A fascinating experiment is taking place in the US right now: 160 people are going to be given $12,000 in crypto over the next five months — with no strings attached. The initiative is a collaboration between Coinbase and the nonprofit GiveDirectly, which allows users to send money to the world’s poorest — with $95.5 million distributed to more than 140,000 people in the past year. All 160 of the individuals involved in this trial are 18 to 30 years old, and based in New York. They’re getting a lump sum ...

Coinbase’s CEO says the crypto exchange is no longer just a trading venue — it’s building a fintech “super app” that can replace legacy banks. “We do want to become a super app and provide all types of financial services,” Brian Armstrong told Fox Business. “We want to become people’s primary financial account.” Armstrong also hit back against the banking lobby for “throwing a wrench into things” by responding to the challenge from crypto companies by warning that a new US stablecoin law, the Genius Act, ...