Coinbase Advises California’s Blockchain Breakthrough Project as State Pushes for Tech-Driven Efficiency

California has taken a significant step toward institutional blockchain adoption with the launch of the California Breakthrough Project, spearheaded by Governor Gavin Newsom. This initiative aims to leverage cutting-edge technology, including blockchain, to enhance government efficiency. Key industry players such as Ripple, Coinbase, and MoonPay have been appointed as advisors to the project, underscoring the state's commitment to integrating innovative solutions into public sector operations. The project's inaugural closed-door meeting was held at Ripple's San Francisco headquarters, signaling a collaborative effort between policymakers and leading crypto firms. This development is particularly noteworthy for XRP, as Ripple's involvement could pave the way for policy-driven growth in the cryptocurrency space. With California embracing blockchain technology, the project sets a precedent for other states to follow, potentially accelerating mainstream adoption of digital assets. Coinbase's advisory role further highlights the exchange's influence in shaping regulatory frameworks and fostering institutional crypto integration.

Ripple Joins California Task Force as State Embraces Blockchain—XRP Eyes Policy-Driven Growth

California has taken a significant step toward institutional blockchain adoption with the launch of the California Breakthrough Project. Governor Gavin Newsom's initiative aims to enhance government efficiency through cutting-edge technology, with Ripple, Coinbase, and MoonPay serving as key advisors.

The project's first closed-door meeting was held at Ripple's San Francisco headquarters in early June, signaling the state's commitment to leveraging blockchain for public service reform. California, already home to nearly 25% of North America's blockchain firms, solidifies its position as a tech-forward hub embracing distributed ledger technology.

XRP stands to benefit from Ripple's central role in this government partnership, potentially driving policy-led growth for the digital asset. The collaboration focuses on improving state licensing, workforce development, and benefits administration through blockchain solutions.

RISC Zero Launches Boundless Testnet on Base to Enable Verifiable Compute Across Chains

RISC Zero's incentivized testnet for its Boundless network went live on Coinbase's Base layer-2 yesterday. The platform operates as a decentralized marketplace for zero-knowledge proofs, allowing any blockchain to offload complex computations without architectural overhauls.

Boundless connects proof requesters with hardware operators who stake ZKC tokens to guarantee honest work. The system settles compact cryptographic receipts on host chains, minimizing gas costs while maintaining mathematical certainty. This mirrors Chainlink's role in oracle services but for verifiable computation.

The launch signals growing demand for modular ZK infrastructure as Ethereum's ecosystem matures. By abstracting proof generation from settlement layers, Boundless could accelerate adoption of zero-knowledge technology across DeFi and Web3 applications.

California Enlists Ripple, Coinbase, and MoonPay to Modernize Government Services

California Governor Gavin Newsom has launched the California Breakthrough Project, a pioneering initiative to enhance government efficiency through blockchain and digital innovation. The task force includes executives from leading crypto firms Ripple, Coinbase, and MoonPay, signaling a strategic push to integrate private-sector expertise into public-sector operations.

Nearly 25% of North America's blockchain companies operate in California, positioning the state as a natural hub for this public-private collaboration. The program aims to streamline state agency workflows and improve service delivery by leveraging distributed ledger technology and digital asset infrastructure.

This MOVE follows Governor Newsom's executive order mandating reforms across hiring, procurement, and service provision frameworks. The inaugural task force meeting marks California's most substantive effort yet to institutionalize crypto industry partnerships for governmental modernization.

ARK Invest Takes Profits on Bitcoin ETF and Coinbase Shares Amid Market Surge

ARK Invest, led by Cathie Wood, sold $8.7 million worth of its ARK 21Shares Bitcoin ETF (ARKB) and $13.3 million in Coinbase (COIN) shares on Tuesday. The sales coincided with Bitcoin briefly surpassing $123,000 and Coinbase reaching a record market capitalization above $100 billion.

Analysts speculate the move was strategic—either locking in gains ahead of the CPI data release or reallocating toward higher-risk, higher-reward assets. "They may have been capitalizing on recent momentum while reducing exposure," said Nansen's Nicolai Sondergaard. bitcoin later retreated to $119,200 but remains up 2.4% over 24 hours.

Coinbase Stock Shows Resilience Amid Ark Invest's $13M Share Sale

Coinbase Global Inc. shares edged higher in pre-market trading, recovering from Tuesday's downturn as cryptocurrency markets broadly rallied. The stock had surged 9.3% over five days and 56% year-to-date before Ark Investment Management liquidated $13 million worth of shares on July 15.

While Cathie Wood's firm routinely rebalances its disruptive technology portfolio, the sale of 34,207 COIN shares at Tuesday's closing price raises questions about institutional confidence. Analysts maintain bullish outlooks despite the divestment, with one firm revising its price target to $400 - implying significant upside from current levels.

The exchange operator's shares recently notched record highs, inviting profit-taking from early investors. Market observers note Coinbase's performance remains tethered to crypto asset valuations, with Bitcoin and ethereum trading volumes directly impacting revenue projections.

Coinbase and MicroStrategy Set Stock Records Amid Crypto Rally

Coinbase Global Inc. (COIN) reached a historic intraday high of $405.88 on Wednesday, capping the session with a record closing price of $398.20. The Nasdaq-listed exchange's market capitalization surged to $101.42 billion as cryptocurrency markets rallied.

MicroStrategy Incorporated (MSTR) simultaneously achieved a record market capitalization, with its Bitcoin-heavy treasury now valued at approximately $72 billion. The business intelligence firm's shares closed at $455.90, completing a 10% weekly gain.

The equity milestones coincide with Bitcoin's sustained breakout above previous all-time highs, while Ethereum and XRP have posted 20% weekly gains. Solana-linked equities similarly benefited from the digital asset surge.