Gnosis becomes the second blockchain to complete The Merge

by Arthur · December 9, 2022

The Gnosis blockchain completes The Merge and migrates to a proof of stake protocol.
Coinbase expects its 2022 revenue to decline by 50% or more from 2021.
PayPal starts crypto operations in Luxembourg.

Table of Contents

Gnosis blockchain completes The Merge

First Ethereum, now Gnosis. Gnosis announced earlier this week that it has migrated to a proof of stake (PoS) protocol from its previous Proof of Authority (PoA), which completes The Merge.

The migration had seen the number of validators on the Gnosis blockchain increase to over 100,000 from the previous 20 it had when it maintained the PoA protocol. The migration is expected to increase the decentralization and security of the Gnosis blockchain.

Coinbase expects its 2022 revenue to drop by 50% or more

Coinbase CEO Brian Armstrong revealed earlier this week that the cryptocurrency exchange expects its 2022 revenue to decrease by 50% or more from what it generated last year.

According to the CEO, the bear market has affected operations, with most coins down 70% from their all-time highs. Recent events, including the FTX collapse, have also affected confidence in the market. However, Armstrong said he would continue to advocate for the crypto industry in Washington DC.

Coinbase too asked the users to exchange USDT stablecoins for the more “reputable” USDC. USDC is issued by Circle, the company co-founded by Coinbase. The crypto exchange said USDC is more truCelsius ordered to return $44 million worth of crypto to customers and trusted, and users should start using the stablecoin ahead of USDT issued by Tether.

Earlier this week, Circle, the issuer of USDC, officially announced that it had canceled plans to go public. The company was expected to go public at a valuation of $9 billion, but recent market events forced it to cancel plans.

Celsius ordered to return $44 million worth of crypto to customers

Cryptocurrency lending company Celsius has been ordered to return 44 million dollars in cryptocurrencies to its customers. U.S. Bankruptcy Judge Martin Glenn said he wants creditors to get back as much as they can as soon as they can.

Celsius owes billions to its creditors, and the approved $44 million relates to pure custody assets. These are assets that have not been used in the Celsius Earn accounts, but were present in the custody program.

PayPal starts crypto operations in Luxembourg

Payment platform PayPal revealed earlier this week that it is is expanding its cryptocurrency business to capture Luxembourg. The company said its crypto services will soon be available in the European country, allowing residents to buy, sell and hold various crypto assets.

PayPal added that it is currently working with Luxembourg’s regulators and policy makers to create a policy that is excellent for investors, PayPal and the country.

Ethereum’s Shanghai hard fork will take place in March 2023

Ethereum’s core developers have set March 2023 as the date for the network’s Shanghai hard fork. The hard fork is a crucial one for the Ethereum community as it will allow users to mine their Ether tokens on the network.