U.S. crypto exchange Coinbase has announced it will transition to a “remote-first” workplace after the pandemic lockdown is over in an effort to guard against location-centric risks and to improve decentralization. In an open letter to all employees, Coinbase CEO Brian Armstrong said:
“After the restrictions of quarantine are over, Coinbase will embrace being ‘remote-first’, meaning we will offer the option to work in an office or remotely for the vast majority of roles.”
An estimated 20% to 60% of all Coinbase employees will continue to work remotely once all COVID-19 restrictions are removed.
The mindset change was a result of the unplanned social distancing forced upon them by the COVID-19 pandemic which produced “less operational complexity than we expected”. Armstrong wrote that as more preventative measures come into play, like keeping 6 feet between each employee, Coinbase would not physically be able to fit all employees back into their San Francisco headquarters. In light of this, the company decided to “choose innovation” as an “extension of the values of crypto”.
Armstrong said “the vision for Coinbase is to create a world with more economic freedom, and not being tied to one location is a key part of this” and that he believed the company’s decision would prove influential:
“What we do in this moment could influence many companies’ paths forward.”
The announcement comes the same day the exchange launches staking rewards for Cosmos asset holders. Coinbase Product Manager Bryce Ferguson said this removes the risks associated with token staking for users as Coinbase Custody will cover any losses incurred:
“Assets staked to a PoS network traditionally are exposed to the risk of a “slashing” event… Coinbase Custody will cover this risk and clients will not be impacted by any potential slashing event.”
3 Big Blockchain Firms Working Together On A DeFi Product That Pays Passive Income
In a special announcement made at the Unitize conference on July 6, Cosmos, Polkadot, and Terra revealed a new DeFi savings product called Anchor that aims to offer dependable interest rates on stablecoins deposits. The companies involved in the creation of Anchor plan to launch it across their respective blockchains at the end of Q3 this year and scale across to other PoS blockchains in the future. Do Kwon, founder and CEO of Terra, explained in a prepared statement:
“While DeFi staples such as Maker and Compound have been revolutionary in creating fully decentralized crypto money markets, the volatility of their interest rates makes them unsuitable to be used as a household savings product. DeFi mass adoption needs the creation of a fully decentralized savings account that offers dependable APR.”
Anchor’s smart contracts receive stablecoin deposits and use a portion of them to acquire staking positions on compatible Proof of Stake blockchains. Users will receive their passive income from these staking rewards. The initial governance for this platform will come from the Interchain Asset Association (IAA), a newly formed organization that sees Zaki Manian of Cosmos, Jack Platts of the Web3 Foundation, and Do Kwon of Terraform Labs collectively steering the ship.
Telegram Is Set To Shut Down The TON Testnet By August 2020
Although Telegram has terminated its blockchain project, Telegram Open Network (TON), in May 2020, the TON test net has been apparently running for almost one year. In a July 6 update, the official TON development group on Telegram announced that it would be discontinuing its support of the test network for TON. Remaining TON validators will be turned off by August 1. In the post, the TON official recommended network participants save all their relevant data and stop their testing processes. Despite the testnet being set to shut down less than a month from now, network participants will still be able to continue their experimentation after the testnet is terminated. In order to do that, users can install their own testnet validators, described in greater detail in three different how-to documents containing guidelines for the Full Node, the Validator, and Test Grams.
Telegram launched the TON testnet for explorer and node software on Sept. 6, 2019. In anticipation of its scheduled Oct. 31 launch last year, the company released an alpha version of an iOS wallet to work with its native token, the Gram. But Telegram’s TON plans were never fully realized, as the United States Securities and Exchange Commission suddenly deemed Telegram’s $1.7 billion ICO illegal in mid-October. After a long-running legal battle with U.S. regulators, Telegram agreed to shut down its TON project, as well as return $1.2 billion to investors in line with a court-approved final settlement. As officially announced by Telegram CEO Pavel Durov, the firm had already reimbursed more than $1.2 billion by June 25.
Brock Pierce Enters The 2020 US Presidential Race
Brock Pierce, entrepreneur, crypto venture capitalist, and child star, has announced his USA Presidential run on Twitter July 5. His tweet stated: “
“I, Brock Pierce, am running for President of the United States of America.”
Pierce’s campaign site states that he is a pioneer digital currency and has raised more than $5 billion for the companies he has founded. Pierce is the Chairman of the Bitcoin Foundation and co-founder of EOS Alliance, Block.one, Blockchain Capital, Tether, and Mastercoin (first ICO). His website, sparse on details, does not say if he is seeking a nomination in a political party or if he is running as an Independent.