Leading cryptocurrency exchange Coinbase
$2.98B
has made headlines with a $25 million acquisition. The company purchased, and subsequently destroyed, a unique non-fungible token (NFT) that was intrinsically linked to the revival of the crypto podcast, UpOnly.
Brian Armstrong, CEO of Coinbase, took to X (formerly Twitter) on October 21 to officially confirm the transaction.
Detailed blockchain data sourced from Arkham Intelligence reveals a substantial transfer of $25 million in USDC
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UpOnly rose to prominence during the cryptocurrency surge of 2021. The podcast hosted discussions with prominent figures within the cryptocurrency sphere and previously enjoyed sponsorship from FTX, a now-defunct exchange. The podcast’s final episode aired in December of 2022, following the collapse of FTX.
Back in May, Cobie indicated that the decision regarding the podcast’s return was no longer his. He stated:
The authority now resides within the NFT I recently created. The podcast will resume when this NFT is burned.
The NFT was available for purchase on OpenSea, where it attracted a highest bid of 4.7 ETH
Cobie commented that the podcast had been inactive for several years. He jokingly proposed rebranding the show and allocating the funds to cosmetic procedures.
In related news, Coinbase has recently revealed plans to list Binance’s BNB token. For insights from CJ Hetherington, CEO of Limitless Labs, about this decision, access the complete article.