by starting them at the starting point.
MEXC Global discloses proof of reserve data
Cryptocurrency exchange MEXC Global has released its proof-of-reserve (PoR) data after 45 days of testing. In the shared documents, with the Merkle Tree method of the exchange, 120.70% of Tether (USDT), 240.18% of USD Coin (USDC), 116.50% of Bitcoin (BTC) and Ethreuem (ETH) was also reported to have 110.53 percent.
In snapshots on February 10, it was known that MEXC had entrusted 232.4 million USDT, 33 million USDC, 1,869 BTC and 12,472 ETH. Meanwhile, the total assets held in MEXC wallets for the four cryptocurrencies were 280.6 USDT, 79.4 million USDC, 2177.5 BTC and 13,785.6 ETH.
The exchange also announced that it plans to build a “MEXC Investor Protection Fund” on top of existing measures to protect users’ assets. Prior to the announcement, MEXC published a list of wallet addresses owned by the exchange. When asked about the regulation, the spokesperson explained that MEXC has licensed it in the US, Canada, Switzerland and Estonia.