Web3 Diaries-Base Suffers First Major Outage Sinch Launch
Since its open debut on August 9, Coinbase’s Ethereum layer-2 network Base has had one significant outage.
On September 5, there were no new blocks generated on the Base chain for around 45 minutes. According to the Base status website, its creators discovered the “stalled” block creation for the first time at 9:36 pm UTC. Since then, block production has continued.
Matt Willemsen, head of research at crypto education platform Collective Shift, highlighted the potential concerns of using Ethereum layer 2 networks and warned that they aren’t as “battle tested” as Ethereum’s mainnet.
Coinbase Creates New Crypto Lending Service Geared Toward Large Investors
In order to fill the gap left by the collapse of companies like Genesis and BlockFi, Coinbase has developed a new cryptocurrency lending service for institutional clients in the U.S.
On September 1, the platform was covertly disclosed in a file with the U.S. Securities and Exchange Commission, which stated that $57 million had already been raised for the program.
A source with knowledge of the situation claims that customers may lend Coinbase money—typically crypto assets—and get security that is worth more than the loan. Overcollateralization serves as a disaster safety net.
Genesis to Shut U.S. Market Crypto Trading Desk
Genesis’ U.S.-focused spot crypto trading business will shut down later this month, according to an email sent to clients Tuesday.
Genesis Global Trading (GGT) will close its over-the-counter trading platform on Sept. 18. All trades must be settled by Sept. 21 and all remaining open accounts will be closed end of day on the 30th. “The decision was made voluntarily and for business reasons,” the email said.
GGT was one of a handful of Genesis-linked companies that escaped the conglomerate’s crypto lending-induced bankruptcy earlier this year. Another trading-focused wing, GGC International Limited, will continue to run its spot and derivative trading services, the email said.
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