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As we’re approaching the holiday season, we are seeing huge amounts of inflows in the crypto market.
BlackRock filed for Sport Ethereum ETF which saw ETH crossing $2000 mark.
A16Z invested in 2 blockchain infrastructure projects last week.
Coinbase introduced Verifications (read below).
All this is a positive sign for mass adoption.
There’s certainly excitement in the market.
Stay tuned!
Coinbase, the leading U.S. cryptocurrency exchange, has just rolled out a groundbreaking feature — Coinbase Verifications.
This initiative marks a significant stride in incorporating decentralized identity (DID) into the mainstream, a development that's been a long-awaited piece in the puzzle of web3.
Coinbase Verifications allows over 100 million users to confirm their account and country credentials directly on the blockchain.
This service is powered by Coinbase's Layer 2 network, Base, and leverages the Ethereum Attestation Service, an open-source standard.
This setup ensures that verifications are not only public but also composable, adding a new layer of transparency and security to the process.
In just one day post-launch, Coinbase logged over 9,300 verifications, a figure that represents about 15% of all verifications on the Ethereum Attestation Service.
Jesse Pollak, the creator of Base, envisions this service as a step towards enabling the next billion users to join the blockchain ecosystem.
Proof of Humanity, Fractal ID, and even tech giants like IBM and Microsoft, have ventured into DID.
However, Coinbase's use of a public blockchain for this service sets it apart, potentially paving the way for a network of KYC providers operating in tandem in the future.
This development is more than just a feature—it's a testament to the evolving nature of blockchain technology and its potential to revolutionize not just finance but identity verification and digital trust.
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