Coinbase Backs Truflation For Web3 Data, Eyes Upcoming G20 For Crypto Regulation Unity

Coinbase Global Inc COIN is expanding its investment initiatives with Truflation, aiming to support Web3 and Blockchain technologies.

Additionally, Coinbase is advocating for a standardized set of regulations at the upcoming G20 summit next year.

About Truflation Selection

Of the six onchain projects chosen by Coinbase’s investment arm, the company announced the selection of Truflation as its inaugural fund investment. Truflation is an independent and unbiased provider of verifiable economic data. The real-time inflation data offers significant benefits to the entire Web3 and blockchain ecosystem.

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“This investment marks the beginning of a productive partnership with Base, in which we aim to attract other innovative projects to the ecosystem and contribute to the future of Web3” CEO of Truflation, Stefan Rust said, as reported by The Cryptonomist.

Accumulating real-time data points, Truflation proves to be an efficient alternative to the traditional methodology of data collection used by official agencies. Truflation delivers daily inflation updates through Truflation Oracle by utilizing the Oracle Chainlink ecosystem.

Global Crypto Rules

Coinbase VP, of International and Business Development, Nana Murugesan, told The Block that the company is looking for “a set of principles that will build some global consensus.” 

Also Read: India To Lead Global Crypto Regulation Talks: Finance Minister

Coinbase is seeking to use next year's G20 Summit in Brazil as a forum to push a unified ruleset for crypto operators globally. “That’s a forum where we are pretty active, working with the finance ministries and the central banks and the regulators to hopefully get to certain principles that are shared amongst nations,” Murugesan told The Block.

The company’s international strategy focuses on 24 countries which includes G20 members, together with Hong Kong, Switzerland, the United Arab Emirates, and Singapore. Coinbase is aiming to establish some clarity, consensus, and some sort of guiding principles as it relates to the regulation of crypto and Web3.

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