Coinbase has introduced embedded, smart contracts for developers — a move it says will address devs' pain points when building Web3 applications. Meanwhile, crypto traders in Nigeria are up in arms after Binance removed the Nigerian naira from its peer-to-peer (P2P) service, and Bitcoin retraced a portion of its recent rally on the same day Grayscale’s spot Bitcoin exchange-traded fund saw outflows of nearly $600 million.
Coinbase expands wallet-as-a-service offerings
Crypto exchange Coinbase has introduced embedded, smart wallets for developers — allowing better integration across Ethereum Virtual Machine (EVM) applications.
According to the announcement, the exchange’s new smart wallet solutions allow users to take their crypto balances with them across different EVM-compatible applications integrated with the Coinbase Wallet SDK. The embedded wallet feature allows developers to incorporate noncustodial white-labeled wallets into their applications.
Binance drops naira from P2P platformCryptocurrency trading platform Binance has removed the Nigerian naira from its P2P service following claims from the government that the platform was contributing to the devaluation of the currency.
Presidential adviser Bayo Onanuga said Binance would destroy the Nigerian economy if not stopped because it arbitrarily fixes foreign exchange rates.
The P2P feature allows users, buyers and sellers to trade without involving a third party. It became popular in Nigeria in 2021 following the government’s ban on the country’s thriving crypto industry during former President Muhammadu Buhari’s administration.
It comes as the Grayscale Bitcoin Trust (GBTC) — the asset managers recently converted ETF — saw daily net outflows close at $600 million on Feb. 29, per preliminary Farside Investor data.
The near-record outflows come only days after GBTC posted a historic low daily net outflow of $22.4 million on Feb. 26.
“Two steps forward one step back,” Bloomberg senior ETF analyst Eric Balchunas wrote in a Feb. 29 X post commenting on the day’s outflows.
The latest GBTC outflows could put a dent in the day’s inflows. Full inflow data across the other nine ETFs is not currently available, though Farside’s Feb. 29 data already shows Fidelity’s Bitcoin ETF — one of the top three largest funds by assets — as generating just $44.8 million net inflows, its fourth-lowest day of inflows.
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Resource:
https://cointelegraph.com/news/what-happened-in-crypto-today
