Coinbase Partners with Thumzup in $50M Crypto Mining Expansion Backed by Donald Trump Jr.
Thumzup Media Corporation, with backing from Donald Trump Jr., has successfully raised $50 million to expand its cryptocurrency mining operations and diversify its digital asset portfolio. The funding will focus on enhancing energy-efficient Bitcoin mining infrastructure and broadening investments across major cryptocurrencies including Bitcoin, Ethereum, Dogecoin, and Solana. A key highlight of this development is the strengthened partnership with Coinbase, which has established a Bitcoin-backed credit facility to further support Thumzup's growth ambitions. This strategic move underscores the increasing institutional interest in cryptocurrency mining and digital asset diversification, leveraging Coinbase's robust platform for financial scalability and operational efficiency.
Donald Trump Jr.-Backed Thumzup Raises $50M for Crypto Mining Expansion
Thumzup Media Corporation, supported by Donald Trump Jr., has secured $50 million to scale its cryptocurrency mining operations and digital asset portfolio. The funding will drive investment in energy-efficient Bitcoin mining infrastructure while diversifying holdings across Bitcoin, Ethereum, Dogecoin, and Solana.
A strengthened partnership with Coinbase establishes a Bitcoin-backed credit facility, amplifying Thumzup's growth capacity as bitcoin rallies. The move signals accelerating institutional interest in crypto infrastructure amid bullish market conditions.
US Banks Warn of $6.6 Trillion Stablecoin Shift as GENIUS Act Debate Intensifies
The Bank Policy Institute (BPI) and a coalition of US banking groups are sounding alarms over a potential $6.6 trillion migration from traditional deposits to stablecoins, citing a critical loophole in the newly passed GENIUS Act. While the legislation prohibits stablecoin issuers from offering direct yields, it fails to regulate crypto exchanges or affiliated firms that could facilitate indirect yield-bearing arrangements.
Banking representatives argue this oversight could destabilize credit markets, shrink lending capacity, and drive up borrowing costs. "Congress must protect the FLOW of credit to American businesses and families," the BPI declared in an August 12 statement, framing the issue as a systemic risk to financial stability.
Crypto industry leaders swiftly countered these claims as anti-competitive posturing. Coinbase's Chief Legal Officer Paul Grewal dismissed the warnings as exaggerated, noting bipartisan consensus had already rejected similar proposals during legislative deliberations. Market observers note the debate highlights growing tensions between traditional finance and digital asset innovators as regulatory frameworks take shape.
Aerodrome Finance (AERO) Surges 15% Following Coinbase Base Network Integration
Aerodrome Finance's native token AERO rallied 15% to $1.35 after its integration with Coinbase's Base network, recording $246.57 million in 24-hour trading volume. The breakout above the $1.12 resistance level coincided with accumulation by large holders, reinforcing price support and market confidence.
Open interest climbed 5.90% to $103.32 million, reflecting strong trader conviction in the token's upward trajectory. Analyst Sarper Önder highlights a 45% price appreciation since late July, with Wave 3 of the Elliott Wave cycle potentially tripling current valuations.
