Weekly Cryptocurrency News. Friday, February 3


Friday, 3rd of February. As the week comes to an end, we can focus on the highlights of the crypto industry over the past few days.

Coinbase enhanced safety of its Web3 crypto wallet

Coinbase, the largest U.S. bitcoin exchange, announced improvements to the security and user interface of its cryptocurrency wallet.

Product Manager Ayoola John described the newest features of the app for non-custodial storage of digital assets.

What the company has added to the wallet is an ‘Transaction Preview’ option. It gave users the opportunity to assess how the balance in a cryptocurrency or NFT would change based on their interaction with the smart contract in question. Based on the data, you can approve or deny access to assets.

There appeared the feature of protection against malicious airdrops in the application as well. Coinbase Wallet was provided with a built-in list of addresses which are automatically rejected. You can manually block and report suspicious activity to the support team.

Additionally, the wallet introduced a feature to create a set of multichain addresses through which users can distribute tokens or Web3 identifiers. Each set has its individual security settings.

Coinbase developers have also integrated support for Ledger’s hardware wallets. As a result, the browser extension made it possible to add up to 15 different Ethereum addresses through any device.

UK Treasury unveils plans to regulate crypto exchanges

The U.K. Treasury has published an advisory report on implementing supervision of crypto exchanges and trading platforms to ensure they meet “robust and fair standards.”

The initiative corresponds to the roadmap for the development of financial services. All comments from the public can be submitted until April 30.

The purpose of the document is to give “confidence and transparency to consumers and companies.” 

What the ministry expects to do is mitigate the most serious risks of volatility and structural vulnerability that plague some business models in the industry by bringing them in line with TradFi.

The proposals imply that crypto exchanges are responsible for determining detailed requirements for the content of asset approval documents and disclosures.

Such measures also mean stricter rules for financial intermediaries and custodians.

The agency will examine opinions on improving market integrity and consumer protection.

As you may remember, John Cunliffe, Governor of the Bank of England, suggests that digital assets should be regulated similar to traditional finance. In addition, he pointed out that decentralized protocols do not yet provide an effective way to manage risk.

ConsenSys launches MetaMask Learn, an educational Web3 platform

A new educational initiative, MetaMask Learn, has been announced by ConsenSys. The cost-free platform is intended for users who want to get familiar with Web3.

The project is available in 10 languages, including Ukrainian, Russian and English. Moreover, the platform offers an interactive user interface – in the simulation mode you can learn how to work with MetaMask, discover everything about NFT and DeFi.

The company noted that recent problems in the crypto industry have “undermined investor confidence in custodial platforms.” A recent survey of 1505 crypto holders in the US, conducted by Morning Consult and commissioned by ConsenSys, found that three quarters of respondents did not know or were unsure of what self-custody was.

“MetaMask believes supporting web3 enthusiasts to learn about self-custody in a simulated environment will increase trust and give consumers the confidence they need to participate in the web3 ecosystem in a safe, self-managed way, ” the press release states.

SEC reveals Tesla’s $140M loss in bitcoin

During 2022, the negative revaluation of Tesla’s 9,720 BTC held on its balance sheet totaled $204 million, the gain from converting some of the coins netted $64 million, while the net loss estimated at $140 million. You can find such data in the SEC reports.

As for Q4 2022, the negative revaluation accounted for $34 million. No transactions with the first-ever cryptocurrency were performed over this period.

Back in 2021, the company earned $128 million “as a result of certain sales” of digital gold. By the end of the year, Tesla’s loss because of Bitcoin devaluation reached $101 million.

As of October 2022, the EV manufacturer assessed the value of BTC on its balance sheet to be $218 million.

Three months earlier, Tesla disclosed the sale of 75% of the company’s bitcoin holdings at a cost of $936 million. Top executives attributed the move to “the need to increase liquidity at a time of anti-covid restrictions in China.”

“As with any investment and consistent with how we manage fiat-based cash and cash-equivalent accounts, we may increase or decrease our holdings of digital assets at any time based on the needs of the business and our view of market and environmental conditions,” the report says.

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