In the past week, the DeFi market has continued to remain active and the crypto market is finding more mainstream applications. Let's dig into the latest developments of the past few days.
1. Coinbase Adds DOGE to its Professional and Retail Platforms
Coinbase has added Dogecoin (DOGE) to both its professional and retail exchanges, the firm announced on June 3. The meme coin is available on all of Coinbase’s platforms. DOGE is trading against the dollar, euro, pound, USDT and BTC.
The price of DOGE has not changed following the listing. Coinbase listings usually result in said tokens rising in value, but DOGE seems to operate on its own whims. Dogecoin Developers recently announced that they had been working with Elon Musk to improve the network and make it greener -- though not much more in details were offered.
2. Coinbase Rewarding Users Who Trade DOGE with a Total of $1.2M in Sweepstakes Contest
US-based exchange Coinbase is giving away $1.2 million in Dogecoin to customers in the coming months, in a promotional effort that is accompanying its recent listing of Dogecoin. Winners will be selected from those who buy or sell $100 of DOGE by the end of June 2021.
The prizes are 1 award of $300,000, 10 awards of $30,000 and 6000 awards of $100. The price of DOGE has not been buoyed by this news or that of its listing on Coinbase. But investors in the meme coin are still hopeful that DOGE will come out better.
3. Paxful Launches Paxful Pay, a Bitcoin Payment Option for Merchants
Paxful has launched an e-commerce tool aimed at merchants that allows them to receive payments in Bitcoin. Called Paxful Pay, the tool will take payments from hundreds of methods and convert them into Bitcoin before depositing it into the merchant’s wallet.
Registrations are open to businesses worldwide. Paxful plans to add other cryptocurrencies, in addition to adding automatic conversion into stablecoins. In the long term, the company plans to add local currency conversions within bank accounts.
4. Binance Smart Chain-based DeFi Protocol Impossible Finance Raises $7M in Seed Funding Round
DeFi protocol Impossible Finance has raised $7 million in a seed funding round, according to a blog post published on June 3. The funding round was co-led by True Ventures, CMS Holdings, Alameda Research, and Hashed.
Over 125 institutional and angel investors participated, with notable names from the latter group including Sandeep Naiwal (Matic), Kain Warwick & Jordan Momtazi (Synthetix), Bobby Ong & TM Lee (Coingecko), Larry Cermak (The Block) and Calvin Liu (Compound).
Built on the Binance Smart Chain, Impossible Finance is a multi-chain ecosystem focused on DeFi liquidity and composability. The platform features an AMM liquidity protocol, and a decentralized incubator and launchpad for new projects.
5. Crypto Custodian Anchorage to Allow Institutional Clients to Taken USD Loans Backed by ETH
Crypto Custodian Anchorage is allowing its clients to take loans USD by using their ETH holdings as collateral, according to a tweet posted on June 3. The service has been made possible through a partnership with commercial bank BankProv. Anchorage will maintain custody of the assets when this service is used.
The credit line service joins staking and governance services that Anchorage is building for institutional clients. The BankProv loans are overcollateralized, though the option for undercollateralized loans exists for borrowers that pass risk assessment standards.