SEC Allegations Against Binance and Coinbase Bolster the Case for building on Bitcoin
With the SEC introducing Polygon, Cardano, Solana and others as securities, the case for building on Bitcoin grows even larger than it already has been.
While the SEC's decision to sue Binance and Coinbase holds the crypto world hostage, dedicated builders persistently continue to expand the Bitcoin economy. Amidst the ongoing growth of Ordinal and BRC-20, coupled with the increasing adoption of the Lightning Network by businesses and individuals, Bitcoin's future shines with promise. Let's delve into this week's breakdown of Bitcoin builders.
SEC Sues Binance & Coinbase
Coinbase & Binance are facing lawsuits by the U.S Securities and Exchange commission, with the claim stating $BNB, $BUSD, $SOL, $ADA & multiple other cryptocurrencies as falsely offered and sold securities.
Nic Carter releases Twitter essay on Bitcoin Maxi culture, claiming it’s a religion while dissapproving the celebration of Binance and Coinbase’s downfall, as both collectively onboarded 100-200 million individuals to crypto and specifically Bitcoin.
Coinbase has nine million active users per month, with almost 100 million users in total. Binance currently counts for over 30 million customers. It is estimated that 425 million people across the world own cryptocurrency, following a 39% growth in digital asset holders in 2022.
Bitcoin Adoption Grows
📢 Builders Watch: Blockstream introduces Greenlight, a scalable non-custodial Lightning infrastructure that is now open for businesses, merchants and Lightning apps, paving the way for broader Bitcoin adoption.
Nearly 75% of retailers plan to accept cryptocurrency payments within the next 2 years, as reported by Deloitte.
Web5-based social network Zion has successfully integrated Lightning to make Bitcoin payments via their private, encrypted direct messages.
Over 400 small businesses in the Philippines now accept Bitcoin payments thanks to Lightning Network onboarding with Pouch.
Rootstock has the goal to identify and fund 100 projects with an average amount of 25,000 USD.
Raphjaph, new lead for Ordinals inscriptions after Case Rodarmor steps down, shares update for Ordinals to counter the cursed inscription issue.
📢 Builders Watch: Bitcoin Startup Lab program submissions closing June 10th. Managing partner of Bitcoin Frontier Fund (BFF) accelerator Trevor Owens calls builders from the program to be ready for funding from funds like the BFF.
Ordinal DeFi Protocol Liquidium shares first successful Ordinal loan.
BRC-20 DEX ALEX introduces Peg-Out mechanism to take BRC-20 tokens from the Bitcoin L1 to an L2.
Hiro Wallet announces integration with ALEX’ BRC-20 DEX.
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