The ZK rollup is constructed upon Polygon Supernets, a framework crafted to simplify the process for developers in launching specialized blockchains tailored for specific applications.
PLUS: The ongoing tragicomedy surrounding Sam Bankman-Fried took another turn on Friday as his bail was revoked. Even prior to this verdict, David Morris, a CoinDesk columnist, had already outlined why the final outcome was easily foreseeable.
The well-received initiative, which initially launched on Solana and later transitioned to Polygon earlier this year, announced its intention to fully refund all the grant funds it had received.
First and foremost, Coinbase operates in the United States. FTX, meanwhile, was headquartered in the Bahamas, where crypto regulations are more relaxed. Coinbase is also a publicly traded company, which means it's required to share its financials every three months.
The shocking collapse of FTX has slammed the crypto market and raised alarms within the industry amid fears of a looming regulatory crackdown. For fellow cryptocurrency exchange Coinbase COIN +7.55% Global, the disappearance of FTX—once the second-largest trading venue—has other implications.
The downgrade follows a slump in Coinbase's trading volumes and rising regulatory risks for the company following the collapse of bankrupt crypto exchange FTX, according to the credit assessor.
Finally, there are no apparent conflicts of interest between Coinbase and its market makers. In fact, the company uses automated market making (AMM), which significantly decentralizes the process.
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