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Can blockchain be used without cryptocurrency?

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Can blockchain be used without cryptocurrency?
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What is Bitcoin? How does blockchain work? How to mine cryptocurrency? We are glad to help you answer these questions with our quick guides in Explained section.

rn”,”seo_description”:”What is Bitcoin? How does blockchain work? How to mine cryptocurrency? We are glad to help you answer these questions with our quick guides in Explained section.”},”words_count”:619,”description”:”Blockchain technology supports cryptocurrencies but can also be used for supply chain tracking, identity management systems, healthcare and more”,”author”:{“id”:1470,”title”:”Onkar Singh”,”url”:”onkar-singh”,”twitter”:””,”google_plus”:””,”photo”:””,”gender”:”male”,”description”:”Onkar Singh is a blockchain enthusiast as he keeps a tab on the recent happenings pertaining to the crypto industry. He aims to provide quality content in blockchain and crypto domain. He is a financial content writer too and has worked on several financial projects related to the stock market news, fundamental research, and technical analysis for several websites.”,”facebook”:””,”email”:””,”linkedin”:””,”created_at”:”2022-01-28 14:30:55″,”updated_at”:”2022-04-05 22:44:33″,”deleted_at”:null,”avatar”:”https://cointelegraph.com/assets/img/icons/author_male.jpg”,”hash”:”aHR0cHM6Ly9jb2ludGVsZWdyYXBoLmNvbS9hdXRob3JzL29ua2FyLXNpbmdo”,”relativeUrl”:”https://cointelegraph.com/authors/onkar-singh”,”user_id”:1470,”language_id”:1,”name”:”Onkar Singh”,”desc”:”Onkar Singh is a blockchain enthusiast as he keeps a tab on the recent happenings pertaining to the crypto industry. He aims to provide quality content in blockchain and crypto domain. He is a financial content writer too and has worked on several financial projects related to the stock market news, fundamental research, and technical analysis for several websites.”,”seo_title”:””,”seo_description”:””,”enabled”:1,”show_in_authors”:0,”show_in_experts”:0},”category_id”:65,”audio”:”https://s3.cointelegraph.com/audio/90801.110a1d82-b5fc-471e-ab71-a9b498a8b25b.mp3″,”tags”:[{“name”:”Blockchain”,”uri”:”/tags/blockchain”,”super”:1,”page_title”:”Blockchain News”},{“name”:”Cryptocurrencies”,”uri”:”/tags/cryptocurrencies”,”super”:0,”page_title”:”Cryptocurrencies News”},{“name”:”Smart Contracts”,”uri”:”/tags/smart-contracts”,”super”:0,”page_title”:”Smart Contracts News”},{“name”:”Investments”,”uri”:”/tags/investments”,”super”:0,”page_title”:”Investments News”}],”tag_title”:”Blockchain”,”date”:”6 HOURS AGO”,”badge”:{“title”:”Explained”,”label”:”default”},”qty”:115,”stats_pixel”:”“,”stats_pixel_url”:”https://zoa.cointelegraph.com/pixel?postId=90801&regionId=1″,”shares”:34,”infographic”:false,”sponsored”:false,”explained”:true,”press_release”:false,”show_referral”:false,”social_description”:”Are you one of those who think blockchain is all about crypto? 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A blockchain without cryptocurrency is a distributed ledger that stores data associated with nonfungible tokens (NFTs), supply chain initiatives, the Metaverse and more.

nn

Even though Bitcoin (BTC) is the most known application of a decentralized ledger or blockchain, there is a wide range of other uses of blockchain technology. For instance, blockchain technology can be utilized in various financial services including remittances, digital assets and online payments because it enables payments to be settled without a bank or other middleman.

nn

Furthermore, the next generation of internet interaction systems including smart contracts, reputation systems, public services, the Internet of Things (IoT) and security services are among blockchain technology’s most promising applications. 

nn

A blockchain without cryptocurrency refers to a distributed ledger that keeps track of the status of a shared database across numerous users. The database can include the history of cryptocurrency transactions or confidential voting data related to elections, for example, that cannot be updated or deleted once added.

nn

Therefore, blockchain technology is not only relevant to cryptocurrencies. Blockchain, however, is mainly concerned with the decentralized storage of information and the consensus of particular digital assets, which can or cannot be cryptocurrencies. So, can blockchain be used for anything?

nn

Ideally, blockchain technology has the potential to replace business models that rely on third parties and centralized systems for trust. For instance, NFTs were initially introduced on the Ethereum network in late 2017 and are one of the disruptive innovations based on blockchain — beyond cryptocurrencies — that influence intellectual property. However, be aware of the risks and returns associated with NFTs before making any investments.

nnn”,”created_at”:”2022-07-30 12:07:48″,”updated_at”:”2022-07-30 12:11:34″,”sort”:1,”translations”:{“id”:3579,”explained_post_id”:3586,”title_en”:”What is blockchain without cryptocurrency?”,”content_en”:”

A blockchain without cryptocurrency is a distributed ledger that stores data associated with nonfungible tokens (NFTs), supply chain initiatives, the Metaverse and more.

nn

Even though Bitcoin (BTC) is the most known application of a decentralized ledger or blockchain, there is a wide range of other uses of blockchain technology. For instance, blockchain technology can be utilized in various financial services including remittances, digital assets and online payments because it enables payments to be settled without a bank or other middleman.

nn

Furthermore, the next generation of internet interaction systems including smart contracts, reputation systems, public services, the Internet of Things (IoT) and security services are among blockchain technology’s most promising applications. 

nn

A blockchain without cryptocurrency refers to a distributed ledger that keeps track of the status of a shared database across numerous users. The database can include the history of cryptocurrency transactions or confidential voting data related to elections, for example, that cannot be updated or deleted once added.

nn

Therefore, blockchain technology is not only relevant to cryptocurrencies. Blockchain, however, is mainly concerned with the decentralized storage of information and the consensus of particular digital assets, which can or cannot be cryptocurrencies. So, can blockchain be used for anything?

nn

Ideally, blockchain technology has the potential to replace business models that rely on third parties and centralized systems for trust. For instance, NFTs were initially introduced on the Ethereum network in late 2017 and are one of the disruptive innovations based on blockchain — beyond cryptocurrencies — that influence intellectual property. However, be aware of the risks and returns associated with NFTs before making any investments.

nnn”,”title_es”:””,”content_es”:”n”,”title_cn”:””,”content_cn”:”n”,”title_de”:””,”content_de”:”n”,”title_fr”:””,”content_fr”:”n”,”title_it”:””,”content_it”:”n”,”title_ar”:””,”content_ar”:”n”,”title_br”:””,”content_br”:”n”,”title_jp”:””,”content_jp”:”n”,”created_at”:”2022-07-30 12:07:48″,”updated_at”:”2022-07-30 12:11:34″,”title_kr”:””,”content_kr”:”n”,”title_tr”:””,”content_tr”:”n”}},{“id”:3587,”post_id”:90801,”title”:”Does a blockchain need cryptocurrency to work?”,”content”:”

Only public blockchain needs cryptocurrency to function, while private blockchains do not need it.

nn

Public and private blockchains are the two main categories of blockchains. Public blockchains are permissionless, allowing anyone to join the network and participate in the blockchain. Private blockchains, on the other hand, lack decentralization and are invitation-only networks run by a single organization.

nn

Permissionless blockchains like the Bitcoin blockchain reward network participants called miners for solving a complex mathematical puzzle. This incentive, often rewarded in the form of a network’s native token, is a motivator for the system as a whole and, in particular, as a means of achieving consensus. 

nn

Since Bitcoin mining incentivizes its participants, thousands of computers are currently engaged in it. By eliminating the cryptocurrency rewards, the motivation to run a node and participate in the consensus mechanism is decreased, which raises the risk of crypto heists.

nn

Private blockchain examples include Hyperledger and Corda. The Linux Foundation created the Hyperledger project, which uses private blockchains to create distributed ledgers to support confidential commercial transactions. Another permissioned blockchain project developed by R3 is called Corda, and it is intended for companies who wish to develop interoperable distributed networks with private transactions. There is neither a mandate nor a requirement for cryptocurrencies to power and incentivize members on the network because centralized corporations manage these private blockchains.

nnn”,”created_at”:”2022-07-30 12:08:54″,”updated_at”:”2022-07-30 12:11:34″,”sort”:2,”translations”:{“id”:3580,”explained_post_id”:3587,”title_en”:”Does a blockchain need cryptocurrency to work?”,”content_en”:”

Only public blockchain needs cryptocurrency to function, while private blockchains do not need it.

nn

Public and private blockchains are the two main categories of blockchains. Public blockchains are permissionless, allowing anyone to join the network and participate in the blockchain. Private blockchains, on the other hand, lack decentralization and are invitation-only networks run by a single organization.

nn

Permissionless blockchains like the Bitcoin blockchain reward network participants called miners for solving a complex mathematical puzzle. This incentive, often rewarded in the form of a network’s native token, is a motivator for the system as a whole and, in particular, as a means of achieving consensus. 

nn

Since Bitcoin mining incentivizes its participants, thousands of computers are currently engaged in it. By eliminating the cryptocurrency rewards, the motivation to run a node and participate in the consensus mechanism is decreased, which raises the risk of crypto heists.

nn

Private blockchain examples include Hyperledger and Corda. The Linux Foundation created the Hyperledger project, which uses private blockchains to create distributed ledgers to support confidential commercial transactions. Another permissioned blockchain project developed by R3 is called Corda, and it is intended for companies who wish to develop interoperable distributed networks with private transactions. There is neither a mandate nor a requirement for cryptocurrencies to power and incentivize members on the network because centralized corporations manage these private blockchains.

nnn”,”title_es”:””,”content_es”:”n”,”title_cn”:””,”content_cn”:”n”,”title_de”:””,”content_de”:”n”,”title_fr”:””,”content_fr”:”n”,”title_it”:””,”content_it”:”n”,”title_ar”:””,”content_ar”:”n”,”title_br”:””,”content_br”:”n”,”title_jp”:””,”content_jp”:”n”,”created_at”:”2022-07-30 12:08:54″,”updated_at”:”2022-07-30 12:11:34″,”title_kr”:””,”content_kr”:”n”,”title_tr”:””,”content_tr”:”n”}},{“id”:3588,”post_id”:90801,”title”:”Can you invest in blockchain without buying cryptocurrencies?”,”content”:”

There is no direct way to invest in a blockchain. However, investing in blockchain-based startups is one way by which you can explore blockchain beyond cryptocurrency investments.

nn

The blockchain industry offers many opportunities as users and organizations want to streamline corporate procedures, speed up transactions, improve security and transparency and use blockchain as a service (BaaS). One can invest in companies offering BaaS like IBM or Microsoft to understand blockchain technology. 

nn

In addition, you can buy stocks of a company that is developing blockchain solutions to gain indirect exposure to distributed ledger technologies without making any cryptocurrency investments. Meaning that there are many benefits of blockchain other than supporting cryptocurrencies.

nn

The supply chain is one area where blockchain has a significant impact. For example, you may track a crop back to the farm where it was grown with an immutable public record of every transaction. The manufacturing, transportation and delivery of a waste picker’s recycled item to a recycling facility or station can all be tracked with a distributed ledger. One can invest in the companies working in these areas. 

nn

Whether directly or indirectly investing in blockchain-based startups, however, be aware of the risks like technical glitches, hard forks or human errors. Never risk more than you can afford to lose when investing.

nnn”,”created_at”:”2022-07-30 12:09:58″,”updated_at”:”2022-07-30 12:11:34″,”sort”:3,”translations”:{“id”:3581,”explained_post_id”:3588,”title_en”:”Can you invest in blockchain without buying cryptocurrencies?”,”content_en”:”

There is no direct way to invest in a blockchain. However, investing in blockchain-based startups is one way by which you can explore blockchain beyond cryptocurrency investments.

nn

The blockchain industry offers many opportunities as users and organizations want to streamline corporate procedures, speed up transactions, improve security and transparency and use blockchain as a service (BaaS). One can invest in companies offering BaaS like IBM or Microsoft to understand blockchain technology. 

nn

In addition, you can buy stocks of a company that is developing blockchain solutions to gain indirect exposure to distributed ledger technologies without making any cryptocurrency investments. Meaning that there are many benefits of blockchain other than supporting cryptocurrencies.

nn

The supply chain is one area where blockchain has a significant impact. For example, you may track a crop back to the farm where it was grown with an immutable public record of every transaction. The manufacturing, transportation and delivery of a waste picker’s recycled item to a recycling facility or station can all be tracked with a distributed ledger. One can invest in the companies working in these areas. 

nn

Whether directly or indirectly investing in blockchain-based startups, however, be aware of the risks like technical glitches, hard forks or human errors. Never risk more than you can afford to lose when investing.

nnn”,”title_es”:””,”content_es”:”n”,”title_cn”:””,”content_cn”:”n”,”title_de”:””,”content_de”:”n”,”title_fr”:””,”content_fr”:”n”,”title_it”:””,”content_it”:”n”,”title_ar”:””,”content_ar”:”n”,”title_br”:””,”content_br”:”n”,”title_jp”:””,”content_jp”:”n”,”created_at”:”2022-07-30 12:09:58″,”updated_at”:”2022-07-30 12:11:34″,”title_kr”:””,”content_kr”:”n”,”title_tr”:””,”content_tr”:”n”}},{“id”:3589,”post_id”:90801,”title”:”Can smart contracts exist without blockchain?”,”content”:”

Blockchain technology is necessary for smart contracts to function because it enables automated agreements to be conducted and carried out without the involvement of a third party. 

nn

Similar to smart contracts, database systems can have self-executing components such as triggers and stored procedures. Still, they cannot enforce immutability because anyone with administrator rights can undo any transaction, purge transaction logs, etc., and make it appear like it never happened. As a result, blockchain will always be required for smart contracts that need to be safe and tamper-proof. Unfortunately, complicated smart contracts are not supported by Bitcoin, the most popular cryptocurrency.

nn

Without blockchain, no other contemporary technology would enable the widespread use of smart contracts. Nonetheless, smart contracts need blockchain oracles to call off-chain data that is pushed to the distributed ledger at predetermined times. Oracles offer a simple way to access off-chain resources, but doing so requires the parties to enter into a contract with a new party, which may undermine the decentralized advantages of smart contracts. 

nn

Additionally, it creates a possible point of failure. For instance, an oracle may encounter a system defect and be unable to distribute the required information, deliver inaccurate data or cease operations. Therefore, before being more widely adopted, smart contracts must address these problems.

nnn”,”created_at”:”2022-07-30 12:10:39″,”updated_at”:”2022-07-30 12:11:34″,”sort”:4,”translations”:{“id”:3582,”explained_post_id”:3589,”title_en”:”Can smart contracts exist without blockchain?”,”content_en”:”

Blockchain technology is necessary for smart contracts to function because it enables automated agreements to be conducted and carried out without the involvement of a third party. 

nn

Similar to smart contracts, database systems can have self-executing components such as triggers and stored procedures. Still, they cannot enforce immutability because anyone with administrator rights can undo any transaction, purge transaction logs, etc., and make it appear like it never happened. As a result, blockchain will always be required for smart contracts that need to be safe and tamper-proof. Unfortunately, complicated smart contracts are not supported by Bitcoin, the most popular cryptocurrency.

nn

Without blockchain, no other contemporary technology would enable the widespread use of smart contracts. Nonetheless, smart contracts need blockchain oracles to call off-chain data that is pushed to the distributed ledger at predetermined times. Oracles offer a simple way to access off-chain resources, but doing so requires the parties to enter into a contract with a new party, which may undermine the decentralized advantages of smart contracts. 

nn

Additionally, it creates a possible point of failure. For instance, an oracle may encounter a system defect and be unable to distribute the required information, deliver inaccurate data or cease operations. Therefore, before being more widely adopted, smart contracts must address these problems.

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A blockchain without cryptocurrency is a distributed ledger that stores data associated with nonfungible tokens (NFTs), supply chain initiatives, the Metaverse and more.

Even though Bitcoin (BTC) is the most known application of a decentralized ledger or blockchain, there is a wide range of other uses of blockchain technology. For instance, blockchain technology can be utilized in various financial services including remittances, digital assets and online payments because it enables payments to be settled without a bank or other middleman.

Furthermore, the next generation of internet interaction systems including smart contracts, reputation systems, public services, the Internet of Things (IoT) and security services are among blockchain technology’s most promising applications. 

A blockchain without cryptocurrency refers to a distributed ledger that keeps track of the status of a shared database across numerous users. The database can include the history of cryptocurrency transactions or confidential voting data related to elections, for example, that cannot be updated or deleted once added.

Therefore, blockchain technology is not only relevant to cryptocurrencies. Blockchain, however, is mainly concerned with the decentralized storage of information and the consensus of particular digital assets, which can or cannot be cryptocurrencies. So, can blockchain be used for anything?

Ideally, blockchain technology has the potential to replace business models that rely on third parties and centralized systems for trust. For instance, NFTs were initially introduced on the Ethereum network in late 2017 and are one of the disruptive innovations based on blockchain — beyond cryptocurrencies — that influence intellectual property. However, be aware of the risks and returns associated with NFTs before making any investments.

Only public blockchain needs cryptocurrency to function, while private blockchains do not need it.

Public and private blockchains are the two main categories of blockchains. Public blockchains are permissionless, allowing anyone to join the network and participate in the blockchain. Private blockchains, on the other hand, lack decentralization and are invitation-only networks run by a single organization.

Permissionless blockchains like the Bitcoin blockchain reward network participants called miners for solving a complex mathematical puzzle. This incentive, often rewarded in the form of a network’s native token, is a motivator for the system as a whole and, in particular, as a means of achieving consensus. 

Since Bitcoin mining incentivizes its participants, thousands of computers are currently engaged in it. By eliminating the cryptocurrency rewards, the motivation to run a node and participate in the consensus mechanism is decreased, which raises the risk of crypto heists.

Private blockchain examples include Hyperledger and Corda. The Linux Foundation created the Hyperledger project, which uses private blockchains to create distributed ledgers to support confidential commercial transactions. Another permissioned blockchain project developed by R3 is called Corda, and it is intended for companies who wish to develop interoperable distributed networks with private transactions. There is neither a mandate nor a requirement for cryptocurrencies to power and incentivize members on the network because centralized corporations manage these private blockchains.

There is no direct way to invest in a blockchain. However, investing in blockchain-based startups is one way by which you can explore blockchain beyond cryptocurrency investments.

The blockchain industry offers many opportunities as users and organizations want to streamline corporate procedures, speed up transactions, improve security and transparency and use blockchain as a service (BaaS). One can invest in companies offering BaaS like IBM or Microsoft to understand blockchain technology. 

In addition, you can buy stocks of a company that is developing blockchain solutions to gain indirect exposure to distributed ledger technologies without making any cryptocurrency investments. Meaning that there are many benefits of blockchain other than supporting cryptocurrencies.

The supply chain is one area where blockchain has a significant impact. For example, you may track a crop back to the farm where it was grown with an immutable public record of every transaction. The manufacturing, transportation and delivery of a waste picker’s recycled item to a recycling facility or station can all be tracked with a distributed ledger. One can invest in the companies working in these areas. 

Whether directly or indirectly investing in blockchain-based startups, however, be aware of the risks like technical glitches, hard forks or human errors. Never risk more than you can afford to lose when investing.

Blockchain technology is necessary for smart contracts to function because it enables automated agreements to be conducted and carried out without the involvement of a third party. 

Similar to smart contracts, database systems can have self-executing components such as triggers and stored procedures. Still, they cannot enforce immutability because anyone with administrator rights can undo any transaction, purge transaction logs, etc., and make it appear like it never happened. As a result, blockchain will always be required for smart contracts that need to be safe and tamper-proof. Unfortunately, complicated smart contracts are not supported by Bitcoin, the most popular cryptocurrency.

Without blockchain, no other contemporary technology would enable the widespread use of smart contracts. Nonetheless, smart contracts need blockchain oracles to call off-chain data that is pushed to the distributed ledger at predetermined times. Oracles offer a simple way to access off-chain resources, but doing so requires the parties to enter into a contract with a new party, which may undermine the decentralized advantages of smart contracts. 

Additionally, it creates a possible point of failure. For instance, an oracle may encounter a system defect and be unable to distribute the required information, deliver inaccurate data or cease operations. Therefore, before being more widely adopted, smart contracts must address these problems.

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Bitcoin (BTC) Nearly Taps $25,000 Level For the First Time Since June

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Bitcoin (BTC) Nearly Taps $25,000 Level For the First Time Since June

Bitcoin (BTC) is showing several bullish signs in the daily time frame but has yet to break out from a short-term corrective pattern.

Bitcoin has been moving upwards since reaching a long-term low of $17,622 on June 18. On July 19, it broke out from a long-term descending resistance line, which had been in place since the end of March. 

On Aug. 11, BTC reached a local high of $24,918, which was the highest since June 12. However, it failed to sustain this increase and created a long upper wick in its daily candlestick (red icon).

If the upward movement continues, the closest resistance area would be found at $29,370. This target is the 0.382 Fib retracement resistance level.

An interesting reading comes from the daily RSI, which moved above 50 at the same time which the price broke out from the descending resistance line. 

Since then, the RSI has created an ascending triangle (dashed), which is often considered a bullish pattern. The indicator is currently at 61, right at the resistance line of this pattern. 

Therefore, a breakout above it would likely also cause the price to accelerate upwards.

Short-term BTC pattern

Despite the relative bullishness from the daily time frame, the six-hour chart shows that BTC has been trading inside an ascending parallel channel since the June 18 bottom. Such channels usually contain corrective patterns, meaning that an eventual breakdown from it would be expected. 

Moreover, the price has created what resembles an even shorter-term double top (red icons), which is considered a bearish pattern made at the resistance line of the channel.

On Aug. 9 (green circle), the price rebounded from the midline of this channel and at a short-term ascending support line. 

So, whether BTC breaks out from the channel or breaks down from the support line will likely determine the direction of the future trend.

Wave count analysis

The main wave count indicates that BTC is likely in wave three of a five-wave upward move (black). The sub-wave count is shown in yellow, and also suggests that the price is in wave three. So, this seems to be a 1-2/1-2 wave formation. If correct, it would mean that the upward move will accelerate in the near future. 

In order for the count to remain correct, Bitcoin has to hold on above the slope of the original 1-2 (black).

The most likely long-term wave count is also bullish, aligning with the proposed short-term count.

For Be[in]Crypto’s previous Bitcoin (BTC) analysis, click here

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Binance recovers the majority of funds stolen from Curve Finance

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Binance recovers the majority of funds stolen from Curve Finance

Binance recovered and froze around $450,000 worth of the stolen assets, which is around 80 percent of the stolen funds.

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Binance recovers the majority of funds stolen from Curve Finance

Crypto exchange Binance has recovered a big part of the funds from the recent hack that targeted the decentralized finance (DeFi) protocol Curve Finance. 

In a tweet, Binance CEO Changpeng Zhao announced that the exchange has frozen and recovered $450,000 of the stolen assets, which is more than 80 percent of the stolen funds. According to Zhao, the hacker tried to send the funds to the exchange in various ways but was detected by Binance. The exchange is currently working to return the funds to their rightful owners.

The Curve Finance team detected the hack on Tuesday and alerted their users to refrain from using their website. An hour after the warning, the team announced that it was able to find and resolve the issue. However, the attackers were still able to hijack around $537,000 worth of USD Coin (USDC) before the issue was resolved.

According to experts from the blockchain analytics firm Elliptic, a hacker compromised the domain name system (DNS) of Curve Finance, which ended with malicious transactions getting signed. The experts told Cointelegraph that the funds were then sent to various exchanges and crypto mixers in an attempt to hide the trail. In the end, the funds were sent to Binance and were caught by its team.

Related: Cross-chains in the crosshairs: Hacks call for better defense mechanisms

This is not the first time this week that the good actors in the crypto community have worked to return stolen funds. On Monday, whitehat hackers and researchers returned an estimated $32.6 million worth of USDC, Tether (USDT) and other altcoins to Nomad, following the recent $190 million exploit.

The Curve Finance exploit is only one of the many attacks that happened in 2022. According to analytics firm Chainalysis, $2 billion worth of funds were drained because of cross-chain bridge hacks. This is 69% of the overall stolen amount in the year.

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Institutional staking won’t take off unless asset lock-up solved: Coinbase CFO

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Institutional staking won’t take off unless asset lock-up solved: Coinbase CFO

Coinbase’s new institutional-focused staking product won’t be a “near-term phenomenon” while liquid staking is still being worked out.

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Institutional staking won’t take off unless asset lock-up solved: Coinbase CFO

Institutional staking of crypto assets, including the post-Merge Ethereum, could become a “phenomenon” in the future, but not while their assets still need to be “locked up.”

Speaking during a Q2 earnings call on Tuesday, chief financial officer Alesia Haas noted that she didn’t expect their new exclusive institutional staking service, rolled out in Q2, to be a “near-term phenomenon” until a “truly liquid staking option” is available:

“This is the first time we had the products available. Previously, the way that institutions could have access to staking is via Coinbase Cloud […] But offering it as the delegated staking service similar to what we have for retail customers.”

However, Haas said it was still “early days” for their new staking service, adding they’ll likely only see a “real material impact” when they have created a liquid staking option for post-Merge Ethereum, also known as Eth2.

Liquid staking is the process of locking up funds to earn staking rewards, while still having access to the funds. 

Haas explained that many financial institutions “don’t want their assets held indefinitely:”

“So when you stake ETH2 you are locking in your assets into Ethereum until the Merge and then some period after. For some institutions, that liquidity lock-up is not palatable to them. And so, while they may be interested in staking, they want to have staking on a liquid asset.”

Haas reaffirmed this issue is “something we are looking to solve,” and added that once this liquid staking is available for financial institutions that can pool in funds at higher proportions, “we’ll see the real material impact of institutional revenue.”

Related: Coinbase partners with BlackRock to create new access points for institutional crypto investing

Investors and institutions have been able to access Coinbase’s delegated staking service through Coinbase Prime, which was first launched in Sep. 2021. The platform also offers other integrated services, such as access to a custody wallet with enhanced security, real-time crypto market data and analytics, and other crypto-native features like decentralized governance.

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