Nasdaq-listed cryptocurrency exchange Coinbase made two separate attempts to purchase FTX Europe after it filed for bankruptcy in November 2022 as it looked to broaden its derivatives business overseas.

Google Cloud, the tech giant's cloud computing arm, is intensifying its involvement in the blockchain space, adding 11 new networks including Polygon, Optimism, and Polkadot to its BigQuery program of public datasets.

A new report published by the European Parliamentary Research Service (EPRS) has argued that there’s a rising call for a globally harmonized approach towards cryptocurrency regulation, citing potential challenges from regulatory arbitrage and the decentralized character of many crypto assets.

Top stories in the Crypto Roundup today:

• Coinbase Held Talks to Buy FTX Europe After Bankruptcy
• Google Cloud Adds 11 New Blockchains to BigQuery
• EU Report Calls for Global Harmonization of Crypto Regulation
• Total Stablecoin Market Capitalization Declines for 18^th Consecutive Month

Coinbase Held Talks to Buy FTX Europe After Bankruptcy

Nasdaq-listed cryptocurrency exchange Coinbase made two separate attempts to purchase FTX Europe after it filed for bankruptcy in November 2022 as it looked to broaden its derivatives business overseas.

The firm decided not to move forward with the acquisition. A spokesperson for the exchange said it’s “always evaluating opportunities to strategically expand” its business.

Other firms reportedly showed interest in acquiring FTX Europe, including Crypto.com and cryptocurrency firm Trek Labs. Notably, FTX had shelled out close to $400 million for its European venture, which operated under a Cyprus regulatory license in the derivatives space.

By the time it collapsed, FTX Europe was offering several derivative products its competitors weren’t. The acquisition could have boosted Coinbase’s fee revenue, as crypto derivatives volumes have been on the rise during the bear market.

According to CCData, global derivatives volumes on centralized exchanges rose 13.7% in June to $2.13 trillion, with Binance being the leading crypto derivatives trading platform.

Coinbase has recently entered the derivatives market in the United States, after obtaining regulatory approval to offer investments in cryptocurrency futures to eligible customers.

Google Cloud Adds 11 New Blockchains to BigQuery

Google Cloud, the tech giant's cloud computing arm, is intensifying its involvement in the blockchain space, adding 11 new networks including Polygon, Optimism, and Polkadot to its BigQuery program of public datasets.

Back in February 2018, Google Cloud announced its first move into the blockchain space with the addition of Bitcoin blockchain data to BigQuery. Since then, 10 additional blockchains have been added, including Ethereum, Litecoin, and Dogecoin.

BigQuery, described on its webpage as a “serverless and cost-effective enterprise data warehouse” is tailored to cater for “practitioners of various coding skills.” According to Google Cloud, one of its key advantages is allowing users to fetch historical data from an off-chain source faster than they would query the blockchain directly.

Google Cloud’s recent addition includes numerous popular networks such as Ethereum’s Goerli testnet, Cronos, Avalanche, Arbitrum, and Tron. The firm said it’s also improving the Bitcoin BigQuery dataset by adding support for Ordinals.

EU Report Calls for Global Harmonization of Crypto Regulation

A new report published by the European Parliamentary Research Service (EPRS) has argued that there’s a rising call for a globally harmonized approach towards cryptocurrency regulation, citing potential challenges from regulatory arbitrage and the decentralized character of many crypto assets.

To ensure broader market stability, the report stresses the significance of improved scrutiny from non-European Union (EU) watchdogs. The report also highlights concerns about the European Union’s financial system and autonomy, given its dependence on policy measures from countries outside the bloc.

The report reads also points to the “interconnectedness of global financial markets,” which coupled with potential regulatory arbitrage and the decentralization of some digital assets creates the “necessity for a degree of convergence in regulation between key jurisdictions.”

Total Stablecoin Market Capitalization Declines for 18th Consecutive Month

In September, the total market capitalization of the stablecoin sector dropped by 0.63% to $124 billion, marking its lowest point since August 2021 and the 18th consecutive month of decline in stablecoins market capitalization

The dominance of stablecoins in the market is now at 11.6%, down from 11.8% in August and significantly below its December 2022 peak of 16.6%.

While stablecoin trading volumes saw a 10.9% increase, reaching $462bn in August, centralized exchange volumes kept struggling due to the extended bear market.

Dig deeper into the stablecoin sector through CCData’s latest Stablecoins & CBDCs report.

State of the Crypto by Top Tier Exchange Volume

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