Coinbase launched a $5 million bug bounty program on Cantina focusing on its on-chain merchandise and Base community sensible contracts, marking one of many largest Web3 safety initiatives so far.
This system comes as Base features mainstream adoption with JPMorgan launching its JPMD digital deposit token and Shopify integrating USDC funds throughout 34 international locations.
Base has emerged as a most well-liked blockchain for institutional adoption, with JPMorgan deciding on the Layer-2 community for its JPMD token as a consequence of its partially decentralized construction and Safety Council governance.
The bug bounty program builds on earlier structured safety critiques between Coinbase and Cantina, overlaying essential parts, together with Verified Swimming pools, Fault-Proof Audits, Nitro Validator, WebAuthn modules, and ERC-6492 validation logic.
Web3 safety specialists will consider every submission with rewards based mostly on reproducibility and technical impression.
A landmark second in onchain safety.@Coinbase has launched a $5M bug bounty on Cantina, a brand new program focusing solely on all its onchain merchandise and @base’s sensible contracts. It units a brand new customary for securing Web3 organizations at scale. Particulars beneath. pic.twitter.com/otO5QVTtH4
— Cantina
(@cantinaxyz) July 8, 2025
Base Community Drives Institutional Blockchain Adoption
JPMorgan’s JPMD token launch significantly represents the banking large’s greatest step into public blockchain know-how, enabling institutional shoppers to maneuver cash shortly and securely on-chain 24/7.
The absolutely backed USD deposit token distinguishes itself from decentralized stablecoins like USDT or USDC by its permissioned construction, which is designed for institutional compliance and regulatory oversight.
Talking with Cryptonews, Jesse Pollak, Base creator and Coinbase VP of Engineering, emphasised the community’s institutional benefits:
“Base gives sub-second, sub-cent, 24/7 settlement, which makes fund transfers between J.P. Morgan institutional shoppers almost prompt.”
“Shifting cash onchain takes seconds, slightly than days, and we’re glad to see establishments like J.P. Morgan help digital belongings for his or her shoppers,” Lauren Abendschein, VP of Institutional Gross sales at Coinbase, additionally added.
Furthermore, Shopify’s USDC integration by Shopify Funds and Store Pay marks one other important milestone in mainstream adoption, enabling thousands and thousands of retailers throughout 34 international locations to just accept stablecoin funds straight.
The Commerce Cost Protocol, constructed on Base, addresses conventional crypto commerce complexities by refined escrow structure supporting authorization, seize, and refunds.
The protocol prevents operators from modifying cost intents by cryptographic mechanisms whereas providing automated fund reclaim capabilities.
Transaction charges sometimes stay underneath $0.01 in comparison with conventional cost networks, with settlement occasions reaching 200 milliseconds throughout worldwide borders.
Discussing mainstream tokenization adoption, SEC Chairman Paul Atkins not too long ago declared tokenization “imminent.”
SEC Chairman Paul Atkins joined @SquawkCNBC this morning to debate inventory tokenization, making non-public markets extra accessible to the general public, and prime priorities for the SEC. https://t.co/ed3zYMk1tO
— U.S. Securities and Trade Fee (@SECGov) July 2, 2025
He known as it “the subsequent step” for market effectivity, noting that “the principles of the street haven’t been clear” for digital asset regulation.
That is coming at a time when real-world asset tokenization skyrocketed by over 260% in H1 2025, with the worldwide tokenized asset market estimated to be price $30 trillion.
Safety Challenges Spotlight Crucial Infrastructure Dangers
The newest growth follows Coinbase’s current information breach involving bribed abroad help workers who leaked info on almost 70,000 customers, leading to a $20 million ransom demand that the trade refused to pay.
As a substitute, Coinbase established a $20 million matching reward fund for info resulting in the arrest of the attackers.
Cyber criminals bribed and recruited rogue abroad help brokers to tug private information on <1% of Coinbase MTUs. No passwords, non-public keys, or funds have been uncovered. Prime accounts are untouched. We’ll reimburse impacted clients. Extra right here: https://t.co/SidVn59JCV
— Coinbase
(@coinbase) Could 15, 2025
The incident, first detected in January however publicly disclosed in Could, compromised names, contact particulars, masked Social Safety numbers, and government-issued ID photos for almost 70,000 customers.
Over 200 TaskUs workers have been terminated following the investigation into the breach, with the first perpetrator caught photographing her work laptop with a private cell phone.
The stolen information included transaction histories, account balances, and inside documentation accessible to help brokers; nonetheless, the attackers by no means obtained passwords, non-public keys, or pockets entry.
Coinbase’s response included establishing a U.S.-based buyer help hub and implementing enhanced insider-threat detection techniques throughout all service areas.
The corporate pledged to reimburse retail clients tricked by social engineering techniques whereas implementing further withdrawal safety protocols and scam-awareness prompts.
The monetary fallout, as estimated, may value Coinbase between $180 million and $400 million, with investor lawsuits alleging substantial losses from deceptive statements.
The breach occurred throughout a pivotal interval for Coinbase, coinciding with its acquisition of Deribit and its inclusion within the S&P 500.
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